By: Tsai Yi-chu and Kay Liu
Taipei, March 24 (CNA) An online peer-to-peer (P2P) lending platform, which
claimed to be the first in Taiwan, was formally launched Thursday.
Taiwan P2P, also called Xiangmindai (http://www.lend.com.tw), said the service was established to help reduce borrowing costs for people with funding needs and to allow lenders to earn a higher return.
According to Tony Huang (黃智康), CEO of the online service, the maximum amount of each loan is currently set at NT$300,000 (US$9,232.19), and borrowers will be charged a 3 percent fee by the service, apart from the interest paid to the lender.
People seeking to lend funds through the platform will have to go through a review process, and the minimum loan amount is NT$1,000. [FULL STORY]