China to tighten on-line lending guidelines from 2022 in further measures to rein in fintech giants, pre-empt banking disaster - NEWPAPER24

China to tighten on-line lending guidelines from 2022 in further measures to rein in fintech giants, pre-empt banking disaster 2021-02-22 10:15:07 China's banking trade regulator has tightened necessities on on-line lending by industrial banks and web platforms from subsequent 12 months in a transfer to foster a gradual tempo of progress and pre-empt any monetary disaster, analysts mentioned.The brand new guidelines would require all on-line lending platforms to contribute 30 per cent of the funding for loans they provide in partnership with conventional banks from January 1, 2022, the China Banking and Insurance coverage Regulatory Fee (CBIRC) mentioned in an…