China DigestEconomics and Policy from China's Newspapers

Beijing launches major clampdown on online lending

Data required includes basic information, system documents, contract texts and other files relating to information disclosure and security

September 12, 2018 6:04 AM (UTC+8)
Internet loans. Photo: iStock

The Beijing Bureau of Financial Work has ordered P2P internet loan lenders to conduct self-inspections and submit detailed materials by the end of October 15, Yicai.com reported.

The materials to be submitted by online lending firms adds up to 89 items in 9 categories, including basic information, system documents, contract texts and other files relating to information disclosure and information security.

The information required is more detailed than ever. For example,  online lending firms need to collect the ID as well as the mobile phone number of close relatives from shareholders with more than 5% in holdings, the actual controller, director, supervisor and senior management.

Earlier in late August, online lending companies in Beijing were ordered to kick off self-inspection work. They were required to hire a law firm and an accounting firm to conduct self-examination in accordance with the list of 108 questions and form a self-inspection report.

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