SHANGHAI, April 14, 2015 /PRNewswire/ -- Lufax, China's best Internet finance marketplace, announced today that its senior management team participated in this year's LendIt Conference in New York City, held April 13-15. Lufax Chairman and CEO Gregory Gibb addressed P2P lending and Internet finance in China on an expert panel at the conference.
"As the largest online P2P marketplace in China, Lufax is pleased to sponsor and participate in LendIt 2015," said Gregory Gibb, Chairman and CEO of Lufax. "This year we spoke about the tremendous size and growth potential of the Chinese P2P lending market, and how we are positioning Lufax to capture further market share. We believe that our peer-lending ecosystem makes it easy for people to borrow and lend money on an open, secure and transparent marketplace. Through financial product innovation and sound risk management, we are also complementing the traditional financial industry to help drive the entrepreneurial economy in China."
Lufax offers a broad set of peer-driven financial products that connect lenders with borrowers with great credit. Lufax offers unsecured P2P products such as its award-winning "WenYing-A-E", which yields an annualized return of approximately 7.8% with investment principle and interest guaranteed by a third-party. The Company also offers secured P2P products that are backed by collateral such as a borrower's property or cars. Through its rigorous risk management and borrower verification system, Lufax registered a default rate of only 1% on its P2P products in 2014.
According to third-party research, total transaction volume of P2P lending in China reached RMB252.8 billion by the end of 2014 with the number of P2P borrowers growing fourfold year-over-year to approximately 630,000, and the number of P2P lenders growing fourfold year-over-year to approximately 1.2 million. Average loan value per borrower amounted to RMB401,200, while 47% of the loans were used for short-term working capital and 23% of the loans funded startup business and investments.
"Given the deleveraging financial system, supportive regulatory policies, and popularity of Internet finance products among consumers, the time is right for Internet Finance to become the next multi-trillion dollar growth market in China," Gibb commented at the panel. "Since our inception, Lufax has created a disruptive Internet finance business model that focuses on transparent marketplaces, diverse product offerings, and a best-in-class user experience. Our strategic vision is to use Internet technology to become the first choice for Internet finance in China."
Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. ("Lufax"), operates the best Internet finance marketplace in China. Through its best-in-class technology, broad set of financial products and industry-leading risk management, Lufax has revolutionized the way individuals, companies and financial institutions lend and borrow money. Last year, total transactions volume on Lufax platforms grew eight times to US$43.3 billion. By February 2015, Lufax had more than 7 million registered users and nearly 500,000 active retail investors. For more information, please visit www.lu.com
LendIt is the largest conference series dedicated to connecting the global online lending community. LendIt hosts three conferences per year in the USA, Europe, and China. LendIt USA is the industry's annual flagship conference and brings together every major online lending platform from around the world. LendIt Europe and LendIt China are regional conferences that allow attendees to explore those markets in greater detail. Financial innovators, investors and pioneers from all over the world attend LendIt for an opportunity to learn from market leaders, form key business alliances, and showcase and launch industry-moving products and services.