The Bank of Suzhou Limited, a Chinese commercial bank, has announced that it will collaborate with Dianrong.com, a Chinese peer-to-peer lending platform, to build a website to intermediate loans from members of the public to micro- and small enterprises. The website will be co-managed by Dianrong.com and a dedicated P2P division to be created within the Bank of Suzhou.
Wang Lanfeng, the chairwoman of Bank of Suzhou, reportedly stated “everyone knows that it’s difficult for small businesses to borrow in China. Traditional banks have not provided them with sufficient services; if we can draw on leading Internet technology to remedy these shortcomings then we will make a big difference for Chinese small businesses’ fund-raising efforts.”
Via its existing website, Dianrong.com allows people in China to loan money to other individuals or small and medium-sized enterprises. As of 2013, Dianrong.com reported an average annual rate of return after default to be between 14 and 17 percent. Bank of Suzhou is a commercial bank in China that has 128 service locations as of 2014.The bank provides loans, investment banking, deposits, credit cards and currency trading services. More financial information on the bank is available in Chinese at http://www.suzhoubank.com.
By Ananya Tiwari, Research Associate
About Dianrong.com
Dianrong.com was founded in 2012 by Soul Htite of Lending Club, a US-based peer-to-peer lending platform, and Kevin Guo, an equity and finance attorney. As of 2013, Dianrong.com reported average annual returns after default to be between 14 and 17 percent Financials on Dianrong.com are available in Chinese at JRJ.com.
About Bank of Suzhou
Bank of Suzhou was started in 2010 as a commercial bank in China. It has 128 service locations and provides loans, investment banking, deposits, credit cards and currency trading. The bank provides loans, investment banking, deposits, credit cards and currency trading services. More financial information on the bank available in Chinese at www.suzhoubank.com.
[1] ECNS, http://www.ecns.cn/business/2014/10-14/138292.shtml
[2] PR Newswire, http://www.prnewswire.com/news-releases/chinese-regional-banks-embracing-the-power-of-internet-finance-279005621.html
MicroCapital Universe Profile, Bank of Suzhou, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+of+Suzhou
MicroCapital Universe Profile, Dianrong.com, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Dianrong.com
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