Published November 08, 2012
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.
Date: Nov 08, 2012
Author: Durva Lakhlani
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
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…