On March 25, 2016, NIFA was founded and held the First Representative Assembly of Members in Shanghai. Vice Governor of the People’s Bank of China Pan Gongsheng and Mayor of Shanghai Municipality Yang Xiong attended the assembly and inaugurated the association. Former Vice Governor of the People’s Bank of China and Head of the Preparatory Work Leading Group of NIFA Li Dongrong presided over the assembly and delivered a report on preparatory work. Leaders including Executive Vice Mayor of Shanghai Tu Guangshao and Deputy Inspector of the Bureau of Social Organizations under the Ministry of Civil Affairs Zhao Yong attended and addressed the assembly. Vice Governor of Agricultural Bank of China Lin Xiaoxuan and Ant Financial CEO Peng Lei spoke at the assembly as representatives of members. Former Vice President of China Investment Corporation Xie Ping spoke as a representative of experts. Assistant to Chairman of the China Securities Regulatory Commission Zhao Zhengping, heads of relevant departments of agencies including the General Office of the State Council, the People’s Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission, as well as 399 member representatives from various forms of businesses such as banking, securities, funds, futures, insurance, trust, asset management, consumer finance, credit reporting services, financing guarantee, research and education, financial infrastructure, financial information services, and Internet payment, investment, wealth management, and lending attended the assembly.
Pan Gongsheng stressed that in order to ensure a sound condition for Internet finance, promote the virtuous and healthy development of the industry, an Internet finance governance system integrating organically administrative regulation and industry self-regulation needs to be established, a system of which NIFA is an important component. He hopes that NIFA can bring full play to its advantages based on its responsibilities and positioning, strive to establish and improve industry-wide self-regulatory and managerial framework in a timely manner, guide the prudent operation of institutions in Internet finance, and safeguard sound market order. Meanwhile, Vice Governor Pan also expressed his hope that NIFA can strengthen communication and coordination with all parties and bring out its role as a bridge and tie enabling the two-way communication between financial regulatory agencies and institutions in finance.
Zhao Yong pointed out that as the first national industry association undertaking special functions after the reform of decoupling industry associations from administrative agencies, NIFA has undertaken a beneficial attempt at building a registration system of national industry associations and chambers of commerce. She hopes that NIFA can establish serving the industry as its mission, promote self-regulation, and safeguard industry and market order. Lin Xiaoxuan and Peng Lei commented respectively that as an institution in Internet finance, NIFA needs to regulate its own operation by actively complying with industry self-regulation requirements, normalizing its own operations, and promoting the normative development of the industry. Xie Ping pointed out that the resolution of issues during the development of Internet finance requires the improvement of financial regulation as well as industry self-regulation, and that NIFA will play a key role in self-regulation of the finance industry.
Li Dongrong said that the official founding of NIFA will propel the normative development of Internet finance into a new stage. In the future, NIFA will bear in mind its responsibilities, enhance self-regulation, and advance its mission. Based on its positioning to serve regulators, the industry, and society, NIFA will proactively safeguard the order of the Internet finance industry, give full play to its role as a bridge facilitating communication between upper and lower levels of the industry, reflect reasonable concerns and needs of its members, and provide high-quality public services to the members. Meanwhile, on behalf of the Preparatory Work Leading Group, Li Dongrong expressed sincere gratitude to all organizations which were involved in and supported the planning and building of NIFA.
After the conference on the founding of NIFA concluded, the First Representative Assembly of Members was held, presided over by Li Dongrong. 5 fundamental systems, including the Charter of the National Internet Finance Association of China and the Self-Regulation Pact for Members of NIFA, were passed by voting, and the first Council and supervisors were elected. At the subsequent First Conference of the First Council, member organizations of the Standing Council, the president, and the vice president of NIFA were elected.
The National Internet Finance Association of China (NIFA) is a national self-regulatory organization in the field of internet finance jointly established by the People’s Bank of China and relevant authorities in compliance with the spirit of the Guiding Opinions on Promoting the Healthy Development of Internet Finance (2015 No. 221), with the approval of the Party Central Committee and the State Council as well as the approbation of the Ministry of Civil Affairs. NIFA’s mission is to implement self-regulation within the Internet Finance industry, serve its members, protect their legal rights and interests, safeguard the normal competition and order of the industry, and promote the orderly and healthy development of the industry. NIFA’s responsibility is to formulate operation and management rules and industry standards according to business categories, promote business exchange and information sharing between institutions, clarify self-regulatory and disciplinary mechanisms, enhance the constraining power of industry rules and standards, reinforce the awareness of observing the law, integrity, and self-discipline, build for institutions in Internet finance a positive image as serving economic and social development, and foster a sound atmosphere of normative development featuring integrity.
Translator：Huang Chengxuan Proofreader：Zhou Haoran