(LI SHIGONG)
With the rapid development of financial technology (fintech) and the digital transformation of financial institutions, financial services have become more efficient.
As the off-counter transaction rate of Chinese banks has exceeded 90 percent and financial services are highly dependent on the Internet, cyber security needs to be highlighted, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, said at a speech at the Singapore Fintech Festival held from December 7 to 12.
The number of Chinese peer-to-peer lenders had fallen to zero by mid-November from a peak of about 5,000, due to the crackdown on risky forms of financing.
