China increase online security to mitigate internet finance fraud
China has announced new measures in order to mitigate risks brought about by illegal activities in the online banking for the development of the Chinese finance sector, in a newsletter issued by the Chinese State Council earlier this month.
The newsletter gave a definition of activities considered to be legal & illegal within the sector, and gave measures addressing specific areas considered to be high risk, amongst other recommendations.
Additionally, the newsletter stated that no companies involved with real estate development, or internet financial institutions without legitimate credentials can engage in financial business using online platforms any longer.
Internet businesses & companies involved in the public sales of financial products generated from private incomes will also be banned. Finally the last warning stated that companies should not conduct asset management via online asset management products in order to escape regulations.
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