| In China, P2P lending platform is an "exotic." With the establishment anddevelopment of Zopa, Prosper, Lending Club and other foreign P2P networkplatforms, our local P2P network lending industry is also mushrooming developedafter Paipaidai was established. P2P network lending is a combination of P2P micro-lending and network technology; it is an effective complement to formal finance, butalso injecting new vitality to informal finance. On the one hand, it provides newfinancing channels for individuals and small and micro enterprises it is to whom thatis difficult to obtain loans from banks and other formal financial institutions; on theother hand, this financial innovation inevitably faces the question of legal compliance.Currently, P2P lending platforms frequently broke down. The main problem of this isthat the platform itself guarantees loan for investors, operators of those platforms canfreely use the money of intermediate capital accounts of online platforms. The reasonof these problems lies in the financial strength of platforms are not sufficient tosupport operating costs, the qualified auditing on the borrowers of lending platformsand risk control measures are not stringent enough, the absence of regulating capitalaccount of the platforms. I will make recommendations according to the related datain the practice of P2P lending platforms and legal provisions.In this article, in addition to the introduction and conclusion, is divided into fourchapters:The first chapter introduces the concept of P2P networks borrowing. I firstexplain and analyze the concept of P2P online lending and indicate a P2P onlinelending is a combination of micro lending and P2P technology. Secondly, from theperspective of the origin of P2P microfinance, I discuss the emergence anddevelopment of microfinance, tracing to Professor Muhammad Yunus who founded the Grameen Bank, and pointing out the difference between P2P online lending andBangladesh microfinance lending. Meanwhile, I also briefly describe the rise of P2Ponline lending and the transaction process of foreign three typical P2P online lendingplatforms in order to explaining the specific content of the concept of P2P onlinelending.The second chapter is mainly about the main problems of P2P online lendingplatform that exist in reality. First, I point out the possible existing risk of P2P onlinelending like technology risk, legal risk, credit risk, the risk of exposure of privacy andother issues. Then, through showing the list of problems of P2P online lendingplatforms, I want to indicate what the main problem that exists in reality is.The third chapter is mainly on the problems pointed out hereby. There are twosections of this chapter. One section is analyzing the reason of P2P online platformsgetting in trouble, and the other section is to analyze the reasons for platformsescaping with money of investors and also discuss the related illegal fund-raisingproblems. In this chapter, I cited many examples of the platform in order to verify theaccuracy of the cause of the problem.The fourth chapter is mainly about making recommendations in accordance with thestated cause of the problems and issues to regulate the development of P2P network lendingplatform, and a brief discussion of the regulatory issues of P2P online lending platform. First,I provide suggestions about improving entry barriers of P2P online platform and capacity ofrisk control of platforms. Secondly, by comparing regulatory regimes on P2P online lendingof the United States, the United Kingdom and South Korea, I explain my own opinion aboutissues regarding regulating P2P online lending platforms. |
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