Lufax, one of China's largest online wealth management platforms that is ba...
BEIJING/SHANGHAI - Lufax, one of China’s largest online wealth management platforms that is backed by financial giant Ping An Insurance , plans to exit its once-core peer-to-peer lending business, three sources with direct knowledge of the matter told Reuters.
The sources said they did not know exactly when Lufax’s P2P business would be shuttered, or how the outstanding business will be handled, but added that the company has already started the process of applying for a license in consumer finance, a business which it intends to focus on. P2P boomed in China - becoming far bigger than the rest of the world’s combined P2P lending - until regulators took notice three years ago as claims of frauds surfaced, and as part of a wider Beijing-directed crackdown on potential bubbles in the financial system.
Lufax’s P2P staff will be incorporated into a new department focusing on consumer finance, one source said.The sources declined to be named because they were not authorized to speak publicly. Lufax has already diversified into wealth management products, although such products under its management shrank by 20% to 369.41 billion yuan in 2018 as new rules curbing leveraged investments were introduced, according to Ping An’s annual report.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan profit beats estimates on lending strength; net interest margin dipsJPMorgan Chase & Co reported a better-than-expected quarterly profit on Tuesday ...
Read more »
Exclusive: BBC Accepts Iran’s Demand Of Blackout On Its Persian Sites Amid Regime’s Attacks On Press FreedomA deal to not share reporting from Iran on BBC Persian has angered staffers who see it as complicity with a government that imprisons, tortures and kills journalists.
Read more »
United tops profit estimates as MAX woes prompt higher fares in robust travel marketUnited Airlines Holdings Inc on Tuesday reported a bigger-than-expected increase...
Read more »
Why We Should Ditch Babies Showers, And Throw New Moms A Postpartum Party InsteadPostpartum parties are the BEST IDEA EVER.
Read more »