Asia is being targeted as the next big growth area by providers of alternative finance in the UK, in spite of mounting concerns over the number of companies going bust and a lack of regulation.
RateSetter, a peer-to-peer platform, and small-business lender Iwoca were among a cohort of “fin-tech” companies that accompanied David Cameron, the UK prime minister, on a trade and foreign policy mission to Asia last month.
The trip revealed the huge growth opportunity in the region for developing sources of alternative finance, filling a gap created by a lack of efficient banking services for individuals and small businesses, according to some chief executives on the trip.
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