China's banking regulator expanded a pilot consumer finance program to 10 more cities on Friday.
The new rules from the China Banking Regulatory Commission allow qualified non-financial enterprises to set up consumer finance companies for the first time, requiring minimum business revenue of 30 billion yuan ($4.9 billion). It also allows consumer finance companies to operate cross-region.
Source: Global Times
The new rules from the China Banking Regulatory Commission allow qualified non-financial enterprises to set up consumer finance companies for the first time, requiring minimum business revenue of 30 billion yuan ($4.9 billion). It also allows consumer finance companies to operate cross-region.
Source: Global Times
