A rude shock for online lenders, P2P
2017-12-02 09:22阅读：
Yesterday, China's central bank and the CBRC issued a set of
rules for the burgeoning online lending market. My initial
thoughts:
- The rules seem harsher than I had expected
- It covers both P2P and online microcredit lending. There will be no new online microcredit licenses but the existing ones are safe. P2P platforms as a form of business are safe and viable.
- It bans asset-backed securities (ABS) and sales of loan packages to third parties via an asset exchange. That will hurt some online lenders' funding source.
- It may lead to a liquidity squeeze in the industry but P2P funding seems permissible. But we should work harder to explore corporate treasury as a new source of funding.
- It could encourage more borrowers to default as the regulatory crackdown and confusion continues.
- The 36% cap on interest rates is going to hurt the industry at large but some players are planning separate entities (with the same sharehold