(Yicai Global) Sept. 28 -- Shenzhen will blacklist online loan practitioners who engage in fraud, misappropriation or fabrication of customer information as well as those who provide false information. The city may also ban such parties from practicing.

Yesterday, Shenzhen rolled out an information sharing platform that can record online loan practitioners' violations and share them with access members.

Seven online loan platforms were among the first batch to join the information sharing system, a member of the Shenzhen Internet Finance Association told Yicai Global.

"The purpose of the information sharing platform is to prevent internal and external collusion of the loan industry," she said. "Therefore, the qualification of the internal personnel of the platform plays a key role in maintaining the health of the industry."

"It will be difficult for those who violate rules and regulations to find jobs," said Zeng Guang, secretary-general of the Shenzhen Internet Finance Association. Market regulators may prohibit them from entering the market.

Online loan institutions should expressly authorize practicing bodies with the rights to upload, publicize and eliminate illegal behaviors, and they should safeguard personal information from third parties, Li Kai, deputy secretary-general of the Shenzhen Internet Finance Association said.