Online platform for financial disputes launched

China's first integrated online platform to help resolve the growing number of financial disputes in Beijing, was launched on Tuesday.

The platform was jointly developed by the Beijing High People's Court, the Beijing's Operations Office of the People's Bank of China and the China Banking and Insurance Regulatory Commission's Beijing office.

Using the platform, litigants can enjoy multiple legal services, including evidence filing, mediation, litigation and document delivery, all of which will speed up the processing of cases, the high court said in a statement.

Over the past five years, courts in Beijing, where there are a plethora of financial enterprises and departments, have heard more than 70,000 financial disputes every year.

"How to resolve such a large number of cases in an efficient and high-quality manner has always been a problem urgently needing to be resolved," the statement said.

Jin Xuejun, vice-president of the high court, said quick resolution of financial disputes protects the legitimate rights of both parties and also increases cash flow into the market to ensure more money can be used in a "timely manner".

The platform started a pilot program in August. Since then, 14 financial institutes have applied for mediation in more than 6,100 cases, of which 2,300 have been successfully resolved, statistics showed.