Hostname: page-component-76d6cb85b7-lrvh5 Total loading time: 0 Render date: 2026-07-13T11:38:23.857Z Has data issue: false hasContentIssue false
  • English
  • Français

Demystifying the proliferation of online peer-to-peer lending in Indonesia: Decoding fintech as a regulatory challenge

Published online by Cambridge University Press:  11 October 2022

David Tan
David Tan*
Affiliation:
Assistant Professor, Faculty of Law, Batam International University, Batam; School of Law, Pelita Harapan University, Tangerang; and The Dickson Poon School of Law, King’s College London
*
Corresponding author: E-mail: david.tan@uib.ac.id
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper purports to study the enormous proliferation of fintech online peer-to-peer (P2P) lending in Indonesia, along with their risks and the prevailing regulations of fintech online P2P lending. This article also suggests a varied spectrum of regulatory actions for regulating online P2P lending as an approach to increase consumer protection and stimulate the growth of Indonesia’s financial inclusion. It highlights the regulative risks and challenges of fintech online P2P lending in Indonesia and has discovered various spectra of regulatory responses that the Indonesian government can practise to regulate this potential industry. Solid recommendations were also given to regulators to better develop the present regulatory framework. This paper adds to the literature on the prevailing practice of online P2P lending by offering a legal outlook involving legal protection and the newly emerging fintech industry from an Indonesian context.

Keywords

peer-to-peer lendingP2P lendingcrowdfundingfintechfinancial inclusionfinancial regulation

Information

Type
Research Article
Information
Asian Journal of Law and Society , Volume 10 , Issue 3 , October 2023 , pp. 376 - 400
Copyright
© The Author(s), 2022. Published by Cambridge University Press on behalf of Asian Journal of Law and Society

