China Internet Finance Industry Enters New Era

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china internet finance Asso- ciation announced its foundation on March 25. Located in Huangpu district， Shanghai， the association is supported by CBRC（China Banking Regulatory Commission）， CSRC（China Securities Regulatory Commission）， CIRC（China Insurance Regulatory Commission） and PCAC（Payment & Clearing Association of China）， which are led by Department of law of the People’s Bank of China. With the guidance and supervision provided by highest level association under the central bank， China’s internet finance enterprises officially entered the new era of management under selfdiscipline.

According to the current information， China Internet Finance Association will put efforts in the completion of internet finance information disclosure system， the building of a fair data sharing system and a scientific risk emergency system. The association will also help promote public trust of the platform. There will a balance between the environment’s supervision and the industry’s self-discipline. The association will fulfill its role during the formation of the industry’s standards of behaviors. Enterprises and institutions within the industry will get relevant services provided by the association. The internet finance enterprises will be guided in compliance of operation and carry out their social responsibilities.

The first association representative assembly was held on its founding day. China internet association includes 437 honorable member units， mostly of whom are traditional finance institutions. Only 10% of the member units are internet loan platforms. As the council unit， is listed among the excellent internet finance en- terprises. LUFAX， CreditEase and few other enterprises are also listed. He Jie， the founder and CEO of ， was invited to the assembly as the representative of the association’s council unit.

The association’s seats of member units are quite limited. There are 142 director units， with only about ten P2P enterprises. It is certainly not easy to enter this camp. Specifically speaking， admitted internet finance platform shall be filed in the telecom administration department. During the operation， there shall be no serious operation accidents or issues violating contracts. The company shareholders and leaders shall not with bad records and shall be acknowledged of certain financial knowledge and working experiences. The platform’s technology security shall meet certain standards. The clients’ materials and information shall be kept appropriately. The client information shall be sold or leaked illegally. The above mentioned admittance conditions require high quality of enterprises who want to this camp.

The stable and positive growth performance， highly efficient and practical risk control system win CreditEase the member unit of the association. It is also listed among the association’s council units. Hejie， the CEO of CreditEase， said the foundation of the association bears significant importance to the industry’s development， which marks the entrance into a new era of self-discipline development. Thanks to the trust of all member units， CreditEase has been voted as the fist council unit. We will take the responsibility of industry development. Under the guidance of the association， we will actively push the self-discipline development of the industry， and strengthen the education and protection of investors. All of this will be accomplished by us jointly with the excellent enterprises within the industry.

According to people familiar with the issue， the council units have the priority access to the association’s information. They will also participate in the research of the development direction and policy making. CreditEase has successfully connected to PCAC internet finance risk information sharing system. The company currently get its enterprise credit license， which will help CreditEase get government supervision department’s credit blessing when the company is performing its duties. The license means trust more than protection. It shows the higher requirement， standards and expectations from the supervision level.

With Internet finance in waiting， standards and self-discipline are necessities for the industry’s health development. Since the late 2015， new policies and rules targeted to irregularity and behaviors violating contracts have been released， which strengthen the supervision on finance. HeJie said， China’s internet finance industry has passed its time of bad money driving out good. The outstanding platform within the in- dustry shall unit in concentrated efforts to promote the healthy development of the industry. With the guidance of the government’s policies， only the fittest will survive in the internet finance industry. As estimated， 90% of the platform will be knocked out. Outstanding enterprises will collect more talent and resources. The strengthened enterprises will provide better service to its customers. CreditEase will be one of these outstanding enterprises.

New China Internet Finance Association draws 400 members

The establishment of a national Internet finance association plays a crucial role for the healthy development of China’s burgeoning Internet finance sector， industrial insiders said.

"Industrial rules should be introduced to regulate the Internet finance sector， which has already proved to be effective in promoting efficiency， reducing costs and satisfying diversified investment needs，" said Pan Gongsheng， vice-governor of the People’s Bank of China. Pan’s remark came after the establishment of the China Internet Finance Association， the highest-level national industrial self-regulatory organization， which was established by the People’s Bank of China， China’s central bank， in Shanghai on March 25.

After an inaugural meeting， more than 400 institutions became members of the association. Groups joining include financial institutions， such as banks， securities companies， funds， in- surance， trusts and consumer finance companies， and other organizations， such as guarantee companies， credit services and Internet peer-to-peer companies. A number of comprehensive Internet finance companies， including CreditEast， Lufax and Wangxin， were elected as executive directors with the association. Tang Ning， founder and chief executive officer of CreditEase， a Chinese peer-to-peer wealth management company， said the company would provide more online financial services in accordance with industrial rules."We will optimize the online platform service， aiming to develop into a role model company in the Internet finance sector，" Tang said.

CreditEase reached an agreement with China Guangfa Bank early last year to help safeguard investors on Yin- ， one of the Chin’s leading P2P lending and wealth management providers. According to the agreement， China Guangfa Bank will oversee supervision of settlements for investors and borrowers who conducted deals on . "These kinds of agreements will be very helpful for China’s booming Internet financial market by safely managing the risk to investors，" Tang said.