Chinese local listing site 58.com (NYSE: WUBA) announced on July 7 to build a peer-to-peer lending platform to finance local merchants who post listings on its site.

The service will be jointly established with consumer financing service provider United Asia Finance Ltd., a subsidiary of Sun Hung Kai & Co. Ltd., Hong Kong’s leading financial institution.

As China’s leading local listing service, 58.com introduced the Alipay escrow payment solution to enable direct transactions within the site. That Alibaba Group created the Alipay solution, which withholds payments till customers confirm receipt of goods, was in order to ease concerns over online shopping of Chinese consumers, most of whom didn’t own credit card and were hesitant to trust online sellers.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com