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What happened: China’s peer-to-peer (P2P) lending giant Lufax announced today that it has developed and successfully integrated its new blockchain solution to better verify user identity and track transactions between borrowers and lenders. The company claims to be the first in the China’s fintech space to integrate such technology to enhance platform operations. Lufax is also experimenting with blockchain applications in other business areas such as wealth management.
Why it’s important: Amid the ongoing regulatory crackdown on China’s online lending sector, many platforms have turned to blockchain hoping it could help improve transparency and reduce operational costs. Lufax, backed by Ping An Insurance, is one of the world’s biggest P2P lending platforms. The company closed a $1.33 billion funding round last December, which valued it at $38 billion. Dianrong, another major P2P lending platform, also announced plans to combine blockchain with its loan assessment system. Still, it might be too early to see any widespread adoption of the technology in online lending.