China reported outstanding P2P loans of Rmb 920 billion ($133.5 billion) at the end of March, according to data from Wangdaizhijia; the March data shows resiliency in the industry despite new requirements for P2P lenders and caps on lending from regulators; P2P platforms have been steadily decreasing following the industry's reform, with approximately 2,281 platforms in March; yields on P2P loans have also been trending lower, with the average yield at 9.4% in March. Source
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India has fast become one of the world's most interesting fintech markets; at LendIt USA 2017 we hosted a fireside chat focused on digital credit for the India population and how their biometric Aadhaar system plays a key role; a few key developments have helped the India population, the ease of acquiring a smartphone and the Aadhaar system; Aadhaar started with an investment by the India government eight years ago and today there is one billion Indians who have an Aadhaar number with key identifiable pieces of information; the government then began linking Aadhaar with the banking system and enlisted fintech firms to begin extending microloans to individuals and SMEs; Aadhaar helps to solve the biggest issue with lending, KYC, by using a retina scan or biometric signature to verify the borrower; the fireside chat also talked through how the lending process worked with Aadhaar and how it has helped to extend credit to a segment of the population that only a few years ago was unable to access capital. Source