There are currently 3 P2P online lending institutions

On November 10, the veteran online lending platform “You Me Loan” announced the realization of all P2P business loan balances.

According to the China Banking and Insurance Regulatory Commission, the actual operation of P2P online lending institutions across the country has dropped from about 5,000 during the peak period to three at present.

Online loan platform “you and me loan”

Realize all P2P business loan balances are cleared

On November 10, the online lending platform “You Me Loan” announced the announcement of clearing the balance of online lending business. According to the announcement, under the guidance of supervision, as of November 10, 2020, the P2P loan balance of “you and me loan” has been cleared to zero. The principal and expected income of all lending users have been redeemed, and the repayment function of borrowing users will continue to be maintained and will not be affected.

“You and I Loan” said that the complete resolution of the online stock business marked the company’s bid farewell to the P2P business model and the complete transformation of its parent company Jiayin Jinke into a financial technology company.

“PaiPaiDai” first announced the completion of its withdrawal

Prior to this, the online lending platform “PaiPaiDai” had taken the lead in announcing the completion and withdrawal of P2P stock business.

On October 12, the official website of “PaiPaiDai” issued an announcement stating that since the implementation of the mutual fund rectification work, “PaiPaiDai” has actively responded to and cooperated with the regulatory requirements of “three drops”. As of September 2020, under the supervision and guidance Based on the principle of protecting the interests of both the lender and the borrower, “PaiPaiDai” has completed the clearing and withdrawal of its stock business, and has successfully transformed into a lending platform.

P2P online lending institutions have dropped from 5,000 to 3

On November 6, Liu Fushou, the chief lawyer of the China Banking and Insurance Regulatory Commission, gave an introduction to the prevention and resolution of financial risks when answering questions from the media at the State Council’s regular policy briefing. He mentioned that the Internet financial risk situation has fundamentally improved. The actual operation of P2P online lending institutions across the country has dropped from about 5,000 during the peak period to the current three. The scale of borrowing and the number of participants declined for 28 consecutive months.

Previously, the China Banking and Insurance Regulatory Commission had stated that the remediation of P2P would be by the end of this year. Prior to September, Feng Yan, deputy director of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, revealed that as of the end of August this year, the number of online lending institutions operating across the country has fallen to 15, a 99% decrease from the beginning of 2019, and the loan balance has dropped by 84%. It has dropped by 88%, borrowers have fallen by 73%, and the number of online lending institutions, the number of participants, and the scale of borrowing have declined for 26 consecutive months.

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