A criminal investigation into Ezubao has highlighted the urgent need for tougher supervision of online Peer-to-Peer lending on the burgeoning online financing system in the world’s second largest economy. Ezubao is one of China’s largest online Peer-to-Peer (P2P) firms. P2P is the practice of lending money between unrelated individuals on an online platform, effectively cutting banks out of the process and thereby providing individual borrowers with lower interest rates and individual lenders higher returns than conventional savings accounts. Ezubao is now being investigated for alleged illegal business operations.
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