BEIJING, Aug. 15 (Xinhua) -- China will increase transparency of the Internet finance industry and further protect the legitimate rights and interests of financial consumers, in response to the recent withdrawals of some online lending platforms, according to the National Internet Finance Association of China (NIFA), quoted by the cnstock.com on Tuesday.
A good information disclosure environment is needed to improve the transparency of online lending institutions, said the association.
Earlier, in June 2017, the NIFA built a national registration and disclosure service platform for the Internet financial institutions.
As of the end of June, 119 online lending member institutions had accessed the platform and regularly disclosed their information.
At present, those online lending institutions accessing the platform have seen their loan balance stand at about 682.803 billion yuan, with the total transaction volume reaching about 4.04 trillion yuan, accounting for 70 percent of transactions in the online lending industry, according to the NIFA.
In addition, a total of 93 institutions officially disclosed their financial reports for 2017 through the platform. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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