NEW YORK, April 14, 2015 /PRNewswire/ -- On April 13, 2015, the third Global Lendit P2P Conference officially began in New York. It is the world's highest, most influential, and most professional P2P meeting, and has attracted more than 1,500 professionals from all around the world. As the world's largest P2P market, China is expected to have the largest number of non-US participants with more than 130 attracting the attention of the industry.
China Exhibition Area at the Conference
It is reported that in order to display the importance of the Chinese market at this global conference, the organizers have set up a China exhibition zone, which also acts as conveyance for simultaneous translation by Chinese delegations, as well as a private rest area for China P2P platform discussion.
At this conference, US industry leaders such as LendingClub, SoFi, Prosper, FICO and many others will also participate, while China has sent Lufax, CreditEase, GTRiches and others as representatives. As the leaders of the Global P2P market, both countries will engage in thorough discussions in regard to the implementation of lending loans, technology, lending method and credit agenda.
China's P2P market growth
In fact, in comparison with developed countries in the west, the establishment of China's P2P industry is not considered to be early, and the main reason for the amazing growing speed is due to the strong interests that were expressed by the conference organizers in Chinese P2P lending companies.
Public data shows that since 2013, the P2P loan platform in China has grown rapidly. In 2013, China's market scale for net lending reached 92.76 billion yuan, which surpassed European and American countries and became the world's largest P2P market trade. In 2014, China's P2P experienced a booming volume of transactions that exceeded 500 billion yuan, twelve times the size of the US's volume of transactions.
Moreover, what US industries aspire to is the rate of expansion of China's P2P loan platform; and it still continues to accelerate. According to one of the participants, in the next five years, China's net loan transaction volume will exceed 10 trillion yuan, and with the emergence of three to five commercial banking giants it is foreseeable that China may become the world's largest Internet Financial Empire.
If these figures are not enough to explain the rapid development of the P2P market in China, then take a Chinese P2P enterprise as an example; during the meeting, an interview was conducted with GTRiches, which is one of China's P2P platforms. They learned that the platform was founded in 2013, and in just a year it has already gained 800,000 registered users, with cumulative trading volume exceeding 2.5 billion. It also acts as financial service provider for 20,000 micro-enterprises, successfully achieving profits one year after inception. In order to celebrate the first anniversary of the company, last year the company set up a massive advertising campaign on the NASDAQ. Before arriving in the US as a participant, the company's platform has already broken the 100 million single-day trading volume barrier.
Sino-US Trade Seeks for Win-Win Situation
As the development of the P2P market in China has been rising rapidly, US industries are passionate about finding ways to cooperate with Chinese enterprises, hoping to be able to win a share of the Chinese market.
As a matter of fact, since a year ago, American investment institutions have been showing strong interest in the Chinese P2P platform, and have been actively looking for suitable investment targets. On March 3, FICO signed a contract with eleven of China's micro financial institutions and in future, these companies will adopt and utilize FICO's latest analytic cloud platform, as well as enhancing the quality of risk management. The senior management at FICO also participated in this meeting, together with GTRiches's COO Helen An, and many other Chinese business executives will start the discussion on credit localization problems, while seeking for cooperation opportunities.
"Being a participant is one side of the matter, but what's more important is that we are listed in American plans. It is also a good opportunity to be able to observe and take notice of the American capital side and investors while introducing the possibilities of cooperation," said one leading Chinese P2P platform analyst.
It is reported that the Sino-US exchanges are not only limited at Lendit Conference's. Lufax, CreditEase, GTRiches and many other Chinese enterprises will visit a number of banks, investment institutions and P2P platforms in the US with the aim of learning from international experience, which does not exclude capital negotiations, technologies and areas of cooperation.