Direct Bank: Opportunities and Challenges
摘要
At the beginning of the Chinese New Year, the People’s Bank of China (the “PBOC“) issued an order (PBOC Order [2019] No.1) and a notice (Notice on Canceling the Corporate Bank Account Permit, Yin Fa [2019] No.41, “Notice No.41“). In accordance therewith, the account opening approval and permit requirement for corporates with legal personality, organizations with legal personality and individually-owned businesses is and will be cancelled step by step. Such relaxation policy has been put into trial in Taizhou (Zhejiang) and Taizhou (Jiangsu) and is being promoted to apply nationwide. The PBOC also promulgated the Administrative Measures for Corporate Bank Settlement Accounts as one of the schedule to the Notice No.41. With the strengthening of the supervision over the Internet finance business and optimization of regulatory policies of traditional banks, the brutal growth of non-financial institutions with the Internet finance business would be effectively curbed and the direct banks would receive more and more business opportunities. This is also a great chance for traditional banks to adapt to the era of the Internet.
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