360 Finance Helps Chinese Authorities Combat Fintech Fraud
NASDAQ-listed fintech platform 360 Financial is taking up a leading role in the establishment of a new anti-fraud league for the fintech sector in China.
360 Financial announced that it would play a leading role in the launch of the anti-fraud league on 25 November in Beijing, at a conference it co-sponsored with National Internet Finance Association of China (NIFA) on the theme of ” Internet Financial Fraud Risk Prevention and Consumer Rights Protection.”
Attendees at the conference included senior figures from the Chinese central bank, the China Securities Regulatory Commission the China Banking and Insurance Regulatory Commission, as well as executives from top Chinese fintech concerns.
360 Financial said it had already cooperated with Chinese regulators to help combat domestic fintech fraud.
“In October this year, there was explosive growth in internet financial fraud,” said Shuhai Wen, Vice President of 360 Finance.
“In order to deal with this issue, 360 Finance, leveraging the wealth of experience accumulated by 360 Group over the years in the fields of security and big data, established an internet crime threat intelligence monitoring platform.
“The platform has been instrumental in helping regulatory authorities to crack down on cyber fraud. We have also developed a system that will help educate the public on preventing internet financial fraud and also issues reminders to user before purchasing financial products online.”
Shanghai-headquartered 360 Finance is a digital consumer finance platform and finance partner of the 360 Group. The company listed on the NASDAQ exchange in December 2018.