New era of technological finance faces spectrum of challenges: report

Source:Global Times Published: 2019/8/1 2:17:06

Online attacks against China's peer-to-peer (P2P) platforms have been rising. An industry report released on Wednesday shows that more than 10 million malicious attacks were encountered by the online financial sector in the first half of 2019, and gambling-related attacks accounted for over 56 percent.

The report was jointly released by Chinese technology giant Tencent and financial media outlet Yicai.

Security challenges from digital transformation are arising in the technological finance sector, reported Yicai. 

However, China has seen a significant reduction in defaulted online lenders in the first half of 2019 thanks to improved supervision mechanisms, supervision capacity, and technology, according to the report. 

The number of P2P lending platforms that defaulted in the first half of 2019 were equal to 12.4 percent of the number in the second half of 2018, said the report.

Among the 10,000 P2P lending platforms surveyed in the first half of 2019, 45 percent were evaluated as having medium or high financial risks, 11 percentage points lower than the previous year.

Last year, the amount of money involved in illegal fund-raising in China stood at 354.2 billion yuan ($51.5 billion), up 97.2 percent on a yearly basis, said the report, citing official data.


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