China Rapid Finance (CRF), a peer to peer lender, has announced on Tuesday becoming a sponsor and founding member of the National Internet Finance Association (NIFA) of China. The association for online consumer lenders has been officially inaugurated in Shanghai on March 25 to help developing China's internet finance industry.
NIFA has been founded with the approval from China's state council. The association is led by People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and other regulators concerned. So far, it has accepted 437 members in total from around 2,000 applicants, reports Business Wire.
The internet based finance association is expected to function as a bridge for the interaction between related industry and government assigned supervising organizations. NIFA has been working on publishing self-disciplined rules and regulations for information disclosure since its preparatory stage. Rules and regulations governing standardized and self-disciplined information disclosure are required for healthy development of the internet finance industry, states CrowdFund Insider quoting Dr. Zane Wang, CEO of CRF.
CRF considers the honor of a founding member as a great recognition and it attributes more responsibilities for the company. CRF is actively participating in drafting rules and regulations for industry's operations as one of the founder of the association. As a member of NIFA, CRF expects the official release of such rules and regulations will exert positive impact and eventually confirm the industrial development, according to a report published in KLTV.
The leader in mobile and online lending marketplace is expected to continue its growth while focusing on strict risk management and business innovation. CRF also intends to work along with other NIFA members in driving the development of internet finance industry in China, cites Dr. Wang.
CRF has started its journey in 2001. By this period, it has represented itself as the leading online consumer lending marketplace through rendering services to the emerging middle class of China. CRF is widely acknowledged as an innovator introducing the most advanced borrower acquisition system. Its proprietary big data analytics technology platform features end-to-end automated credit related decision making system. The peer to peer lender enjoys a proven track record in credit risk management while ensuring transparency. According to CRF data, it has facilitated 4,700,000 loans till the last day of the previous year.
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