Chinese microcredit firm moves into online P2P lending
Monday, February 17, 2014
China Commercial Credit, the only mainland microcredit firm listed in the United States, will become the first such company to venture into peer-to-peer (P2P) lending as part of moves to expand beyond its base in Jiangsu province.
The company, based in Wujiang, will set up a P2P platform next month to match the financing needs of corporate borrowers with lenders, with loans guaranteed by microcredit firms across the mainland. It is also considering acquisitions as part of its expansion strategy.
“Online lending is the direction of the future,” said Qin Huichun, the chairman and founder of the microcredit firm. “We aim to match 300 million yuan (HK$383.5 million) of financing online this year, 800 million yuan next year and 1.5 billion yuan in 2016.”