(Yicai Global) Dec. 2 -- China will grant licenses to peer-to-peer lending companies that cooperate with the authorities, according to a non-profit fintech industry group.
China has made great progress in tightening regulation in the sector and has already begun including certain compliant platforms into its supervision system, the Beijing Internet Finance Industry Association said in a statement today.
In the first round of rectification more than 1,200 P2P lenders had closed by the end of September, said Zhu Shumin, vice chairman of the China Banking and Insurance Regulatory Commission. A little over 460 firms survive.
Editor: Emmi Laine