Editorial: Beware of the Fintech Roller Coaster
The two-year boom of unsecured short-term small loans, known as cash loans, ended abruptly recently after the central bank and the banking regulator jointly suspended the issuing of such loans, which are often made on the internet and on smartphones.
This is one of the concrete moves that authorities have made after the National Financial Work Conference in July and the Communist Party’s 19th National Congress in October warned of pending financial risks and urged prompt action. Strengthening supervision of the emerging fintech sector has become the front line of authorities’ latest battle to prevent systemic financial troubles.
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