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Peer-2-Peer

Peer-2-Peer
The latest news, analysis and opinion on Peer-2-Peer. In-depth analysis, industry insights and expert opinion.
Illustration: Henry Wong
Banking & finance

Scared by China’s P2P scandal, new young investors less willing to risk it all

Scandal-hit peer-to-peer (P2P) lending industry in China has virtually disappeared, but its effect is still being felt by investors

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Digital currencies

Stablecoin giant Tether backs ‘unstoppable’ chat app to take on Big Tech

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Banking & finance

P2P lender Hongling Capital’s founder Zhou Shiping sentenced to life in prison

China economy

China’s former face of P2P lending sentenced to 20 years in jail for fraud

The court decision came three years after Tang was arrested on charges of designing fake investment products and disturbing the financial order.

Face of P2P lending in China is jailed. Photo: AFP
China’s crackdowns

China vows ‘more substantial progress’ in tackling tech turmoil by year’s end

Economic uncertainties and diminishing GDP growth also prompt high-level warnings on financial risks, while Beijing is considering various tools and channels to help struggling private businesses.

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Banking & finance

Opinion | Evergrande crisis doesn’t spell end of Beijing’s support for big business

Many officials believe China has dodged a bullet, given other nations’ experience with microfinance, which has failed to reduce poverty or increase incomes. Rather, they see a real solution in big industrial enterprises and big services platforms, and in supporting state-owned banks over microlenders.

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Hong Kong media

Haikou police detain former Phoenix Media executive in loans probe

The detention of the executive is part of a broader crackdown by Chinese regulators on the peer-to-peer lending industry, where regulators had whittled more than 6,000 operators to fewer than three dozens.

The newsroom of Phoenix Television Corporation in Tai Po Industrial Estate on March 28, 2011. Photo: Handout
Fintech

China puts shackles on fintech as technology risks usurping finance

New fintech rules on online micro lending could force China’s internet giants to rethink their business practices on co-lending, analysts said.

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China economy

Were China’s P2P ‘refugees’ naive or unlucky in losing US$120 billion?

Scores of Chinese citizens suffered losses due to the collapse of peer-to-peer (P2P) lending schemes, with around 800 billion yuan (US$119 billion) still owed.

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China economy

Is a debt amnesty the best solution to China’s subprime credit crisis?

The recently announced lower interest rate ceiling on non-bank credit will force lenders to vet borrowers more carefully. In the longer term, a debt amnesty could provide a clean slate upon which China could construct Western-style credit infrastructure.

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A women walks past a bank window displaying the security markers on the 100 yuan note, in Beijing, in February 2019. Photo: AP
Banking & finance

China whittles thousands of peer-to-peer lenders to just 29 in the field

With only 29 of the more than 6,000 peer-to-peer lenders remaining, China’s banking regulator plans to ease up on the crackdown by the year-end.

Royalty-free stock photo ID: 1402101881 Peer to peer. P2P on the virtual screen with a server room background. Shutterstock Images
Banking & finance

Hangzhou’s largest P2P provider being investigated for illegal fundraising

Hangzhou’s public security bureau said they will be taking action to prevent losses at Weidai (Hangzhou) and recover stolen funds.

E-commerce

How coronavirus pandemic derailed Asia’s booming online lending industry

In India there are nearly 500 online lending start-ups, and roughly 160 in Indonesia, many backed by Chinese money.

Baidu

Baidu’s P2P controversy

The Chinese search giant says its cloud service employs peer-to-peer delivery to speed up downloads

A Baidu sign at the World Internet Conference in Wuzhen, China, on December 4, 2017. (Picture: Aly Song/Reuters)
The View

A debt crisis that shall not be named quietly rages on in China

Online lenders and other more traditional nonbank players are sinking further into trouble as a weakening Chinese economy takes its toll. Given the weak legal infrastructure, expect the fallout to hurt banks and destroy many nonbank financial institutions.

Shoppers in a mall in Shenyang, in northeast China's Liaoning province, on March 22. Chinese consumers are facing a real stress test in 2020. Photo: Xinhua
Internet

China weighs setting up bad-debt managers for failed P2P lenders

Policymakers now have added impetus to clean up the bad debt of China’s P2P sector, as the outbreak of the deadly coronavirus threatens to further depress economic growth.

China economy

China’s P2P lenders face tough 2020 amid tighter regulation

The internet-based lending industry faces ‘further industry contraction’ amid increased regulatory and capital requirements in 2020, analysts say.

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Investing

A 71-year-old victim’s tale reveals the greed in China’s P2P lending fiasco

The collapse of China’s peer-to-peer platforms, once touted as a model to reshape the nation’s financial landscape, has left millions of victims in financial ruin and despair. A 71-year-old retiree tells her story.

A bank teller counts Chinese 100 yuan banknotes at a branch of a foreign bank in Beijing. Photo: Reuters
China economy

China’s Hebei province imposes total ban on P2P platforms

Hebei becomes the second province to shut down peer-to-peer lenders after Hunan, underlining the latest effort by regulators to clean up the industry rife with fraud and mismanagement.

Yuan

China’s once-booming P2P lending industry must close within two years

China’s peer-to-peer (P2P) lending firms have been rocked by pyramid-scheme scandals and absent bosses, sparking public anger as well as a government crackdown.

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China economy

China’s failure to contain financial excesses putting off foreign investors

China has taken steps to crack down on shadow banking and peer-to-peer lending in recent years, but lingering structural issues continue to concern foreign investors.

Beijing has taken steps to tighten regulation of P2P platforms since 2015 amid a spate of high-profile company collapses and scandals. Photo: Simon Song
China economy

China should ‘referee’ blockchain development, learn from P2P mistakes

Blockchain, the technology that underlies bitcoin and other cryptocurrencies, was endorsed by President Xi Jinping last week, leading to an increase in interest.

Interest in blockchain, the technology that underlies bitcoin and other cryptocurrencies, is on the rise in CHina after it was endorsed by President Xi Jinping at the end of last month. Photo: Shutterstock
Banking & finance

China’s financial hub moves to shut down peer-to-peer lending

The development indicates China’s determination to overhaul an industry that had more than US$150 billion of loans outstanding and upwards of 50 million investors at its peak, but was plagued by fraud and defaults.

China economy

China criminalises loans with annual interest rates above 36 per cent

China’s government has introduced new rules to crackdown on the country’s shadowy underground banking sector, outlawing high interest rate loans.

Banking & finance

China probes 51 Credit Card in clampdown on P2P lending practices

Chinese fintech firm 51 Credit Card is being investigated by police for employing external debt collectors who pretended as government officials to threaten and harass borrowers for repayment, according to a police statement.

China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song
Fintech

China’s Hunan province imposes total ban on P2P lenders

Hunan’s move is likely to spur other provinces to rein in the wayward financial sector that has seen more than 5,970 platforms default or shut down as of September.

China’s Hunan province has banned P2P lenders from conducting any new business. Photo: Bloomberg
Banking & finance

China shutters two P2P units worth US$1.4b amid crackdown

The P2P platforms operated by the private investment company employed 5,000 and operated 135 outlets across the mainland.

Ping An Insurance

China fintech giant Lufax to cut P2P lending business

Ping An Insurance-backed Lufax, one of China’s largest financial technology companies, said on Thursday it was scaling down its peer-to-peer lending business, but denied reports it was exiting the sector altogether.

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