Established on 25 March 2016, the National Internet Finance Association of China (NIFA) is a national self-regulatory organization in the field of Internet Finance and is initiated by the People’s Bank of China in collaboration with relevant ministries and commissions including the CBRC (China Banking Regulatory Commission), the CSRC (China Securities Regulatory Commission), and the CIRC (China Insurance Regulatory Commission).
NIFA aims at regularizing the market behaviors of professional institutions, protecting the legitimate rights and interests of the industry, facilitating professional institutions to contribute to social and economic development more effectively, and guiding compliant and healthy performance of the industry through self-regulatory management and membership service.
Currently NIFA has about 500 members, including institutions operating in banking, securities, insurance, funds, futures, trust, asset management, consumer finance, credit checking, online payment, investment, wealth management, and lending, etc., as well as those specializing in financial infrastructure, research, and education, covering almost all mainstream businesses and new types of service in Internet Finance.
NIFA’s responsibilities delegated by the PBC, CBRC, CIRC and CSRC include standard-setting, data collection, self-regulation, and discipline of industry practitioners among others.
To learn more about NIFA, please go to http://www.nifa.org.cn/nifaen/index.html.