The “synchronized growth” mirage is fading; Turkey is not the only country who’s currency is melting away.

Sharing is Caring!

Red Ponzi Tottering: $220 Billion P2P Sector Heading For A Brutal Shakeout

READ  Japan, the country with the longest Human Life Expectancy in the world, also has the least number of vaccinated people (for anything, not just covid)

We pointed out that outstanding loans on P2P platforms rose 50% just last year to total Rmb1.49 trillion ($215 billion) – making the size of China’s P2P industry far bigger than in the rest of the world combined – and due to their lack of collateral, interest rates often are as high as 37%, with additional charges for late payment…..As a result, the peer-to-peer lending channel not only got clogged up, but went in reverse. In a recent article, the WSJ reported that a string of Chinese internet lenders have already shut their doors in recent weeks, stranding investors as the economy slows and regulators tighten controls over an unruly side of the fintech sector..

READ  Newest Meme Stocks Extend Gains With No Sign of Craze Fading… Exorbitant NFT prices mirror modern art?

1,182 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.