The banking industry is one of the sectors where disruption by the internet will be huge, writes angel investor Marc van der Chijs in his weblog.“Most major banks are still living in the 20th century.” He joined SinoLending board, a firm focusing on making getting loans easier.
Marc van der Chijs:
One problem I have encountered many times over the past years, is that companies or individuals are not able to get bank loans. Even if the company is doing well and only needs a temporary loan, the banks are not able (or not willing) to gives these loans. This is a major problem for China’s growth and it’s an important reason why the whole shadow banking industry developed in China. SinoLending can help to solve this problem. SinoLending’s proprietary and state of the art technology gives the company a huge advantage over traditional banks by reducing the cost of customer acquisition, underwriting, fund managements, bad debt collections, regulatory compliance, and reporting. Better rates and better returns are now a reality in China. As a lender you get returns of on average 15-20% per year, much higher than you get anywhere else, and even a lot higher than I get on my Lending Club loans. ..
I looked at several China based p2p platforms and think SinoLending is by far the most professional with an excellent back-end system (similar to Lending Club) and a great Chinese management team. Although there is a big regulatory risk in China I believe this company can become the leader in this space because of Soul’s previous experience, because of his strong team and because of their good local connections. Therefore I am happy to announce that after a few months of advising the company I now formally joined the SinoLending board, so I can help the company even better to achieve its goals.
The China Weekly Hangout discussed on October 11, 2012 innovation as a power of change in China, with political scientist Greg Anderson and China consultant at-large Janet Carmosky. Moderation by Fons Tuinstra of the China Speakers Bureau.
The China Weekly Hangout is having a summer break. Action will resume by the second half of August.