UPDATE 1-China cracks down on online micro-lending firms with new rules [Reuters (UK)]
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Source: Reuters
China cracks down on online micro-lending firms with new rules | Reuters Reuters Staff 5 Min Read BEIJING (Reuters) - China’s financial regulators on Friday circulated new rules to local governments targeting a rampantly growing online micro-lending sector, part of a campaign to rein in its rapidly developing financial sector. A top-level multi-ministry body, tasked by the central government to bring risks in the internet finance sector under control, said unlicensed organizations and individuals were not allowed to conduct lending business, according to the notice, carried by a publication under China’s central bank. Lending institutions are also not allowed to give loans to borrowers who have no source of income or to mislead consumers into over-borrowing, according to the notice. Beijing has zeroed in on the fast-growing and loosely regulated market for small, unsecured “cash loans”, which can be quickly issued over mobile phone apps and have come under criticism for exaggerated ad
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