Closer Look: Gov't Did Well to Free up Net Banking. It Should Do More

(Beijing) – The recent opening of Internet banks marks the beginning of a new chapter for Internet finance, which developed largely outside the scope of current regulations.

Tencent Holdings Ltd.'s move to open Shenzhen Qianhai WeBank and Ant Financial Services Group's founding of Zhejiang Internet Commerce Bank would not have been possible if the regulator had not pushed ahead with reforms to allow private companies to set up banks.