Platform for Internet finance launches in Shanghai

Shanghai Hongqiao Internet Financial World (SHIFW), a platform to support the development of the Internet financial industry, was launched in the Changning district of Shanghai on Tuesday.

A Shanghai Hongqiao Internet Financial World Forum was held the same day to discuss the current and future development of the industry. More than 200 people attended.

"Changning district will try to make SHIFW the most admired business destination for companies, the best ideas exchange platform for talents and a development center that attracts the most resources," said Xie Feng, district mayor of Changning.

Three functional institutions, including Shanghai Big Data Industry Promotion Center and 10 companies signed agreements to operate in SHIFW.

"The establishment of SHIFW will promote the development of the Internet financial industry and foster the information service industry in Changning district," said Chen Hong, general manager of the functional morphology and development center at Linkong Business Park.

Though Internet finance is booming in China, it still faces problems such as credibility and information security risks.

"We have taken measures so as to detect problems in advance," said Chen. "We will guide companies to disclose some business-related information so we can help detect the potential risks in advance".