China’s fast growing peer-to-peer P2P lending industry entered a new stage of development this Wednesday with Dianrong's acquisition of Quark Finance’s asset-origination operations.
Dianrong’s co-founder and CEO Soul Htite told FinanceAsia the MA deal marks the first instance of a “marketplace lender acquiring assets from another lender in either China or the US.”
The deal also underlines the growing power of the industry’s biggest lenders at a time when the government is trying to encourage consolidation and effectively regulate the country’s 2,000 plus P2P companies.
Since 2009, China has witnessed explosive growth in P2P lending, which matches individual small borrowers...
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