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China to Include P2P Lending Platforms in Credit-Reporting Systems

By Wu Yujian and Guo Yingzhe / Sep 05, 2019 05:02 PM / Finance

Photo: IC Photo

Photo: IC Photo

Financial regulators have asked peer-to-peer (P2P) lending platforms to send their data to credit-reporting systems and vowed a tougher crackdown on dishonest borrowers, another step that intensifies oversight of the scandal-ridden industry.

The policy, revealed in a statement recently released by two government teams charged with tackling internet finance and online lending risks, means that the credit information of borrowers on P2P lending platforms will be subject to credit inquiries.

The move is expected to help reduce the risk-control costs for P2P platforms, as they may have more knowledge about their borrowers.

Regulators are also encouraging banks and insurers to raise loan rates and insurance premiums for “dishonest” P2P borrowers.

In recent years, Beijing has been tightening its grip on P2P lending, which matches lenders and borrowers through online platforms. The aim is to curb abuse and fraud, as billions of yuan of investor funds have been embezzled. The number of functioning P2P lending platforms has fallen dramatically over the past four years.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

Related: Founder of P2P Lender Confesses to Illegal Fundraising, Police Say

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