Hexindai Working on Application for Micro-Lending License to Further Diversify Business
Xiaobai Maimai Inc. - American Depositary Shares (HX)
NASDAQ:AMEX Investor Relations:
ir.hexindai.com
Company Research
Source: PR Newswire
BEIJING, Dec. 10, 2019 /PRNewswire/ -- Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a fast-growing consumer lending marketplace in China, today announced that it is working on its application for a micro-lending license in China in an effort to further diversify its business.Chinese regulators are encouraging P2P lending platforms to transform into micro-lending companies. At the end of November 2019, the Online Financial Risk Special Rectification Work Leadership Team and the Online Risk Special Rectification Work Leadership Team issued guidelines outlining the transformation of P2P platforms into micro-lending companies.The guidelines outlined include basic principles, requirements, working processes, regulatory measures and supporting policies. Also included are requirements that platforms should not have engaged in any major illegal behavior, maintain qualified shareholders and management, and have a viable proposal and fintech capabilities. "Hexinda
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