Chinese P2P lending thrives with Dianrong leading the market

12 August 2016

According to the latest report from the US Department of Commerce the FinTech industry in China proves a stable growth with the key positions occupied by the peer-to-peer lending market. P2P lending sector is growing exponentially with service being at the top of the lists, notes the US Department of Commerce.

The analytical statement was addressing the five countries analyzing several sectors of the financial technology field including crowdfunding and P2P lending with the objective to find more opportunities for American businesses for export and financing.

Occupying the second position in the world economy China features an extensive consumer base and enormous opportunities for developing financial technologies. The market is at the moment concentrated on payments, cryptocurrency and P2P lending with the latter experiencing a thriving growth. Late last year the industry reached 150 billion US dollars, a four times increase against the year before.

Seeing decreased returns and restrictions on the money flow in the conventional banking sector consumers are increasingly looking at the P2P lending services with the small to medium businesses driving the growth in the wake of their need for quick loan access. At early stages of the market in view of the short of regulation the industry experienced some complications, and later the government provided required regulatory framework for seamless development in the sector.

The P2P lending sector has three largest players with Dianrong being the leader. Its monthly volume of lending accounted for 1.2 billion yuan last October. The company has 26 offices across the nation and 300 thousand active lenders.

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