India’s leading peer-to-peer lending companies on Wednesday said they have come together to form the Association of P2P Lending Platforms. The first-of-its-kind association will act as a representative for its members, as well as the country’s P2P lending industry. In addition, the association will work in conjunction with the government and regulatory authorities in matters of compliance, and to further the cause of financial inclusion in the country.
The association will actively work towards creating awareness about online P2P lending in India and promoting its merits as an innovative and high-yield asset class among individual and institutional investors. In line with this aim, the association will enter into strategic partnerships and collaborations with other stakeholders or industry players, organise seminar and events. The association will also invite honorary members from various domains to strengthen its authority in the Indian financial ecosystem.
The association also intends to undertake research and development, collect data and conduct surveys that will further the development of the P2P lending industry in India. The research and its findings will be shared publicly, and exchange of ideas will be encouraged through various conferences, lectures and sponsored events.
“Online P2P lending is leading the way for the evolution of alternative finance in the country and is facilitating financial on a massive scale. Given the government and the RBI’s decision to include peer-to-peer lending as part of the national financial regulatory framework, the industry’s prospects in the next year are extremely promising.
The Association of P2P Lending Platforms and all its members will be dedicated to ensuring the utmost co-operation with the regulators, facilitating the industry’s expansion on various fronts, and establishing P2P lending as an innovative and lucrative asset class among Indian consumers,” said Mr. Sumit K Sharma, CEO, P2P Easy, Association of P2P Lending Platforms in a statement.
The growth projections for the P2P lending market projected to be worth $4-5 billion by 2023, and the RBI’s guidelines have lent immense credibility to the P2P lending model.
“With the RBI’s guidelines and the creation of a regulatory framework, online peer-to-peer lending is set to headline fintech’s growth story in 2018, emerging as a disruptive force in investments and consumer lending.
However, for the industry to make the most out of the emerging opportunities, P2P lending players will need to work together, not only with each other but also with the government and regulators to ensure overall growth for the sector.
The Association of P2P Lending Platforms will help streamline the industry and work with various stakeholders in the alternative lending and financial services ecosystem to further reinforce the sector’s potential in the market,” said Mr Sumail A Khan, the Vice President of the association in a statement.
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