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在线翻译:
szdaily -> Markets -> 
Alipay to cap online loan rates at 24%
    2017-11-27  08:53    Shenzhen Daily

ALIPAY, China’s leading Internet payments platform, will enforce a cap of 24 percent on interest rates charged by lenders on its site as authorities are said to be preparing to crack down on so-called online micro-lenders.

The platform, part of the Ant Financial business controlled by billionaire Jack Ma, said in a statement Friday that it recently discovered some lenders charging rates that exceed the legal limit and using “inappropriate methods to collect debt.”

“To better protect the interests of consumers, we decided to impose the rule on limiting interest rates to 24 percent for products being marketed on Lifestyle,” the company said in the statement.

“And we requested all accounts to self-inspect and rectify before Nov. 30, 2017. We will continue regular checks on the platform and delist any non-compliant accounts.”

The move followed reports in domestic media last week that authorities plan to purge the country’s 157 online micro-lenders and leave only large State-owned companies and the biggest Internet firms. Analysts at Bernstein cut their earnings-per-share and target-price estimates for Beijing-based Qudian Inc., which currently charges 36 percent on loans. The company’s New York-listed American Depositary Receipts (ADRs) dropped sharply Friday, leading declines in the sector.

Ant Financial, formally known as Zhejiang Ant Small & Micro Financial Services Group, operates Yu’E Bao — the world’s largest money-market fund — as well as Alipay. (SD-Agencies)

 

 

 

 

 

 

 

 

 

 

 

 

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