The current Chinese banking system is rather unrewarding, giving just o.3% returns to savers, charging high interest to borrowers and with credit cards charging 30% interest. In a peer-to-peer (P2P) marketplace, however, a borrower will have access to loans at lower rates and also enjoy transparency in fees and pricing. Since 2005, when UK based Zopa started first peer-to-peer lending, many companies have entered the market to offer a similar service. The company has grown to be the largest UK P2P lender with over 500,000 customers, with UK government announcing FCA (Financial Conduct Authority) regulation to monitor the industry in 2014.

Aligned to the British P2P model, including FCA regulation, Monexo is poised to change P2P lending in Hong Kong through its focus on transparency and use of best-in-class technology to deliver efficient services. “The P2P lending market has been doubling every six months in the UK. Hong Kong is the financial capital and it needs innovative services in line with the 21st Century rather than being rooted with 1,300 money lenders,” Monexo CEO Mukesh Bubna said.

Monexo is an online marketplace for peer-to-peer lending, bringing lenders and borrowers together to exchange from HK$90,000 to HK$1 million. Prior to lending, it screens the borrowers’ property details to ensure a safe transaction for both parties. It aids both by giving lenders higher returns and borrowers lower costs. The service charges a 2% fee from the borrower and 1% from the lender when the finance is received.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com