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Chinas peer-to-peer P2P lending market is headed for more turbulence in 2020 as more of its popular platforms face potentially being shut down as the government tightens regulatory reins.The countrys P2P industry, although just a small portion of overall lending, is nevertheless a compelling credit source for businesses and consumers that cant obtain loans through Chinas traditional banking system. The overall number of P2P platforms has decreased dramatically in recent years because of money scandals. The increased regulatory and capital requirements for Chinas P2P lenders should continue to put pressure on the sustainability of business models across the sector in 2020, leading to further industry contraction, said Katie Chen, director for non bank financial in
stanley website stitutions at Fitch Ratings, told the South China Morning Post Tuessday Jan. 7 .Stronger regulatory rules compelled P2P services to plunge to 343 last year co
stanley cup mpared to 2,680 in 2016. Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019.Last November, Beijing ordered all current P2P platforms to comply with new regulations within a framework of just two years.According to official figures
stanley canada from industry data provider Wangdaizhijia, increased government oversight has consequently decreased total outstanding loans to 491.6 billion yuan US$70.4 billion as of December 2019 from a height of 1.32 trillion yuan US$189.2 billion in 2018, the report said Ftwt In Sports, B2B Ain t Beanbag
Mizuho Financial Group, the Japanese financial company, is gearing up to launch a venture
stanley cup in June to create new businesses with FinTech.According to a report in Reuters, Daisuke Yamada, Mizuhos chief digital innovation officer, said in an interview the company already has around 20 projects in the pipeline to launch the venture with some using blockchain technology and others focused on artificial intelligence in areas including farming and travel. The executive noted Mizuho will limit its share of the venture, which hasnt been named yet, to under 15 percent. If we try to pursue business innovation within the bank, we have to ask around for permission from people in ri
stanley shop sk management, compliance and others. It takes forever, said the executive. Its not like building nuclear reactors or railway systems. If projects flop, all the costs wasted
stanley usa will be labor costs; we can move on to the next ones. Reuters noted that Yamada wouldnt say more about the projects but did say the venture is gearing up to conduct an export transaction in June using blockchain technology. The transaction will enable parties to exchange documents online instead of getting hard copies. Blockchain is attractive to financial companies because they are hoping the new technology will reduce the costs and complexity with international payments and securities settlements, among other things.Mizuho is among a growing list of financial services companies around the globe who are embracing FinTech, whether its inve
