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Online credit platform lends $17b

A unified online credit platform operated by an industry association in China extended loans worth 116 billion yuan ($16.97 billion) by the end of August, amid a nationwide campaign to reduce financial risks. The volume was up 18 percent month-on-month, the National Internet Finance Association said. NIFA established the platform in June 2017. Since then, it had recorded 94.31 million lending deals from 66 online agents, who served 3.6 million borrowers. NIFA has stipulated that all intermediary financing agents should register the deals brokered on the single platform, to make available loan records in case an agent goes bankrupt.

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