Rising Fraud Risk Forces AgBank to Act
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Logo of Agriculture Bank of China. [File Photo: eastmoney.com]

The Agriculture Bank of China has stopped third-party payment companies from using its online channel to link to peer-to-peer lending platforms, amid rising risks of fraud.

The bank's latest move came after the exposure of several major frauds cases, including that of Ezubao, which highlighted the risks and defaults of an unregulated P2P sector.

Ezubao is being investigated for suspected illegal pooling of public deposits of 40 billion yuan or 6 billion US dollars from investors.

Other third-party payment companies, including YeePay and ChinaPNR, had closed the channels by Tuesday.

Author： 　　　Source：CRI　　　 Editor：Yang Fan