China Steps Up Internet Financial Sector Oversight

China Business News, 8/06/13

According to a State Council directive, a government research group has been formed to address the development and oversight of China's nascent Internet finance sector. On August 1, the group initiated an investigation into Internet financial services operated by Chinese e-commerce conglomerate Alibaba Group and Chinese insurance company Ping An's online financing platform operator Shanghai Lujiazui International Financial Asset Exchange.

Editor's Note: For more background on this topic, please see "Update: Alipay Submits Necessary Account Balance VAS Paperwork" MD 7/02/13 issue.

Keywords: Ping An Insurance online payment e-payment regulation e-commerce Internet Alipay State Council Alibaba Group financial services

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