News & Analysis

Chinese P2P lending platforms look to Southeast Asia amid industry purge back home

A slew of Chinese fintech and peer-to-peer (P2P) lending platforms are looking to more lenient markets in Southeast Asia (SEA), following a prolonged industry crackdown in China that has left the sector reeling.

Over the past year, China’s regulatory clampdown on risky financial practices has wiped out more than half of the country’s P2P lending platforms. As of May, just 900 survived, down from almost 1,900 recorded a year ago.

Caught in the cross-fire between US and China, Huawei responds to CFO's arrest ·

Following the arrest of Meng Wanzhou, CFO and deputy chairwoman of Chinese telecommunications giant Huawei, the company said US pressure on a commercial company goes “against the spirit of free economy and fair competition,” adding that its relationship with its partners would not change.

Huawei made the comment in an open letter (in Chinese) to suppliers on Thursday night (Dec. 6).

“Despite the US government being unreasonable, we will not change the relationship with our global supply chain