Caixin
Jan 19, 2019 04:14 AM
FINANCE

China Continues Shutting Down Smaller P2P Lenders

China’s P2P industry saw a wave of collapses last year. Photo: IC
China’s P2P industry saw a wave of collapses last year. Photo: IC

Shutdown continues to be the key word for China’s peer-to-peer (P2P) industry in 2019.

Regulators in the southern city Shenzhen recently talked to multiple smaller P2P platforms, mostly with outstanding lending balances of less than 100 million yuan ($14.8 million). Authorities asked them to sign voluntary closing commitments after reviewing relevant policies and the possible consequences of illegal fundraising, sources at the Shenzhen government and some P2P platforms told Caixin.

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