Kreditech Russia has received Microfinance Company status from the Central Bank of Russia; the approval follows new regulation in Russia that requires the status for increased transparency in the microfinance alternative lending market; Kreditech Russia was established in 2013 and is part of Kreditech Group which was founded in 2012 and has its headquarters in Germany; in 2016, Kreditech Group reported loan origination volume of EUR 125 million ($133.58 million). Source
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Asia/Pac
The China market is bigger than the US and they tend to move much faster; Emmanuel Daniel of The Asian Banker compares China today to 1971-1984 in the US when regulation was just beginning to be put in place; Credit China is an example of a successful P2P lender in China, now valued at $3 billion; Yew Kiat Phang speaks about the company, sharing how they initially were a traditional lender, constrained by capital and customers with single revenue streams; the company took a broad approach to fintech, first obtaining a third party payment license; company reported $12 billion in 2016 on their P2P lending platform; their payment gateway saw $30 billion in flow for 2016; Yew Kiat Phang shares other details on the company in the video. Source