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Article purchase

Temporarily unavailable

References

Adam, Tim, & Guettler, Andre (2015) “Pitfalls and Perils of Financial Innovation: The Use of CDS by Corporate Bond Funds.” 55 Journal of Banking & Finance 204–14.CrossRefGoogle Scholar
AFPI (2020) “Pedoman Perilaku AFPI,” https://afpi.or.id/articles/detail/pedoman-perilaku-afpi (accessed 31 March 2021).Google Scholar
Agarwal, Sumit, & Hwee Chua, Yeow (2020) “Fintech and Household Finance: A Review of the Empirical Literature.” 10 China Finance Review International 361–76.10.1108/CFRI-03-2020-0024CrossRefGoogle Scholar
Allen, Franklin, & Gu, Xian (2021) “Shadow Banking in China Compared to Other Countries.” 89 Manchester School 407–19.CrossRefGoogle Scholar
Allen, Franklin, Elena Carletti, Robert Cull, et al. (2013) “Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya,” in Sebastian Edwards, Simon Johnson, & Weil, David N eds., African Successes, Volume III: Mordernization and Development, Chicago: University of Chicago Press, 13–62.Google Scholar
Anagnostopoulos, Ioannis (2018) “Fintech and Regtech: Impact on Regulators and Banks.” 100 Journal of Economics and Business 7–25.10.1016/j.jeconbus.2018.07.003CrossRefGoogle Scholar
APJII (2020) “Laporan Survei Internet APJII 2019–2020,” https://apjii.or.id/survei (accessed 31 March 2021).Google Scholar
Azali, Kathleen (2016) “Cashless in Indonesia: Gelling Mobile e-Frictions?” 33 Journal of Southeast Asian Economies 364–86.CrossRefGoogle Scholar
Baber, Hasnan (2020) “Financial Inclusion and Fintech: A Comparative Study of Countries Following Islamic Finance and Conventional Finance.” 12 Qualitative Research in Financial Markets 24–42.CrossRefGoogle Scholar
Babu, A. V. Ajay (2016) “A Comparative Analysis of Best Practices of Mobile Banking in ASEAN Countries and India.” 10 Area Studies 21–38.Google Scholar
Barberis, Jànos, & Arner, Douglas W. (2016) “Fintech in China: From Shadow Banking to P2P Lending,” in Paolo Tasca, Tomaso Aste, Pelizzon, Loriana, & Perony, Nicolas, eds., Banking Beyond Banks and Money, Switzerland: Springer International Publishing, 69–96.CrossRefGoogle Scholar
Brummer, Chris (2015) “Disruptive Technology and Securities Regulation.” 84 Fordham Law Review 977–1052.Google Scholar
Brummer, Chris, & Yadav, Yesha (2019) “Fintech and the Innovation Trilemma.” 107 Georgetown Law Journal 235–307.Google Scholar
Brune, Lasse, Xavier Giné, Jessica Goldberg, et al. (2011) “Commitments to Save: A Field Experiment in Rural Malawi,” https://openknowledge.worldbank.org/bitstream/handle/10986/3510/WPS5748.pdf?sequence=1 (accessed 19 June 2022).Google Scholar
Bu, Ya, Li, Hui, & Wu, Xiaoqing (2021) “Effective Regulations of Fintech Innovations: The Case of China.” 2021 Economics of Innovation and New Technology 1–19.Google Scholar
Buckley, Ross P., & Webster, Sarah (2016) “Fintech in Developing Countries: Charting New Customer Journeys.” 44 Journal of Financial Transformation 151–9.Google Scholar
Budiono, Herlien (2014) Ajaran Umum Hukum Perjanjian dan Penerapannya di Bidang Kenotariatan, 4th edn, Bandung: Citra Aditya Bakti.Google Scholar
Burgess, Robin, & Pande, Rohini (2005) “Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment.” 95 American Economic Review 780–95.10.1257/0002828054201242CrossRefGoogle Scholar
Caldieraro, Fabio, Zhang, Jonathan, Marcus Cunha Jr, et al. (2018) “Strategic Information Transmission in Peer-to-Peer Lending Markets.” 82 Journal of Marketing 42–63.CrossRefGoogle Scholar
Carbó-Valverde, Santiago, Cuadros-Solas, Pedro J., & Francisco Rodríguez-Fernández (2021) “Fintech and Banking: An Evolving Relationship,” in Timothy King, Francesco Saverio Stentella Lopes, Srivastav, Abhishek, et al., eds., Disruptive Technology in Banking and Finance: An International Perspective on Fintech, Cham: Palgrave Macmillan, 161–94.10.1007/978-3-030-81835-7_6CrossRefGoogle Scholar
