Caixin
Aug 27, 2018 08:59 PM
FINANCE

Peer-to-Peer Lenders in Beijing Ordered to Uncover Own Problems

At least 165 P2P platforms had difficulties meeting cash withdrawal demands, saw their owners abscond with investor funds or were investigated by police in July. Photo: VCG
At least 165 P2P platforms had difficulties meeting cash withdrawal demands, saw their owners abscond with investor funds or were investigated by police in July. Photo: VCG

*Beijing’s financial authorities have become the country’s first to demand P2P platforms under their jurisdiction compile a report on their regulatory compliance

*The reports, which must include user numbers and information related to loan risks, are part of a 10-step program to tackle problems in the sector issued by a national watchdog

Beijing’s financial regulator has ordered peer-to-peer (P2P) online lending platforms under its jurisdiction to account for the problems and dangers in their businesses as part of a national effort to get the troubled industry in line.

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