Deputy PM: Closer supervision of P2P lending services required

Deputy Prime Minister Vuong Dinh Hue has asked ministries and sectors to step up inspection, supervision, and punishment of violations related to the peer-to-peer (P2P) lending model which has sprung up in Vietnam in the last two years.

At a meeting in Hanoi on Wednesday, Mr. Hue asked the State Bank of Vietnam (SBV) to create guidelines covering risk management, examination, inspection, and the specific responsibilities of ministries and sectors. P2P lending enables individuals to borrow and lend money through online platforms without the use of an official financial institution as an intermediary.

Source: VOV5