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Advertise on Crowdfund Insider In addition to scams involving P2P lending, a $5.7 billion+ cryptocurrency related scam, called Plus Token, targeting millions of Chinese investors, was uncovered and it led to over 100 arrests. Sun and Chief Financial Officer Zhao Ke were assisting the police investigation along with other employees, the company said in a stock exchange statement on Tuesday. Meanwhile, local media outlets are discouraged from reporting on the losses suffered by investors in China’s P2P lending crackdown, leaving investors with little … The initial scrutiny of the sector revolved around the use of unregulated and highly leveraged P2P loans to fuel margin trading in the stock market. If you continue to use this site we will assume that you are happy with it and agree to our terms of service. Just last month, the SCMP reported that authorities were investigating microloans provider Weidai (Hangzhou) Financial Information Service for alleged illegal fundraising activities. Meanwhile, local media outlets are discouraged from reporting on the losses suffered by investors in China’s P2P lending crackdown, leaving investors with little information about any recovery efforts made by regulators. Real Estate CI on Instagram They expect 70% of those remaining to be out of business by the end of 2019. Crowdfund Insider In April 2020, UK-based P2P lender and digital bank Zopa warned that scammers have been taking advantage of the current situation. Multiple companies were said to have applied. The P2P crisis in China is largely seen as a direct result of inadequate supervision by regulators, sources say. In a separate statement the company denied that it had stolen personal data, in response to criticism from China’s industry regulator in July that its online unit had collected such information without clients’ consent. Privacy Policy. China’s peer-to-peer (P2P) industry, much like payday lenders in the United States, has provided a valuable lifeline for some of the country’s most vulnerable consumers and small businesses that have had trouble accessing the traditional banking system, although it only accounts for a small portion of total borrowing in the country. China’s Supreme Court on Monday warned that individuals and organisations making illegal loans faced jail time. Its chief executive was later sentenced to life in jail. © 2020 Crowded Media Group. Cypherium, an Interoperability Solution Provider for Blockchain based Digital Currencies, has Launch... Fintech Sector in China was Unable to Secure Major Venture Capital Deals during Q3 2020: Report. Following mounting arrests, frauds and shutdowns at P2P platforms, regulators last November introduced a licensing process for the remaining operators, subjecting them certain restrictions on business scope and requirements to set aside risk reserves and loan loss provisions. Fintech Insider® The number of P2P lenders operating in China has been reduced from about 6,000 to only 29, following the government-led crackdown. (Reporting by Cheng Leng in Beijing and Brenda Goh in Shanghai; Editing by Stephen Coates). The biggest scam reportedly involved Ezubao, a P2P platform that carried out a major Ponzi scheme to raise more than 58 billion yuan or over $8 billion from more than 900,000 investors. Like other industry insiders, Trang also acknowledged increased concerns about the sector as China’s regulatory crackdown of P2P lenders might have caused many players from the country to flee to neighboring markets, including Vietnam. In subsequent years, authorities ramped up efforts to crack down on the sector, prompted by large scale protests from investors seeking compensation against P2P fraud and malfeasance. Copyright © 2018 inAsia Media Pte Ltd, 51 Goldhill Plaza, #07-10 Singapore 308900 (Company no. Speaking with CCTV in an interview, Guo reportedly said P2P lenders still owe depositors about CNY 800 billion (USD 115 billion) and that he will do his best to help victims recover their funds. Crowdfund Insider is the leading news and information web site covering the emerging global industry of disruptive finance including investment crowdfunding, Blockchain peer-to-peer / marketplace lending and other forms of Fintech. As … In China, P2P platforms comprise one of the riskiest and least regulated slices of the system. Digital Assets Insider® China’s P2P sector was born during a wave of deregulation that spawned the nation’s shadow banking system. In early January, authorities in Shanxi Province reportedly shut down 26 P2P firms, according to state-run Xinhua. CI on Twitter Regulators have indeed sought to resolve P2P loans with help from China’s four state-owned asset management companies, but the so-called ‘big-four’ are said to have little inclination to get involved given their already bloated balance sheets after years of accumulating bad debt from the banking sector.

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