The Asian Banker

Is Asia ready to participate in P2P lending and payments?
Although P2P transactions are gaining traction in the UK and US, Asian P2P businesses are still in a nascent stage.

Nov 08, 2012 | Durva Lakhlani

When Zopa (UK) and Prosper (US) first launched their respective peer-to-peer (P2P) lending ventures, it took a while for the industry to warm to the new concept of P2P lending. However, the recent global financial crisis and a lack of trust in banks have helped P2P companies gain solid traction. Furthermore, banks have tightened lending activities while coming to terms with their on-and off-balance sheets and liquidity mismanagement. For 2012, P2P lending in UK is expected to cross the $320 million mark, while in the US, P2P ventures Lending Club and Prosper have lent a combined total of $960…

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Categories: Innovation, Payments, Retail Banking, Technology & Operations
Keywords: P2P Lending, Lending Club, Zopa, Prosper, Funding Circle, Paypal, Visa, SEC, Peer to Peer Finance Association, P2P Payments, JPMorgan, Wells Fargo, BofA, clearXchange, Popmoney, Citigroup
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