Regulatory Approval Awarded to China's First Three Consumer Finance Companies

Three domestic consumer finance companies received approval from the China Banking Regulatory Commission (CBRC) yesterday. The Bank of China, Bank of Beijing and Chengdu Bank became the first three institutions to receive permission to set up pilot consumer finance institutions in Shanghai, Beijing and Chengdu respectively. Consumer finance companies are non-deposit, non-banking institutions that provide small loans aimed at domestic consumers, with the exception of housing or car loans.

Source
CCTV

Google Translate