China’s P2P Lenders Now Required to Appoint Commercial Banks as Fund Custodians
(Beijing) — Chinese regulators have further tightened rules to clamp down on fraud and misuse of funds in the scandal-plagued peer-to-peer (P2P) lending industry by requiring lending platforms to appoint commercial banks as custodians of investor funds.
Under the new rules, investor funds received by a P2P platform must be stored in only one commercial bank before they are lent to borrowers, the China Banking Regulatory Commission said on Thursday. The policy echoes a series of measures issued last year that limits P2P platforms to the role of facilitating small private loans and related information sharing.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas