A 'credit bureau' for p2p sites may prompt better disclosure to investors
THERE are governance lessons for the nascent peer-to-peer (p2p) loan marketplace that can be taken from recent rules imposed on both credit-card issuance and moneylending in Singapore. This comes amid the latest kerfuffle over some S$600,000 in p2p loans that have likely gone sour after payments dried up and the borrower's sole director cannot be contacted.
To recap, BT reported this month that a car parallel importer named TLC Cars has failed to deliver on sold vehicles after borrowing hundreds of thousands from p2p investors. It is also said to have borrowed about a million bucks from banks.
The director, who had provided a guarantee on the unsecured loans, is now uncontactable. Reports have been lodged against the company, and the police are probing the case.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push