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China transitioning “from big to strong” in lending markets


Yihan Feng at LenditUSA

The Chinese consumer finance market is going from strength to strength, having survived a rocky past.

So said Yihan Fang, CEO at Chinese lending firm Yirendai, at New York’s Lendit USA conference this week. Online lending, she added, still has some way to progress as an overall percentage of the market, but is showing promise.

In the USA, most marketplace lenders focus on efficiency and customer service, but in China the aim is to directly impact the underbanked. China is no longer in an “emerging phase” but an “optimising” one. Transaction volumes are increasing even as the number of available platforms drops, while investment return is becoming more rational.

The problems of the past – fraudulent platforms, embezzlement and data hoarding among others – are being tackled by a set of proactive regulators, Fang said. With those in place, the country is to go from “big to strong” in the marketplace.

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