Chaffee, Eric C., & Rapp, Geoffrey C. (2012) “Regulating Online Peer-to-Peer Lending in the Aftermath of Dodd–Frank: In Search of an Evolving Regulatory Regime for an Evolving Industry.” 69 Washington and Lee Law Review 485–533.Google Scholar
Chen, Long (2016) “From Fintech to Finlife: The Case of Fintech Development in China.” 9 China Economic Journal 225–39.CrossRefGoogle Scholar
Chen, Mark A., Wu, Qinxi, & Yang, Baozhong (2019) “How Valuable Is Fintech Innovation?” 32 The Review of Financial Studies 2062–106.CrossRefGoogle Scholar
Chiu, Iris H.-Y. (2016) “Fintech and Disruptive Business Models in Financial Products, Intermediation and Markets—Policy Implications for Financial Regulators.” 21 Journal of Technology Law and Policy 55–112.Google Scholar
Das, Kaushik, Michael Gryseels, Priyanka Sudhi, et al. (2016) “Unlocking Indonesia’s Digital Opportunity,” https://www.mckinsey.com/∼/media/McKinsey/Locations/Asia/Indonesia/OurInsights/UnlockingIndonesiasdigitalopportunity/Unlocking_Indonesias_digital_opportunity.ashx (accessed 19 June 2022).Google Scholar
Demertzis, Maria, Merler, Silvia, & Wolff, Guntram B. (2018) “Capital Markets Union and the Fintech Opportunity.” 4 Journal of Financial Regulation 157–65.CrossRefGoogle Scholar
Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, et al. (2018) “The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution,” –https://globalfindex.worldbank.org/sites/globalfindex/files/2018–04/2017%20Findex%20full%20report_0.pdf (accessed 19 June 2022).Google Scholar
Didenko, Anton (2018) “Regulating Fintech: Lessons from Africa.” 19 San Diego International Law Journal 311–69.Google Scholar
Ding, Chen, Kavuri, Anil S., & Milne, Alistair (2021) “Lessons from the Rise and Fall of Chinese Peer-to-Peer Lending.” 22 Journal of Banking Regulation 133–43.10.1057/s41261-020-00132-2CrossRefGoogle Scholar
Douglas, John L. (2016) “New Wine into Old Bottles: Fintech Meets the Bank Regulatory World.” 20 North Carolina Banking Institute 17–65.Google Scholar
Emekter, Riza, Yanbin Tu, Benjamas Jirasakuldech, et al. (2014) “Evaluating Credit Risk and Loan Performance in Online Peer-to-Peer (P2P) Lending.” 47 Applied Economics 54–70.CrossRefGoogle Scholar
Fenwick, Mark D., Kaal, Wulf A., & Vermeulen, Erik P. M. (2017) “Regulation Tomorrow: What Happens When Technology Is Faster than the Law?” 6 American University Business Law Review 561–94.Google Scholar
Fenwick, Mark D., McCahery, Joseph A., & Vermeulen, Erik P. M. (2018) “Fintech and the Financing of SMEs and Entrepreneurs: From Crowdfunding to Marketplace Lending,” in Cumming, Douglas & Hornuf, Lars, eds., The Economics of Crowdfunding: Startups, Portals and Investor Behavior, Cham: Palgrave Macmillan, 103–30.10.1007/978-3-319-66119-3_6CrossRefGoogle Scholar
Ferretti, Federico (2018) “Consumer Access to Capital in the Age of Fintech and Big Data: The Limits of EU Law.” 25 Maastricht Journal of European and Comparative Law 476–99.CrossRefGoogle Scholar
Fong, Adrian (2015) “Regulation of Peer-to-Peer Lending in Hong Kong: State of Play.” 9 Law and Financial Markets Review 251–9.CrossRefGoogle Scholar
Gao, Yu, Shih-Heng Yu, Ming Chen, et al. (2020) “A 2020 Perspective on ‘The Performance of the P2P Finance Industry in China’.” 40 Electronic Commerce Research and Applications 100940–1.CrossRefGoogle Scholar
Ge, Ruyi, Juan Feng, Bin Gu, et al. (2017) “Predicting and Deterring Default with Social Media Information in Peer-to-Peer Lending.” 34 Journal of Management Information Systems 401–24.CrossRefGoogle Scholar
Goldstein, Itay, Jiang, Wei, & Andrew Karolyi, G. (2019) “To Fintech and Beyond.” 32 The Review of Financial Studies 1647–61.CrossRefGoogle Scholar
Gupta, Agrata, & Xia, Chun (2018) “A Paradigm Shift in Banking: Unfolding Asia’s Fintech Adventures,” in Barnett, William A. & Sergi, Bruno S., eds., Banking and Finance Issues in Emerging Markets, 25th edn, Bingley: Emerald Publishing Limited, 215–54.CrossRefGoogle Scholar
