China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song

China investigates fintech firm 51 Credit Card for harassing borrowers in latest crackdown on peer-to-peer lending market

  • Shares of Hong Kong-listed fintech firm have plunged after police made `on-site investigation’ on Monday following complaints from borrowers
  • Company issues apology over the case, saying assets are not frozen and key company executives are assisting the police in ongoing probe
Topic |   Banking & Finance

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China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song
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China’s Hunan province has banned P2P lenders from conducting any new business. Photo: Bloomberg

China’s Hunan province imposes total ban on P2P lenders after operators fail to comply with regulations

  • Hunan’s move is likely to spur other provinces to control the wayward financial sector that has seen more than 5,970 platforms default or shut down as of September
Topic |   Peer-2-Peer

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China’s Hunan province has banned P2P lenders from conducting any new business. Photo: Bloomberg
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