News Column

IoF Supervision Opinion to Debut

July 30, 2014

BEIJING, July 30, SinoCast -- The opinion on promoting the healthy development of Internet of Finance (IoF) is said to be issued at any time, disclosed an insider close to the central bank PBC.

The central bank positions IoF to be a supplement of the traditional financial industry and emphasizes the traditional financial industry is the mainstream. Since the central bank believes IoF does not change the nature of financial risk, therefore, it needs to be strengthened supervision.

An IoF researcher said the opinion is basically consistent with the rumor-said attitude of the central bank and the regulator does not hope to see direct competition between IoF and the traditional financial industry and hopes IoF to play a role in small, micro and individual fields hard to be covered by traditional financial institutions.

Five major areas in IoF shall be mainly supervised, such as online payment, P2P online lending, crowd funding, online fund sale and online insurance.

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Source: Sinocast Internet, Media & Online Services Beat (China)

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