On October 31, the China Internet Finance Association issued a notice on “Questions and Answers on Implementing the 'Administrative Measures on Online Marketing of Financial Products'”. According to the announcement, financial institutions with restrictions on operating regions should combine five items of information, such as the customer's place of habitual residence, place of main business operation, ID address, mobile phone number location, and device location information, to comprehensively determine the customer's region in accordance with relevant regulations, and provide financial products to customers in the place of registration and the area where they have branches. At the same time, third-party Internet platforms are prohibited from carrying out online marketing of financial products on other Internet platforms under their own name. If a third party Internet platform has an affiliated financial institution, the subsidiary financial institution can carry out marketing on other Internet platforms under its own name, but the obtained customer can only provide financial services by the financial institution and cannot be recommended to any third party Internet platform or other financial institution. Furthermore, after financial consumers and investors click on links to purchase financial products such as applying for a loan, opening a securities account, or purchasing asset management products on a third-party Internet platform, they should be redirected from the third-party Internet platform to information service carriers such as websites, apps, applets, quick apps, and H5 pages operated by financial institutions. The announcement requires that where the API model is used to transfer, financial institutions and third-party Internet platforms should jointly evaluate and ensure through cooperation agreements and technical means: first, financial institutions operate independently; second, financial institutions have full data rights; third, personal information security for financial consumers and investors; and fourth, financial consumers and investors are fully informed and have the right to make their own choices.
Zhitongcaijing · 2d ago
Share
Listen to the news
On October 31, the China Internet Finance Association issued a notice on “Questions and Answers on Implementing the 'Administrative Measures on Online Marketing of Financial Products'”. According to the announcement, financial institutions with restrictions on operating regions should combine five items of information, such as the customer's place of habitual residence, place of main business operation, ID address, mobile phone number location, and device location information, to comprehensively determine the customer's region in accordance with relevant regulations, and provide financial products to customers in the place of registration and the area where they have branches. At the same time, third-party Internet platforms are prohibited from carrying out online marketing of financial products on other Internet platforms under their own name. If a third party Internet platform has an affiliated financial institution, the subsidiary financial institution can carry out marketing on other Internet platforms under its own name, but the obtained customer can only provide financial services by the financial institution and cannot be recommended to any third party Internet platform or other financial institution. Furthermore, after financial consumers and investors click on links to purchase financial products such as applying for a loan, opening a securities account, or purchasing asset management products on a third-party Internet platform, they should be redirected from the third-party Internet platform to information service carriers such as websites, apps, applets, quick apps, and H5 pages operated by financial institutions. The announcement requires that where the API model is used to transfer, financial institutions and third-party Internet platforms should jointly evaluate and ensure through cooperation agreements and technical means: first, financial institutions operate independently; second, financial institutions have full data rights; third, personal information security for financial consumers and investors; and fourth, financial consumers and investors are fully informed and have the right to make their own choices.
Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.
What's Trending