China’s Peak Online Finance Body Publishes Depository Info on Peer-to-Peer Lenders


The National Internet Finance Association of China (NIFA) has commenced the publication bank depository business information in relation to peer-to-peer lending platforms via its official website.

NIFA’s official website has published information on the depository activities of five banks in relation to P2P lending platforms, including China Merchants Bank, Bank of Xiamen, Baoshang Bank, Huaxia Bank and China Construction Bank.

NIFA had previously left the “Fund depository” (资金存管) column on its website empty.

The five banks whose depository business information is published on NIFA’s website have connected to a total of 46 P2P platforms, with Bank of Xiamen alone teaming up with 35, Baohang Bank with 3, Huaxia Bank 5 and China Constructino Bank 2.

China Merchant’s Bank provides depository operations to one P2P lender – PPDai (拍拍贷).

As of 16 October NIFA had given its approval to 32 Chinese banks to engage in depository operations on behalf of P2P lenders, after Beijing tightened its regulation of China’s P2P sector in the wake of a wave of platform closures.

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