Harris, Jack Laurie (2021) “Bridging the Gap Between ‘Fin’ and ‘Tech’: The Role of Accelerator Networks in Emerging Fintech Entrepreneurial Ecosystems.” 122 Geoforum 174–82.CrossRefGoogle Scholar
He, Qing, & Li, Xiaoyang (2021) “The Failure of Chinese Peer-to-Peer Lending Platforms: Finance and Politics.” 66 Journal of Corporate Finance 101852–78.CrossRefGoogle Scholar
Hidajat, Taofik (2019) “Unethical Practices Peer-to-Peer Lending in Indonesia.” 27 Journal of Financial Crime 274–82.10.1108/JFC-02-2019-0028CrossRefGoogle Scholar
Hsu, Sara, Li, Jianjun, & Bao, Hong (2021) “P2P Lending in China: Role and Prospects for the Future.” 89 Manchester School 526–40.CrossRefGoogle Scholar
Hua, Xiuping, & Huang, Yiping (2020) “Understanding China’s Fintech Sector: Development, Impacts and Risks.” 27 The European Journal of Finance 321–33.CrossRefGoogle Scholar
Huang, Robin Hui (2018) “Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges.” 19 European Business Organization Law Review 63–92.CrossRefGoogle Scholar
Humphries, Brage (2020) “Funding the Future: Marketplace Lending Equity Crowdfunding, and Bank Lending.” 24 North Carolina Banking Institute 217–38.Google Scholar
Indonesian Ministry of Home Affairs (2020) “Indonesia’s Islands Recapitulation,” https://ditjenbinaadwil.kemendagri.go.id/wp-content/uploads/2020/06/3.-DATA-REKAPITULASI-JUMLAH-PULAU-INDONESIA-YANG-DILAPORKAN-KE-PBB.pdf (accessed 31 March 2021).Google Scholar
Iyer, Rajkamal, Asim Ijaz Khwaja, Luttmer, Erzo F. P., et al. (2015) “Screening Peers Softly: Inferring the Quality of Small Borrowers.” 62 Management Science 1–24.Google Scholar
Jagtiani, Julapa, & John, Kose (2018) “Fintech: The Impact on Consumers and Regulatory Responses.” 100 Journal of Economics and Business 1–6.CrossRefGoogle Scholar
Jagtiani, Julapa, & Lemieux, Catharine (2018) “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks?” 100 Journal of Economics and Business 43–54.CrossRefGoogle Scholar
Jiang, Jinglin, Li Liao, Zhengwei Wang, et al. (2021) “Government Affiliation and Peer-to-Peer Lending Platforms in China.” 62 Journal of Empirical Finance 87–106.CrossRefGoogle Scholar
Judge, Kathryn (2012) “Fragmentation Nodes: A Study in Financial Innovation, Complexity, and Systemic Risk.” 64 Stanford Law Review 657–725.Google Scholar
Kharisma, Dona Budi (2020) “Urgency of Financial Technology (Fintech) Laws in Indonesia.” 63 International Journal of Law and Management 320–31.CrossRefGoogle Scholar
Knewtson, Heather S., & Rosenbaum, Zachary A. (2020) “Toward Understanding Fintech and Its Industry.” 46 Managerial Finance 1043–60.CrossRefGoogle Scholar
Knight, Eric, & Wójcik, Dariusz (2020) “Fintech, Economy and Space: Introduction to the Special Issue.” 52 Environment and Planning A: Economy and Space 1490–7.CrossRefGoogle Scholar
Leong, Carmen, Barney Tan, Xiao Xiao, et al. (2017) “Nurturing a Fintech Ecosystem: The Case of a Youth Microloan Startup in China.” 37 International Journal of Information Management 92–7.CrossRefGoogle Scholar
Levitin, Adam J. (2011) “In Defense of Bailouts.” 99 Georgetown Law Journal 435–514.Google Scholar
Lobel, Orly (2016) “The Law of the Platform.” 101 Minnesota Law Review 87–166.Google Scholar
Loo, Rory Van (2018) “Making Innovation More Competitive: The Case of Fintech.” 65 UCLA Law Review 232–79.Google Scholar
Lu, Lerong (2017) “Financial Technology and Challenger Banks in the UK: Gap Fillers or Real Challengers?” 32 Journal of International Banking Law and Regulation 273–82.Google Scholar
Lu, Lerong (2018a) “How a Little Ant Challenges Giant Banks? The Rise of Ant Financial (Alipay)’s Fintech Empire and Relevant Regulatory Concerns.” 28 International Company and Commercial Law Review 12–30.Google Scholar
Lu, Lerong (2018b) “Promoting SME Finance in the Context of the Fintech Revolution: A Case Study of the UK’s Practice and Regulation.” 33 Banking & Finance Law Review 317–43.Google Scholar
Lu, Lerong (2018c) “Solving the SME Financing Puzzle in the UK: Has Online P2P Lending Got the Midas Touch?” 33 Journal of International Banking Law and Regulation 449–60.Google Scholar
