P2P lending in South Korea spurs rush for regulation
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Seoul
SOUTH Korean investors beset by Asia's third-lowest benchmark yields are embracing peer-to-peer (P2P) loans that offer average rates of about 9 per cent and not a lot of information about where the money winds up.
The nascent online P2P lending market more than doubled to 72.4 billion won (S$86.5 million) in the first three months of 2016, Korea's Financial Services Commission reported on July 12. Cumulatively, P2P loans made since 8Percent became the first platform in December 2014 totalled 153 billion won as at June, the Korea P2P Finance Association of 22 companies estimates.
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