24 P2Ps taken down in Hunan Province

Source:Global Times Published: 2019/10/17 13:57:14

A total of 24 peer-to-peer (P2P) online lending platforms in Central China's Hunan Province have been taken down as they did not conform to related regulations, according to a government statement on Wednesday.

According to the statement released by the Hunan Provincial Local Financial Supervision Administration, the 24 P2P platforms had previously been submitted for regulation checks, and thus far there no organization or platform has passed the checks and examinations.

Government in Hunan province has undertaken vigorous examination of the P2P online lending industry since 2016, with no platforms passing the checks, according to a report by jiemian.com.

Since 2019, lists of unregulated P2P platforms that have been removed have been published by several provinces. Thus far seven provinces and municipalities have released such lists. Jinan city in East China's Shandong Province, Southwest China's Sichuan and Yunnan provinces, Shenzhen in South China's Guangdong Province and Shanghai Municipality have all announced lists of cleared online loans.

China's Banking Regulatory Commission issued a series of policy recommendations from 2016 to 2017, which have been taken as criteria against which governments assess local lending platforms, according to a report by caixin.com.


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