Magee, Jack R. (2011) “Peer-to-Peer Lending in the United States: Surviving after Dodd-Frank.” 15 North Carolina Banking Institute 139–74.Google Scholar
Maggio, Marco Di, & Yao, Vincent (2021) “Fintech Borrowers: Lax Screening or Cream-Skimming?” 34 The Review of Financial Studies 4565–618.CrossRefGoogle Scholar
Magnuson, William (2018) “Regulating Fintech.” 71 Vanderbilt Law Review 1167–226.Google Scholar
Minto, Andrea, Voelkerling, Moritz, & Wulff, Melanie (2017) “Separating Apples from Oranges: Identifying Threats to Financial Stability Originating from Fintech.” 12 Capital Markets Law Journal 428–65.CrossRefGoogle Scholar
Ng, Artie W., & Kwok, Benny K. B. (2017) “Emergence of Fintech and Cybersecurity in a Global Financial Centre: Strategic Approach by a Regulator.” 25 Journal of Financial Regulation and Compliance 422–34.CrossRefGoogle Scholar
Odinet, Christopher K. (2018) “Consumer Bitcredit and Fintech Lending.” 69 Alabama Law Review 781–858.Google Scholar
OJK (2021) “Fintech Lending Statistics for the Period of December 2020,” https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/-Statistik-Fintech-Lending-Periode-Desember-2020.aspx (accessed 31 March 2021).Google Scholar
Omarova, Saule T. (2020) “Technology v Technocracy: Fintech as a Regulatory Challenge.” 6 Journal of Financial Regulation 75–124.CrossRefGoogle Scholar
Paech, Philipp (2016) “Securities, Intermediation and the Blockchain: An Inevitable Choice between Liquidity and Legal Certainty?” 21 Uniform Law Review 612–39.CrossRefGoogle Scholar
Paulet, Elisabeth, & Mavoori, Hareesh (2019) “Conventional Banks and Fintechs: How Digitization Has Transformed Both Models.” 41 Journal of Business Strategy 19–29.CrossRefGoogle Scholar
Ringe, Wolf-Georg, & Ruof, Christopher (2020) “Regulating Fintech in the EU: The Case for a Guided Sandbox.” 11 European Journal of Risk Regulation 604–29.CrossRefGoogle Scholar
Romānova, Inna, & Kudinska, Marina (2016) “Banking and Fintech: A Challenge or Opportunity.” 98 Contemporary Studies in Economic and Financial Analysis 21–35.CrossRefGoogle Scholar
Sangwan, Vikas, Puneet Prakash, Harshita, & Singh, Shveta (2020) “Financial Technology: A Review of Extant Literature.” 37 Studies in Economics and Finance 71–88.CrossRefGoogle Scholar
Sheridan, Iain (2018) “Financial Technology and Global Capital Markets—the Impact of Pro-Enterprise Regulation and English Law.” 13 Capital Markets Law Journal 587–99.CrossRefGoogle Scholar
Stapleton, Tim (2013) “Unlocking the Transformative Potential of Branchless Banking in Indonesia.” 49 Bulletin of Indonesian Economic Studies 355–80.CrossRefGoogle Scholar
Tang, Huan (2019) “Peer-to-Peer Lenders versus Banks: Substitutes or Complements?” 32 The Review of Financial Studies 1900–38.CrossRefGoogle Scholar
Tao, Qizhi, Dong, Yizhe, & Lin, Ziming (2017) “Who Can Get Money? Evidence from the Chinese Peer-to-Peer Lending Platform.” 19 Information Systems Frontiers 425–41.CrossRefGoogle Scholar
Thurber, Kenneth J. (2012) Do Not Invent Buggy Whips, 1st edn, Trumansburg, NY: Digital Systems Press.Google Scholar
Treleaven, Philip (2015) “Financial Regulation of Fintech.” 3 The Journal of Financial Perspectives 1–14.Google Scholar
Tritto, Angela, He, Yujia, & Amanda Junaedi, Victoria (2020) “Governing the Gold Rush into Emerging Markets: A Case Study of Indonesia’s Regulatory Responses to the Expansion of Chinese-Backed Online P2P Lending.” 6 Financial Innovation 1–24.CrossRefGoogle Scholar
Tsai, Chang-hsien (2019) “To Regulate or Not to Regulate? A Comparison of Government Responses to Peer-to-Peer Lending Among the United States, China, and Taiwan.” 87 University of Cincinnati Law Review 1077–122.Google Scholar
US Department of the Treasury (2016) “Opportunities and Challenges in Online Marketplace Lending,” https://www.treasury.gov/connect/blog/Pages/Opportunities-and-Challenges-in-Online-Marketplace-Lending.aspx (accessed 31 March 2021).Google Scholar
