Bank of Hangzhou, Bank of Qingdao Obtain Approval for P2P Depository Business

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Bank of Hangzhou and Bank of Qingdao have joined the ranks of Chinese banks who have obtained official approval for P2P lending depository business.

The banks announced via the official website of the National Internet Finance Association of China (NIFA) that they had passed the assessment process to provide depository services to P2P lending platforms.

The approval brings the number of Chinese banks approved by NIFA for personal online loan fund depository operations to 32 in total, including:

  1. Bank of Beijing
  2. China Minsheng Bank
  3. Shanghai Pudong Development Bank
  4. Bank of Langfang
  5. XWBank (新网银行)
  6. Wuhan Zhongbang Bank
  7. China Merchants Bank
  8. China Zheshang Bank
  9. Bank of Shangrao
  10. Beijing Zhongguancun Bank
  11. Zhejiang Tailong Commercial Bank
  12. Pingan Bank
  13. Huaxia Bank
  14. Yibin Commercial Bank
  15. Shanghai Huarui Bank
  16. aiBank
  17. China Guangfa Bank
  18. Xiamen Bank
  19. XIamen Nongshang Bank
  20. Haikou United Rural Commercial Bank
  21. Haikou Nongshang Bank
  22. China Construction Bank
  23. Hengfeng Bank
  24. Xiamen International Bank
  25. Baoshang Bank
  26. China Bohai Bank
  27. Jinshang Bank
  28. Huishang Bank
  29. Bank of Xi’an
  30. Chongqing Fumin Bank
  31. Bank of Hangzhou
  32. Bank of Qingdao.

NIFA and China’s P2P loan risk specialist rectification work team announced last year that they would conduct assessments and approvals of internet loan fund depository operations, given widespread problems in the P2P lending sector which led to a wave of platform closures in 2018.

The first group of 25 banks that obtained approval was announced on 20 September, following by the addition of eight more banks in late September and early October.

Data from Wangdai Zhijia (网贷之家) indicates that as of 21 September a total of 421 P2P platforms in regular operation had executed fund depository agreements with the first batch of banks approved for online loan depository operations by NIFA, accounting for 26.39% of all platforms still active in the sector.

Bank of Hangzhou was established in September 1996 and listed on the Shanghai Stock Exchange on 27 October 2016. The bank currently has over 200 branches, and has established the Hangyin Consumer Finance Co., Ltd. (杭银消费金融股份有限公司) as well as teamed up with

Bank of Qingdao was established in November 1996, and listed in Hong Kong in December 2015. It’s mid-year report indicates that it had total assets of 302.159 billion yuan and total liabilities of 275.466 billion yuan as of the end of June, while its first half net profits were 1.321 billion yuan.

The bank’s capital adequacy ratio was 16.79% and its non-performing loan ratio was 1.69%.

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25 Chinese Banks Obtain Approval for Personal Internet Loan Fund Depository Business

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