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CCB safeguards investors鈥 funds in P2P
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Shanghai-based peer-to-peer lender China Rapid Finance signed an agreement with the China Construction Bank, the country鈥檚 second-biggest bank by assets, on safeguarding investors鈥 funds.
The P2P lender plans to build a platform with CCB, allowing a single investor to keep a sub-account under the P2P鈥檚 account in the bank鈥檚 system so that they can do all their financial transactions, including checking, investing and withdrawing funds. The platform will be online by the end of September, the firm said.
The P2P lender鈥檚 tie-up with a commercial bank was sparked by tighter regulations governing the sector. The People鈥檚 Bank of China instituted new rules on the Internet finance industry in July. The rules only allow P2P platforms to serve as intermediaries between lenders and borrowers, as well as ban online sites from raising funds of their own to lend out.
Industry insiders said that up to 90 percent of P2P sites may need to significantly change their business models or shut down under the new rules.
CCB is the first 鈥渂ig four鈥 bank in China to provide custody to online lending platforms. Previously, only joint-stock banks such as China Minsheng Bank and China Citic Bank had tied up with other P2P sites like CreditEase and Jimubox to offer a similar service.
It鈥檚 a booming industry in China because loans secured via the Internet jumped to a record 97.5 billion yuan (US$15.3 billion) in August, lifting the total lending to 863.5 billion yuan so far, said Online Lending House, a portal site that tracks the sector.
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