Regional governments have intensified the clampdown on online lenders in recent months.
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Shanghai’s financial regulator announced a five-year plan to develop a fintech center on par with competitors around the world.
The number of P2P lending platforms has fallen 59% since the end of 2018.
No specific rules or requirements have been proposed, such as an implementation timeframe.
The company said the decision was made “to fulfill regulatory requirements.”
Amid an on-going regulatory crackdown on China’s online lending sector, many platforms are turning to blockchain for help.