On March 25, National Internet Finance Association of China, one of the most influential trade organizations in current Internet banking field, was established in Shanghai. Pan Gongsheng, deputy governor of People's Bank of China, Yang Xiong, mayor of Shanghai, and other senior officials attended the meeting and inaugurated the association. NCF Group and firstp2p were invited to the ceremony. And NCF Group was elected as a standing council membership and firstp2p as a member unit.
National Internet Finance Association of China was inaugurated today
On March 25, the inauguration ceremony of National Internet Finance Association of China was held in Shanghai. Pan Gongsheng, deputy governor of the Central Bank, Yang Xiong, mayor of Shanghai, and senior officials from China Securities Regulatory Commission and Ministry of Civil Affairs attended the meeting; Li Dongrong, former deputy governor of the Central Bank delivered the report on preparation works.
Ever since its preparation, the Association has been committed to the normative development of Internet banking industry
In order to encourage financial innovation, promote the healthy development of Internet banking, ascertain regulatory responsibility, and standardize market order, in July 2015, the People's Bank of China and other 10 ministries jointly issued the"Guidance on Promoting the Healthy Development of Internet Finance" which clearly required that "the People's Bank of China shall, working together with relevant departments, set up China's Internet Banking Association". Subsequently, led by the People's Bank of China and with the participation of China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and other financial regulators, the leading group for the preparation works of the Association was built, so as to, under the guidance of Ministry of Civil Affairs, accelerate the construction of the Association.
In the preparatory stage, the leading group, on a principle of industry representativeness, pervasiveness and positive guidance, carried out qualification examination of institutions applying for membership, conducted several surveys and closed-door meetings to arrange the formulation of self-discipline standards forinformation disclosure, and started the risk monitoring and early warning system. Companies participating in the platform construction are all leading representatives of the internet banking field; ten organizations including NCF Group and Ant Financial were among the first batch of enterprises participating in the trial submission of theplatform system.
Member units of the Association have extensive coverage, NCF Group elected as a standing council member
A total of 437 members attended the first member congress. Seeing from theperspective of industry, banking, securities, funds, insurance and other traditional financial institutions accounted for more than 90% of all member units, with only 40-odd Internet financial institutions, accounting for less than 10%. Therefore, Internet financial institutions appearing in the member list are basically exemplary leaders of the industry. Among them, 142 enterprises including NCF Group, Ant Financial and JD Finance were elected as council members, and firstp2pas a member unit.
The congress also elected 48 standing council members. Congress material shows that standing council members are mainly comprised of financial regulators, traditional financial institutions and financial research institutions, including Credit Reference Center of the People's Bank of China, Bank of China, Industrial and Commercial Bank of China, China Development Bank etc.; Internet banking institutions account for a relatively small proportion. In addition to NCF Group, only Ant Financial, LU.com and CreditEase are in the list.
NCF Group will continue to uphold the concept of compliance management to promote the normative development of the industry jointly with other institutions
NCF Group CEO Sheng Jia said that the election of NCF Group and firstp2p into the Association was a sign that the two companies have been highly recognized by the industry. As one of the pioneers in the field of Internet banking, NCF Group, with the vision of “connecting people and finance”, is committed to providing comprehensive,professional Internet banking services to small and micro enterprises and individuals. The Group covers multiple types of operation such as network debit and credit, crowdfunding, and third-party payment etc. One of its subsidiaries, firstp2p, a P2P network debit and credit platform, innovatively originates the "1 + N" industry & financing model, which provides financing services for core enterprises of real industry and the upstream and downstream small and medium-sized enterprises. It activates the fund flow of the whole industrial chain and has made substantial efforts to revitalize the real economy.
The establishment of the Association will usher in an era of Internet banking
National Internet Finance Association of China is the only Internet banking management organization and trade association at national level in China approved by the State Council. The Association defines its three functions as: formulate administrative rules and industry standards of Internet banking operation; establish mechanism for self-discipline and punishment; strengthen the consciousness of integrity, self-discipline and abiding by laws.
It can be told from various lists that banking, securities, insurance and other traditional financial institutions constitute the main force in Association standing directors, standing council members, and member units, and Internet banking institutionsaccount for a relatively small proportion. The fact confirms that Internet banking is gradually entering into a period of elimination after an explosive growth, with supervision of Internet banking by relevant departments being strengthened and the threshold of the industry becoming higher. We believe that under the guidance and administration of China's Internet Banking Association, a trade organization of national level, China's Internet banking industry will have a promising future of prosperity and success!