Regulators are requiring P2P firms to clear outstanding loans within a year.
The firm said it will shut down its online lending businness by the end of 2021.
Large P2P lending platforms are exiting the space amid the government’s ongoing efforts to clamp down on fraud activities and lower financial risks.
Given China’s worsening online lending environment, Hexindai plans to seek more opportunities in the global market.
The fast growth of Chinese P2P platforms is not the only thing that is different from their US counterparts.
Irrationally exuberant regulators helped blow up a bubble—and when they got cold feet, they popped it