Anonymous P2P financing app for friends to lend/borrow money within their circles without embarrassment, at better rates; also, a way to sieve out untrustworthy friends.
Why
Importance of “face”
In China, people are often embarrassed about having to borrow money from friends.
High borrowing rates
Information asymmetry; and expensive, archaic systems in banking practices lead banks to charge high interest.
Market
RMB 3 trillion
Forecast P2P loans in 2016; China has the world’s largest P2P market, which is seven times that of the US.
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