Chinese entrepreneurs urge to ensure internet finance safety

A number of Chinese entrepreneurs are calling for more to be done to guarantee financial transactions via the internet.

The suggestion is coming from an entrepreneurs summit being held in Henan's capital, Zhengzhou.

Speaking at the meeting, Zhang Shishi, one of the founders of business consulting firm Renrendai, has put forward three proposals to reduce risk via the internet.

"It's easier to raise money through internet channels, but there will be scams during the entire process. This problem will be a lethal blow to the industry in the long term. I think we should start with three core ideas to tackle the problem. First, we think there should be market access requirements. Second, we should have more information be made available. And third, we need to have good auditing."

In recent months, internet financial products, such as Alibaba's Yu'ebao, have been sought after by many Chinese consumers due to their higher returns and convenience.

These products are beginning to pose a challenge to the traditional financial industry.

Wu Ying, chair of the Zhongzejiameng Investment Fund, says there needs to be more support for internet finance.

"I think the key is to use internet technology and know-how to solve the problems of an unbalanced information exchange, scarcity of services and slow services. In this way, we can let more consumers and organizations enjoy access to more services, especially small and medium companies, and even individuals."

The three-day summit is due to close later on this Monday.