24 June 2019

Shanghai to regulate online P2P lending market, paper says

Shanghai Information Services Association, along with several online peer-to-peer (P2P) lenders such as Lufax, Roadoor and Ppdai, has chalked out market access eligibility requirements for the business and submitted the draft to the Municipal Finance Bureau, the 21st Century Business Herald reported Thursday, citing unidentified sources. The standards, which are the first in the country, aim to keep the currently unregulated internet financing market in check after several cases of capital chain ruptures in the third quarter, the report said. Under the draft rules, P2P lenders can only act as intermediaries providing customer services such as consulting, risk evaluation and transaction management.

– Contact HKEJ [email protected]



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