Following Baidu’s previous attempt to crack down on Peer to Peer (P2P) lending fraud by removing lending sites from its search result, Baidu has recently indicated that it has rolled out the first batch of qualified lending firms to provide P2P lending services.

Since it first announced the clean-up of the lending sites on April 29th, Baidu has reportedly been working with relevant government agents, insurance companies and clearing houses to identify qualified P2P lending firms. Those firms are to be in compliance with two major guidelines: (1) that such firms should be members with The China Association for Payment Clearing Internet Finance Committee and (2) that such firms should be partially owned by state owned assets.

This change comes after a series of fraud cases in which firms sold financial products on Baidu and subsequently vanished into thin air with large amounts of investors’ money; the most notorious one being Wangwangdai. However, Baidu has not yet disclosed the individual names of the white-listed lending firms. It indicated that more detailed and comprehensive guidelines will be announced in mid May to cover all types of P2P lending services provided on the internet.

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Scully Wan

Beijing based tech contributor. Follows social media, e-commerce, digital currency, healthcare and life science, economy, fashion and design, and everything that involves inter-cultural phenomena. You...