New group to enrich P2P
Print Edition
CHINA’S second-largest insurer Ping An Insurance Group Co plans to set up an inclusive finance business group as it expands into the financing of small and medium enterprises while boosting its P2P lending service, the company said.
The new group combines three subsidiaries — direct loans, peer-to-peer lending and credit and bonds insurance, according to a statement released on the insurer’s website.
“By combining the three parts, Ping An could enrich its P2P product line with both online and offline support,” the company said. “The business group aims to be one of the largest consumer financial services providers in the future.”
The group’s formation means that Shanghai-based P2P lender Lujiazui International Financial Asset Exchange Co, Ping An’s subsidiary also known as Lufax, will focus on asset-backed securitization business.
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