China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced last week that it submitted its P2P Compliance Self-Inspection Report to its local P2P regulatory office. According to the online lender, this new report is considered the first of three steps mandated in the inspection process, a key element in demonstrating compliance with industry reforms being promulgated by the National P2P Rectification Office.
Speaking about the report, Dr. Zane Wang, Founder, Chairman and Co-CEO of XRF stated the self-inspection process is critical to the stable growth of the P2P lending industry in China, as well as creates a standardized level of “best practices” across the whole industry. He also noted:
“We are pleased to submit our report, which marks our active support and participation in the compliance process. We are now ready to work with NIFA– the National Internet Finance Association–and local authorities to move forward into the second and third stages.”
China Rapid Finance then explained it is focused on the next two process steps:
- A self-disciplinary inspection conducted by NIFA and regional regulatory authorities
- verification of inspection results by the regional P2P Rectification Office to conduct on field inspections
Along with the news about the report’s submission, China Rapid Finance also announced Andrew Mason resigned from its board of directors due to personal reasons. Dr. Wang added:
“Andrew served on our board for over 13 years, bringing valuable insight and guidance as we grew from a small start up to a publicly-traded industry leader. We want to express our heartfelt gratitude for Andrew’s extraordinary efforts, for how he inspired us, and for his friendship.”