A number of peer-to-peer (P2P) bankruptcies in China last year could lead to more problems in China’s financial sector.
Some 74 P2P lending sites either shut down or revoked withdrawal privileges last year, while the Chinese government identified additional other similar businesses as fraudulent, Bloomberg News reported on Jan. 12.
Bloomberg cited Chinese-language media company Xinhua, which said the People’s Bank of China is looking to tighten regulations in the growing P2P lending market.
To learn more about the problems in China’s P2P loan sector, read the full story by clicking here.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More