The scale and profits of the loan assistance platforms declined after the new regulations, with many expanding into the cryptocurrency space and "going overseas."

ME News report: On April 6 (UTC+8), amid a combination of factors including the formal implementation of new lending-assistance regulations and a slowdown in demand for consumer credit, multiple consumer-loan and lending-assistance platforms saw year-on-year declines in both revenue and loan-disbursement scale, with net profits falling significantly. Some lending-assistance platforms are looking for a second growth curve by “going overseas” and investing in the “crypto space.” The new lending-assistance regulations also set out management requirements for lending-assistance institutions, such as a “whitelist system,” and in practice have drawn a clear compliance red line for the online lending-assistance industry.

It is reported that ahead of this year’s “3·15” International Consumer Rights Day, the National Financial Regulatory Administration held talks with relevant executives from Lexin, Qifu Technology, Jiayin Technology, Yirenzhike, and Xinfei Technology. Platforms such as Lexin and Yirenzhike have already laid out overseas businesses, with Southeast Asia and Latin America becoming the main battlegrounds. Weixin Jinke has continued to build out in the blockchain industry over the past two years; in 2024, it indirectly acquired a 15% stake in the cryptocurrency exchange Thousand Whales Technology (BVI). Last year, it contributed HKD 23.95 billion to invest in EXIO Group, the first batch of licensed virtual-asset trading platforms under the Hong Kong Securities and Futures Commission. (Source: PANews)