Approval of New Online Microlenders Suspended Amid Risk Concerns
The Chinese government is suspending license approvals for online small loan companies, a first step toward tightening regulation of online consumer lending amid concerns of financial risks.
In a policy notice issued Tuesday, a central government body assigned to rein in risks in the Internet finance sector told local regulators to stop issuing licenses to online micro loan companies. The notice also restricts new approvals for micro loan companies to conduct lending across provinces.
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