National Internet Finance Association of China Launches Specialist Internet Banking Committee

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China’s peak body for the online finance sector has announced the launch of a new body to focus on internet banking.

The National Internet Finance Association (NIFA) of China recently convened a meeting of the preparatory work team for the Internet Banking Specialist Committee (互联网银行专业委员会), to make “comprehensive arrangements for driving the digital transformation of commercial banking.”

Li Rudong (李如东), president of Baidu-backed direct lender AiBank (百信银行) and head of the preparatory work team, said that the team must be aware of the multiple risks created by openness and interactivity in the digital era, and make risk management and security technology its foundation.

The team will also focus on strengthening the adaptability and flexibility of financial supply with regard to changes in the demands of China’s real economy, and the establishment of a more open industry ecosystem.

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