BEIJING – China's central bank said it will strengthen regulation of companies engaged in financial technologies or fintech in a bid to prevent risks. Big players in the third-party payment services market and the peer-to-peer or P2P lending market are likely to be included first, they said. Their debt-to-asset ratio, liquidity, pricing, asset qualities, debt risks and lending policies are assessed by the central bank. According to Home of P2P Lending, an online information provider focused on the P2P space, China has more than 2,000 online lending platforms whose combined transaction value exceeds 1 trillion yuan. The PBOC report said currently some providers of online financial services lack "self-regulation", while some are underqualified and are too weak to manage financial risks.

Source: The China Post August 07, 2017 22:41 UTC