Ping An Bank has officially joined the ranks of Chinese lenders providing online lending capital management services with the launch of its new web platform,
The Shenzhen-headquartered bank formally launched the “Cun Guan Jia – Internet Loan Fund Depository Product” (存管家 － 网络借贷资金存管业务) on 28 March 2017 after signing agreements with over 20 Internet finance platforms across China.
According to Ping An the platform provides users with a system for independent management and operation of lending capital via the Internet, which is capable of fully recording loan customer information, transaction information and other key information, to support inquiries made with respect to account capital.
The system also provides a complete and standardised accounting system that ensures separate management of customer lending capital and the capital of lending data intermediaries via the establishment of a multi-layer accounting system comprised of specialist capital deposit accounts, online loan customer subsidiary account, independent capital accounts for online lending data intermediaries and guarantor accounts.
The launch of Ping An’s new online system comes just a month after the China Banking Regulatory Commission (CBRC) released its “Depository Guidelines” indicating that commercial banks should be responsible for Internet lending fund management products and demarcating the professional responsibilities of online lending platforms and banks.
“The Depository Guidelines” indicated that online lending platforms are not allowed to publicly promote capital deposit and management services.
Since the release of the “Depository Guidelines” just a month ago China’s banks have taken a more proactive approach to Internet depository operations, with as many as 38 state-owned and share-controlled banks all launching online systems.