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Source: People's Daily Online

People's Daily Online, Beijing, July 17(Reporter Du Yanfei) At present, financial institutions are accelerating their digital transformation, and digital marketing activities are emerging in an endless stream. In order to promote the healthy development of loan network marketing activities and protect the legitimate rights and interests of financial consumers, the China Internet Finance Association recently issued the "Initiative on Regulating Financial Institutions to Entrust Third-Party Internet Platforms to Carry Out Loan Network Marketing Activities" (hereinafter referred to as the "Initiative"), calling on financial institutions and third-party Internet platforms to regulate loan network marketing activities.

The Initiative clearly states that third-party Internet platforms shall not intervene or intervene in disguised forms in the core links of loans, such as credit approval, contract signing, and fund transfer. Financial institutions and third-party Internet platforms shall implement relevant requirements for customer suitability management, practice the concept of responsible finance, promote various loan products to appropriate borrowers, and shall not implement precision marketing for groups with weak credit, such as college students and the elderly.

"The Initiative will further guide financial institutions and Internet channels to regulate the marketing of financial products, better protect the legitimate rights and interests of financial consumers, prevent excessive marketing and improper inducement, and help consumers, especially college students and new citizens, to borrow money reasonably and appropriately and hold tight their wallets." Dong Ximiao, chief researcher of China UnionPay, said in an interview with People's Daily Online that the Initiative emphasizes that Internet platforms must not abuse their dominant market position to undermine fair competition, and must not engage in monopoly and unfair competition. This will help purify the competitive order of the financial market, reduce unfair competition, and promote the healthy development of the digital economy and digital finance.

In response to the industry's concerns about data security, the "Initiative" emphasizes that financial institutions and third-party Internet platforms should take necessary technical security measures to ensure data security and prevent data leakage, tampering and loss.

Industry insiders said that the release of my country's "Data Security Law" and "Personal Information Protection Law" has set red lines, clarified principles, and provided compliance for the digital transformation of financial institutions. This requires financial institutions to raise awareness of user information data protection, enhance the compliance of user information acquisition and the security of data application, and protect user privacy and information security with the most stringent standards throughout the implementation of digital marketing.

The "Initiative" states that when conducting loan marketing through online channels such as live broadcasts, self-media accounts, and Internet groups, marketers must be practitioners of financial institutions and have relevant financial qualifications. They must not use or borrow the names of state organs, industry associations, academic institutions, etc. to carry out false propaganda or propaganda that may mislead financial consumers. When using the names or images of professionals, cultural and sports stars, Internet celebrities, and other public or well-known figures for marketing, they must comply with relevant regulations of the financial, market, Internet information and other management departments.

"In digital marketing activities, financial institutions cannot use the names or images of professionals or entertainment stars to recommend or certify financial products; when conducting marketing activities independently through live streaming and other means, marketers must be practitioners of financial institutions and have relevant professional qualifications," said Dong Ximiao.