After years of crackdown on the peer-to-peer online lending sector, Chinese regulators are coming up with a new plan - transforming them into micro lenders.
Regulators in Beijing are working with local officials on guidelines that would transform qualified P2P lending platforms into small-loan companies, said Zhu Shumin, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), on Monday.
P2P firms that don’t comply with regulatory requirements will be forced . . .
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