Finance is the sum of all kinds of credit activities, thus all credit activities should be included in supervision, Caixin reported, citing Liu Qiang, vice president of the Bank of China at a summit on Thursday.

For the current online consumer credit services provided by various platforms in the market, Liu thinks there should be specialized regulations.

For real, data-driven credit products, he thinks they should be brought under the supervision of capital controls, liquidity regulation and interest rate self-regulation. For similar illegal credit activities under the guise of “pure data,” a crackdown is required, he said.

In the online consumer finance field, Liu said that the challenges faced by banks are not only from the banks, but also from external competitors.

According to Caixin, with the rapid development of consumer finance in recent years, most commercial banks are now vigorously promoting online consumer credit products. “We are actively studying online consumer financial products and services,” Liu said.