Partner of ChinaGrowth Partner Wayne Shiong, Co-founder of Lending Club and Dianrong Soul Htite, CEO of Haodai Li Minshun, and Director of Financial Management Business Unit, Small and Micro Financial Services Group Zu Guoming took stage at TechCrunch Shanghai last week to discuss the latest trend of Chinese online financial market.

Li Mingshun proposed three keywords for online financial industry. 1) Inclusive financial system: P2P funding is an effective platform to solve the problems of micro and small enterprises that are in desperate need of capital. The number of such companies amounted to 60 million countrywide and 95% of them have never got any loans from traditional financial system. 2) Marketization: The development of online finance will redefine the concept of trust by the standard of user experiences. 3) Private Economy: Triggered by the development of private economy, big banks like Minsheng Bank, CMB, Ping’an all muscled into micro-enterprise financial sector.

Haodai, a credit product searching engine, has established cooperation with more than 5,000 financial institutions across over 100 domestic cities, Li added. When being asked about how to acquire customers, Li said Internet is a much effective means to acquire users than traditional methods.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.