Springwise just posted about a new P2P lending service that’s starting in China called “ppdai”–> http://www.ppdai.com/. It’s wildly interesting to me how it works, as compared to p2p lending services in the Western world.
In the US, we have the concept of personal credit histories and rankings, but here in China this does not exist. So, the Chinese version of the P2P lending service we are familiar with facilitates loans between friends and families, a practice much more common in the East than in the West.
This innovation could take flight because someone perceptive about social/cultural factors could adapt their business model accordingly.
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