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The Zhongguancun Internet Finance Institute was unveiled at a conference on Internet financial risk control and supervision in Beijing on May 31, in association with the Third China (Beijing) International Fair for Trade in Services.
Tang Ying, director of the Financial Services Office of Haidian District, said that Internet finance was written into the Government Work Report for the first time this year. The report proposed that the Internet finance industry should keep a sound development while financial regulation of the industry should be improved.
"Risk control and supervision are two major problems the industry faces. E-Commerce, third party payment enterprises and P2P institutions have carried out bold exploration in Internet financial innovations. Yet there are no mature regulations covering Internet financial regulations. Governments are still exploring new ways," Tang added.
"As an important part of an inclusive financial system, Internet finance can provide a financing channel for small and medium-sized enterprises, but it also brings lots of risks at the same time," said Zhang Chenghui, director-general of the DRC's Research Institute of Finance.
Since enterprises in the Internet finance industry have different management modes, risk characteristics and risk monitoring systems, Zhang suggested that they should be regulated accordingly.
