The Pudong New District in Shanghai has established an association of Internet financial industry, as of Aug 6, local media reported, noting that the city is on its way to becoming an Internet financial hub attracting a large number of related companies, while it works to become an international financial center.

The purpose of the association is to provide services and set standards on Internet financing, according to its president, Wan Jianwei, who added that this marks the beginning of a new era for the industry and is expected to help it develop a more standardized and orderly approach.

The association has more than 150 members including banks, securities companies, and other related companies involved in online payments and P2P lending.