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Fintech unicorn Lufax considers shedding peer-to-peer lending business

P2P lending, which used to be a boon for individuals and businesses in urgent need of money, has come under intensified government scrutiny in recent years amid a spate of fraud cases, which were in part due to slack supervision.
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24 Jul 2019 3 Mins Read 0 comment
Lufax via Facebook
Lufax via Facebook
By Wu Yujian and Lin Jinbing Chinese fintech unicorn Lufax Holding Ltd. is considering shedding its once high-flying but controversial peer-to-peer (P2P) lending business as it considers a public listing, but no final plan has been set, Caixin learned. P2P lending, which used to be a boon for individuals and businesses in urgent need of money, has come under
such company to put up a minimum of 300 million yuan in registered capital, which is higher than for most microlending companies. Besides P2P lending, Lufax also runs other online wealth management operations. At the end of last year, it had 375 billion yuan of loans under management, according to Ping An’s annual report. ( Source: Caixin Global)
By Wu Yujian and Lin Jinbing Chinese fintech unicorn Lufax Holding Ltd. is considering shedding its once high-flying but controversial peer-to-peer (P2P) lending business as it considers a public listing, but no final plan has been set, Caixin learned. P2P lending, which used to be a boon for individuals and businesses in urgent need of money, has come under such company to put up a minimum of 300 million yuan in registered capital, which is higher than for most microlending companies. Besides P2P lending, Lufax also runs other online wealth management operations. At the end of last year, it had 375 billion yuan of loans under management, according to Ping An’s annual report. ( Source: Caixin Global)

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