More efforts are needed to regulate the booming internet finance industry as cloud computing and big data technology make the sector even more decentralized, a report said on Thursday.

The study, Internet Finance Report 2017, said that internet finance should be inclusive and focus more on promoting the development of real economy, as cutting-edge technologies lower the operating costs and boost efficiency.

"But current regulation policies fail to catch up with its fast progress. Multiple departments should be involved to increase regulation to prevent any possible mismatch of operations," said the report released at the Boao Forum for Asia.