Suspension of Private Banks Online Lending, Fraud Accusations and More from China

In this week’s WeiyangX Fintech Review reported by Crowdfund Insider they cover the rumors that the CBRC suspended online lending by private banks; private banks were only permitted to be in operation for the last 3 years and this news is reported to be done because of concerns over stability at the banks; a charity crowdfunding platform, Fenbeichou, was accused of fraud; the PBOC released new rules for mobile payment security including all QR code providers now need a permit. Source.