The financial area of Pudong in Shanghai, shrouded in mist in May this year. Many consider the P2P lending sector as being just as opaque, but the authorities have now set an August 2017 deadline for all operators to have signed up a custodian bank, in an effort to ensure the safety of the-often large sums involved. Photo: Reuters

China’s ‘Big Four’ banks still keeping a safe distance from burgeoning peer-to-peer lending sector

By next August all P2P platforms must have a custodian bank. So far, just 74 out of the total 2,534 in operation have done so.

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The financial area of Pudong in Shanghai, shrouded in mist in May this year. Many consider the P2P lending sector as being just as opaque, but the authorities have now set an August 2017 deadline for all operators to have signed up a custodian bank, in an effort to ensure the safety of the-often large sums involved. Photo: Reuters
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