Lufax sounds Beijing death knell for peer lenders. says AlecMac11:
Lufax, a Chinese financial technology company backed by Ping An Insurance, plans to exit peer-to-peer lending, Reuters reported on July 18, citing three sources with direct knowledge of the matter.
The company, which launched as a P2P lending arm of Ping An Insurance in 2011 and has since diversified into wealth management, will focus on consumer finance instead, the report said. Beijing has been tightening registration requirements for P2P lenders amid a wider crackdown on financial risk in China.
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