Vallée, Boris, & Zeng, Yao (2019) “Marketplace Lending: A New Banking Paradigm?” 32 The Review of Financial Studies 1939–82.CrossRefGoogle Scholar
Verstein, Andrew (2011) “The Misregulation of Person-to-Person Lending.” 45 UC Davis Law Review 445–530.Google Scholar
Wang, Jing (2021) “‘The Party Must Strengthen Its Leadership in Finance!’: Digital Technologies and Financial Governance in China’s Fintech Development.” 247 The China Quarterly 773–92.CrossRefGoogle Scholar
Wang, Jingyi, Shen, Yan, & Huang, Yiping (2016) “Evaluating the Regulatory Scheme for Internet Finance in China: The Case of Peer-to-Peer Lending.” 9 China Economic Journal 272–87.CrossRefGoogle Scholar
Wong, Chin-Yoong, & Eng, Yoke-Kee (2020) “P2P Finance and the Effectiveness of Monetary Controls.” 88 Manchester School 617–39.CrossRefGoogle Scholar
Wonglimpiyarat, Jarunee (2018) “Challenges and Dynamics of Fintech Crowd Funding: An Innovation System Approach.” 29 Journal of High Technology Management Research 98–108.CrossRefGoogle Scholar
Wu, Yu, & Zhang, Tong (2021) “Can Credit Ratings Predict Defaults in Peer-to-Peer Online Lending? Evidence from a Chinese Platform.” 40 Finance Research Letters 101724–32.CrossRefGoogle Scholar
Xu, Donggen, & Xu, Dawei (2020) “Concealed Risks of Fintech and Goal-Oriented Responsive Regulation: China’s Background and Global Perspective.” 7 Asian Journal of Law and Society 305–24.CrossRefGoogle Scholar
Yang, Minhua (2021) “Financial Innovation Regulations and Firm Performance: Evidence from Chinese Listed Firms.” 2021 Australian Economic Papers 1–12.Google Scholar
You, Chuanman (2018) “Recent Development of Fintech Regulation in China: A Focus on the New Regulatory Regime for the P2P Lending (Loan-Based Crowdfunding) Market.” 13 Capital Markets Law Journal 85–115.CrossRefGoogle Scholar
Yu, Tao, & Shen, Wei (2019) “Funds Sharing Regulation in the Context of the Sharing Economy: Understanding the Logic of China’s P2P Lending Regulation.” 35 Computer Law and Security Review 42–58.CrossRefGoogle Scholar
Yuan, Kang, & Xu, Duoqi (2020) “Legal Governance on Fintech Risks: Effects and Lessons from China.” 7 Asian Journal of Law and Society 275–304.CrossRefGoogle Scholar
Zavolokina, Liudmila, Dolata, Mateusz, & Schwabe, Gerhard (2016) “The Fintech Phenomenon: Antecedents of Financial Innovation Perceived by the Popular Press.” 2 Financial Innovation 1–16.CrossRefGoogle Scholar
Zetzsche, Dirk A., Buckley, Ross P., Barberis, Janos N., et al. (2017) “Regulating a Revolution: From Regulatory Sandboxes to Smart Regulation.” 23 Fordham Journal of Corporate & Financial Law 31–103.Google Scholar
Zetzsche, Dirk A., Buckley, Ross P., Barberis, Janos N., et al. (2018) “From Fintech to TechFin: The Regulatory Challenges of Data-Driven Finance.” 14 NYU Journal of Law & Business 393–446.Google Scholar
Zhao, Chengguo, Meng Li, Jun Wang, et al. (2021) “The Mechanism of Credit Risk Contagion Among Internet P2P Lending Platforms Based on a SEIR Model with Time-Lag.” 57 Research in International Business and Finance 101407–16.CrossRefGoogle Scholar
Zhou, Weihuan, Arner, Douglas W., & Buckley, Ross P. (2015) “Regulation of Digital Financial Services in China: Last Mover Advantage?” 8 Tsinghua China Law Review 25–62.Google Scholar
Zhou, Weihuan, Arner, Douglas W., & Buckley, Ross P. (2018) “Regulating Fintech in China: From Permissive to Balanced,” in Lee Kuo Chuen, David & Deng, Robert, eds., Handbook of Blockchain, Digital Finance, and Inclusion, Vol. 2, Cambridge: Elsevier Inc., 45–64.CrossRefGoogle Scholar
Zhou, Xi, & Chen, Shou (2021) “Fintech Innovation Regulation Based on Reputation Theory with the Participation of New Media.” 67 Pacific Basin Finance Journal 101565–78.CrossRefGoogle Scholar
Zhu, Zongyuan (2018) “Safety Promise, Moral Hazard and Financial Supervision: Evidence from Peer-to-Peer Lending.” 27 Finance Research Letters 1–5.CrossRefGoogle Scholar