China is intensifying its regulatory crackdown on P2P lenders
The Chinese government’s intensifying regulatory crackdown of the country’s troubled peer-to-peer (P2P) lending industry could see up to 70% of firms shut down, reports Bloomberg citing research by Yingcan Group.
Number of Failed P2P Platforms in China
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In 2018, the number of P2P operators dropped by more than 50% to 1,021 and no new firms have entered the market since August.
By the end of this year, that number could drop to as few as 300 firms, according to Yingcan. Yidai, which has around 32,000 lenders and an outstanding loan balance of 4 billion yuan ($581 million), is the latest such business to exit the industry, per Bloomberg.
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