Loan assistance platform scale and profits decline after new regulations, with many companies expanding into the cryptocurrency space and "going overseas"

ME News report: On April 6 (UTC+8), amid the combined effects of the official implementation of new lending regulations for consumer loan facilitation and the slowdown in consumer credit demand, many consumer loan facilitation platforms saw year-on-year declines in revenue and loan disbursement scale, with net profits dropping significantly. Some facilitation platforms have been looking for second growth curves such as “going global” and investing in the “crypto industry.” The new lending regulations also impose management requirements on facilitation institutions, such as “a whitelist system,” and in practice have drawn clear compliance red lines for the online facilitation lending industry.

It is reported that on the eve of this year’s “3·15” International Consumer Rights Day, the National Financial Regulatory Administration met with relevant executives from Lexin, Qifu Technology, Jiayin Technology, Yiren Zhike, and Xinfei Technology. Platforms including Lexin and Yiren Zhike have already deployed overseas businesses, with Southeast Asia and Latin America becoming the main battlegrounds. Vixin Jinke has continued to invest 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 invested HK$23.95 billion to support Hong Kong Securities and Futures Commission’s first batch of licensed virtual asset trading platforms, EXIO Group. (Source: PANews)