New Rules Reshape Online Financial Marketing in China

A joint regulatory framework issued by eight government bodies, including the People's Bank of China, is set to take effect on September 30, 2026. Titled "Measures for the Online Marketing of Financial Products," the document establishes clear guidelines for promoting financial products on digital platforms, moving away from a blanket ban toward structured supervision.

Marketing Confined to Official Channels

The measures specify that all marketing activities for financial products—including those conducted via official accounts, live streams, and short videos—must originate from one of two sources: the financial institution's own online platforms, or its legally registered and verified accounts on third-party internet platforms (e.g., WeChat, Douyin, Weibo).

This change aims to anchor promotional content to licensed financial entities, ensuring traceability and accountability, and shifting control away from unregulated third-party promoters.

KOLs Must Obtain Licenses and Authorization

A key provision targets the individuals who promote financial products online. According to the rules, any marketer must:

  • Be a formal employee of a financial institution;
  • Hold relevant professional qualifications (e.g., fund or securities practice certificates);
  • Obtain explicit authorization from their employing institution.

This effectively requires Key Opinion Leaders (KOLs), influencers, and financial commentators who wish to promote wealth management products, funds, or insurance policies to become licensed professionals affiliated with a regulated firm. Mere online influence will no longer suffice for legal promotion.

Clarifying Boundaries and Enhancing Consumer Protection

The regulation reflects an effort to draw a clearer line between financial services and digital marketing technologies. In recent years, the rapid growth of fintech and social media promotion has sometimes led to misleading advertisements, inadequate risk disclosure, and consumer confusion.

By tying marketing responsibility directly to licensed institutions and their certified staff, the rules strengthen institutional accountability. Consumers will also benefit from more transparent and authoritative sources of financial information.

With a two-year transition period before implementation, financial institutions and content creators have time to adjust their strategies, train staff, and ensure compliance with the new operating environment.