Facebook Twitter 新浪微博 Instagram YouTube Friday, Jan. 29, 2016

Rising Fraud Risk Forces AgBank to Act

(CRI Online)    10:13, January 29, 2016

The Agriculture Bank of China has stopped third-party payment companies from using its online channel to link to peer-to-peer lending platforms, amid rising risks of fraud.

The bank's latest move came after the exposure of several major frauds cases, including that of Ezubao, which highlighted the risks and defaults of an unregulated P2P sector.

Ezubao is being investigated for suspected illegal pooling of public deposits of 40 billion yuan or 6 billion US dollars from investors.

Other third-party payment companies, including YeePay and ChinaPNR, had closed the channels by Tuesday.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Bianji)

Add your comment

Related reading

We Recommend

Most Viewed


Key Words