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Jimubox taps Minsheng for fund custody

BEIJING-BASED online lender Jimubox has signed with China Minsheng Banking Corp for fund custody, the company said, the latest in a string of peer-to-peer lenders cooperating with banks to enhance fund security amid nation's tightened regulation on the sector.

Jimubox plans to switch its whole trading channel to Minsheng Bank after finishing building the system, according to the statement. Jimubox users could open accounts, recharge, investing and withdraw funds through bank's official website. Official landing will be announced in months.

Peer-to-peer lending services have grown in strength in China in the last few years, as part of the nation’s shadow banking sector. Small businesses and individuals often bypass traditional banks for loans because banks are still hesitant about taking on debt-related risks.


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