China has been stepping up its efforts to tighten
regulations to rein in financial risks. The latest moves
include strengthening lending regulation for online microloans
by banning unlicensed operations and setting borrowing limits.
These cash loans typically charge high interest rates and are
targeted towards those with limited access to credit, poor
credit history and/or who need access to funds quickly. There
are over 2,500 online platforms providing short-term loans to
10 million users in China with loans in this sector totalling
in excess of RMB1 trillion ($155 billion)....