Peer 2 Peer Lending Platforms 250Ping An Group, one of China’s largest privately-owned full-service financial institutions, announced that its flagship online financing platform Lufax and its Qianhai Credit Bureau would make joint efforts to establish a ‘People’s Commune’ in the P2P industry.

The People’s Commune in fact refers to an open platform providing other online P2P financing companies (around 1,500 in total as of 2015) with 6 major services for their operations, including client acquisition, credit enhancement, system platform, credit checking, product design and overdue receivables management. Mr. Greg Gibb, Lufax’s Chairman, has a vision of saving 20% of costs for the P2P companies participated in the People’s Commune.

Earlier this year, Ping An Group had already re-positioned Lufax as an open marketplace that trades a wide variety of wealth management products, ranging from insurance products to trust funds.  Its proprietary P2P products became only a fraction of its offerings.  The creation of the People’s Commune reflects Ping An’s intention to continue developing Lufax into an ecosystem that is a truly open platform in the Internet finance sector.

Source:  LinkedIn Pulse