Around 14% of all complaints received by the Indonesian consumer watchdog Yayasan Lembaga Konsumen Indonesia (YLKI)in 2018 were related to online loans. Lamu’s sister Zhuoma (卓玛, Dolma in Tibetan) posted a social media video on October 1st in which she tearfully shared the tragic news: “Yesterday, my younger sister has left us forever, (..), but she will always remain in our hearts.”. But a spate of complaints against illegal lenders has cast a pall over the nation’s fintech sector. On August 2, TechNode already reported about responses to the crackdown, with people protesting in front of police stations, organizing online investor rights groups, and making collective efforts to pressure authorities to get their money back. Why Disney’s Christopher Robin Is Not Released in China (And It’s Not Just Because of Winnie), Chinese iPhone Users Flooded with Spam through iMessage. The SCALE..!,” Becky Davis (@rebeccaludavis), China Correspondent for Agence France-Presse, tweeted on her timeline. The release of the draft regulations arrives following a drop in the number of active P2P lending platforms in China from over 5,000 at their peak to just six as of the end of September. Stories that are authored by the What's on Weibo Team are the stories that multiple authors contributed to. Just five years ago, P2P, with the backing … I felt that P2P was a very high-end and innovative thing to do and was something encouraged by the government. widespread currency on Indonesian social media – #korban_pinjaman and There were massive Ponzi schemes. Kuseryansyah, executive director of the Indonesia Fintech Lending Association (IFLI), admitted there is a “dark side” to fintech in Indonesia. Driven to desperation, some borrowers have even taken their own lives. Not even cryptocurrency, which Beijing all but outlawed, has been crippled like P2P lending. The 30-year-old lived in the Guanyinqiao town of Jinchuan County, at the edge of the Qinghai-Tibet Plateau. We have never had this type of freedom, Bravo! current regulation has been accommodative to the business,” says Kristy. The company managed at least 350 “private funds” and raised around US$10 billion before its head office was raided by the police and its founder was arrested on a charge of illegal fundraising in April 2019. Boy, 15, Fatally Beaten and Buried by Group of Minors in Shaanxi, Rejected for Being Blind: Shaanxi Normal University Denies Female Student Braille Entrance Exam, Your email address will not be published. Domestic abuse was officially criminalized with China’s first national law against domestic violence in 2016, but it is still a widespread problem, partly due to a general lack of public awareness of domestic abuse and police officers regarding it as a private family matter, downplaying its severity. They are angry at the insufficiency of the judicial process for these cases,” said Zhong Jian, partner at DHH Law Firm, which represents dozens of investors in cases against several wealth management product providers. China’s P2P lending sector had managed to … With 90% of her body damaged by flames, she was transported to Sichuan People’s Hospital where she eventually succumbed to her injuries on September 30. We have not been able to verify if these videos were indeed recorded today, we just know that the people posting them on WeChat/YouTube claim they are). The focus in recent years has been on facilitating the growth of P2P lending in Indonesia, with minimal regulatory pressure. Copyright © 2020 What's on Weibo. Subscribe to China Banking News for free updates, Digital Renminbi in Use at over 6,700 Pilot Sites around China for 1.1 Billion Yuan in Transactions. These kinds of online discussions on domestic violence have risen before, but the voices have rarely been as loud as they are now. Footage of Liu landing on the street – a fall that left her temporarily paralyzed – went viral earlier this year when it became known that Liu had filed for divorce but this was denied by a local court. Just five years ago, P2P, with the backing … “Negotiated settlements may be more effective in many of such cases,” said Zhao Xijun, associate dean of Renmin University’s School of Finance. No one around me was not tempted [by the promised] yields … but now we don’t even want to talk about these schemes. The reason is simple: The scam-ridden P2P lending segment robbed hundreds of thousands of retail investors of their life savings. In 2016, more P2P lending companies closed operations as a result of these new regulations. Go for it,” Zhang said, referring to the public mood. Yet P2P lending never skipped a beat, registering 43 percent growth in outstanding loans in the 12 months prior to the end of June 2018. There were also those saying that Trump was not the ideal candidate, but just that Hillary Clinton was much worse. Lending Industry Award, 2017. The vast majority of complaints have been levelled against illegal lenders. She reached out for help many times to no avail. The P2P lending industry in China has virtually disappeared, with just 15 lending platforms in operation at the end of August, a drop of 99.5 per cent from 2,835 two years ago, with tens of millions of Chinese investors losing their savings in the process, according to the China Banking and Insurance Regulatory Commission. Pandu Aditya Kristy, CEO of MEKAR, a P2P Indonesia’s digital economy: Digital trade and cross-border data flows in a post-COVID world. attracting customers. In a market that already grapples with public security and The OJK and The number of people borrowing money from P2P … On Weibo, the hashtag page for the topic has now been taken offline and many people note that the topic has been taken down from Weibo hot search lists. Please let us know in comments below or email us. The court reportedly denied Liu’s petition for divorce due to her husband’s unwillingness to separate, and because her claims of domestic violence could not be verified without a criminal complaint. As people all over the world are watching the developments surrounding the American elections with great interest, let’s go over some of the main views that surface in China’s social media sphere regarding ‘Trump versus Biden.’, Although it seemed that people on Chinese social media, and even official media, showed a somewhat favorable stance towards Trump in the early days after the 2016 election, this generally positive view shifted to a more negative one after the president’s controversial phone call with Taiwanese president Tsai Ing-wen and the 2016 Fox interview in which Trump challenged the One China Policy. the modern, digitally connected world. What also made Donald Trump more unpopular among Chinese was the fact that he pointed the finger at China after the outbreak of the new coronavirus pandemic, repeatedly calling it the “Chinese virus.”. Lamu’s story is passed on and has become much bigger than her tragic death alone. “I could be Lamu,” some female commenters say. 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Like many, they did share a common and unsurprising goal of seeking a return on their investments. Fans praised her for showing the sunny side of her simple life. P2P lending offers Indonesian SMEs valuable access to credit. ©2020 Whatsonweibo. heavy regulatory hand down on the industry, given its immaturity and the All rights reserved. But the abuse continued as the ex-husband threatened to kill one child if Lamu would not get back together with him. Although it has been reported by various international media that Beijing allegedly would prefer Democratic candidate Joe Biden over President Donald Trump, this supposed official stance is not necessarily reflected in social media discussions in mainland China. “Domestic violence is the most frightening and harmful type of violence since it comes from within one’s own family. Commentdocument.getElementById("comment").setAttribute( "id", "af2838f346cdb24dbb4fe1f7fb992eab" );document.getElementById("i532eacfca").setAttribute( "id", "comment" ); Is Biden the preferred candidate for most Chinese, as is often claimed? She was burnt by her ex-husband and died on September 30th. The law is allegedly intended to make people think twice before officially separating, but it also triggered public outrage for making victims of domestic violence even more vulnerable. Joe Biden in the White House: which world leaders stand to lose out? In the wake of Lamu’s death, and despite censorship, Chinese netizens started speaking out against domestic violence, advocating for better laws and support systems for domestic abuse victims in China.
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