Financial Inclusion and Compliance Are the Keys to Online Finance: PBOC’s Official News Outlet

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The official news outlet for the Chinese central bank has stressed the importance of financial inclusion and compliance for the internet finance sector.

An article published on Financialnews.com.cn entitled “The Three Key Words for Internet Finance – Technology, Inclusion, Compliance” (互联网金融三大关键词:科技 普惠 合规) refers to inclusion as “the root” when it comes to online finance.

Pointing to online lender PPDai in particular, its second quarter financial report indicates that as of the end of 30 June 2019 its total borrowers stood at 16.528 million, with the average size of each loan standing at just 3029 yuan.

Compliance is considered the “bottom line,” with a representative from National Internet Finance Association of China quoted as saying that “compliance must be upheld, for fintech to advance steadily and go far.”

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