Thousands of online lenders could be facing extinction as China prepares to launch a new licensing framework, despite a lack of clarity on how the regime will work.
The peer-to-peer, or P2P, lending sector is bracing for a second regulatory crackdown as a new “record filing” system kicks off in April. But with the first batch of approvals expected by the end of the month, lenders say they are still in the dark on the filing process itself.
“No one even knows what this record filing form looks like yet,” said Spencer Li, a vice-president at online lending platform Fincera.
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