BEIJING: China unveiled detailed requirements and quantitative indicators to further tighten control over risks in relation to commercial banks’ online lending business facilitated by their partners, the country’s top banking and insurance regulator has announced.
According to the new requirements, for a single online loan jointly offered by a commercial bank and a partner, the partner must provide no less than 30% of the loan fund. Currently, the partners are usually large internet platforms like Ant Group, an affiliate fintech company of China’s e-commerce giant Alibaba.
Already a subscriber? Log in
Play, subscribe and stand a chance to win prizes worth over RM39,000! T&C applies.
Cancel anytime. Ad-free. Unlimited access with perks.
