A stone lion outside the building of the China Banking and Insurance Regulatory Commission in Beijing. China is further tightening online lending rules in 2022 to rein in fintech giants. Photo: Getty Images
China to tighten online lending rules from 2022 in additional measures to rein in fintech giants, pre-empt banking crisis
- Online lending platforms will need to contribute 30 per cent of own capital for loans they make with commercial banks from January next year
- Digital banks, trust companies, consumer financing firms and car loan providers also need to comply, according to the CBIRC
Topic |
Banking & Finance
A stone lion outside the building of the China Banking and Insurance Regulatory Commission in Beijing. China is further tightening online lending rules in 2022 to rein in fintech giants. Photo: Getty Images