Dianrong, one of China’s leading P2P lending platforms, has joined the Hyperledger Project alliance for promotion of the blockchain technology.
According to the company statement, it is the first Chinese P2P lending platform to become a member of the project – out of 100 members. So far the Chinese presence in the group is mostly of communications and technology companies like Huawei, as well as Wanda Network Technology Group, Hang Seng Electronics, and other leading domestic companies in the online finances world.
A representative of Dianrong commented that this latest development marks a significant step forward for the company in the blockchain industry and it will continue its exploration of the financial technology field.
Earlier this year Soul Htite, Founder & CEO of Dianrong.com, announced publicly that the company will invest $30-40 million in research into the blockchain technology and internet lending. Dianrong is also researching how blockchain technology can be used in the fields of consumer finance, credit lending, and contract verification.
According to a company representative, Dianrong has already completed the building of a self-controllable blockchain infrastructure. This infrastructure allows other similar companies in the industry, manufacturers and banks, etc. to join, where they can share and utilize related information, as well share information related to financial trading and asset management. “We are currently in the process of engaging further with various parties and cooperating partners,” said the spokesperson.
Dianrong specializes in small consumer and business loans, ranging in size from 2,500 to 500,000 RMB for personal loans and 50,000 to 2,000,000 RMB for small business loans. Interest rates, loan tenure and fees are based on credit history, income, debt to income ratio, and loan purpose. Interest rates vary from 9.49% to 23.99%.
The Hyperledger project has members from all over the world. Twenty-five percent of the members are from China, 14% come from Asia-Pacific, 20% are from Europe, the Middle East and Africa and 41% from the US. They are from the sectors of finance and banking, IT, supply chain, manufacturing and technology.
Hyperledger is a collaborative project launched by the non-profit technological association Linux Foundation that promotes the advancement and standardization of the free and open source computer operating system Linux. Members of the Hyperledger Project include Deutsche Boerse, LSE, IBM, Cisco and Intel. Financial institutions that have joined Hyperledger include Russia’s largest bank – Sberbank, ABN Amro, Australia and New Zealand Banking Group, BNP Paribas, BNY Mellon, Moscow Exchange, Wells Fargo and the global money transferring system SWIFT.