Caixin
Jan 11, 2019 08:56 PM
FINANCE

Eastern Province Clamps Down on Online ‘Joint-Loan Business’

The MyBank opening ceremony is held in Hangzhou, Zhejiang province, in June 2015. Photo: VCG
The MyBank opening ceremony is held in Hangzhou, Zhejiang province, in June 2015. Photo: VCG

* New rules will likely have more of an effect on banks that rely on third-party online lenders to offer loans to borrowers in other regions

* Zhejiang-registered online lender MyBank, operated by Ant Financial Services Group, is exempt from the rules

(Beijing) — The banking regulator of the eastern province of Zhejiang has unveiled new rules that restrict local banks from providing clients outside the province with online loans issued jointly with third parties, according to a notice seen by Caixin.

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