Yang Kaisheng, CEO at Industrial and Commercial Bank of China, the largest bank in the world by market share and asset size, said recent moves by China’s regulators to limit the scope of internet finance will be good for innovation.
On July 18, the People’s Bank of China, in conjunction with the nation’s banking, securities and insurance regulatory bodies, issued new guidelines in reaction to the country’s stock-market crash.
The rules stipulate that client funds be held at recognised banks, that traditional bank accounts be used to channel large payments, and increased the disclosure requirements for online lending or crowdfunding platforms.
The regulators...
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