Record high for P2P
Print Edition
PEER-TO-PEER lending platforms posted a record-high trading volume of 49.3 billion yuan (US$7.9 billion) in March, according to data compiled by Lending House, a web portal.
The trading volume jumped 46.9 percent from February, and nearly 3.5 times higher from a year earlier, the data showed.
Although the number of fraudulent platforms fell to 56 from 58 last month, the ratio of these problematic platforms rose to 3.4 percent from 0.8 percent in March 2013.
P2P lending websites that allow individuals to borrow money from other individuals without going through a bank are facing tighter scrutiny from the government.
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