Recently, Internet platforms such as Alipay, Tencent
financial management, Jingdong finance and other Internet platforms have raised concerns on the sale of Internet deposit products. A notice on further standardizing the deposit market within its jurisdiction issued by a bank and Insurance Regulatory Bureau in East China on December 24. According to the notice, the Bureau explicitly requires all types of banking institutions within its jurisdiction not to absorb deposits through the third-party Internet platform or through cooperation with other third-party intermediaries. If cooperation has been carried out, the relevant deposit products will be removed from the shelves and the cooperation will be terminated.