Lufax, othe largest peer to peer lenders in the world, is pivoting away from the online lending business. Lufax operates online and off – with more than 500 brick and mortar locations in over 200 cities. The P2P platform is very mobile friendly and, unlike in the US, the vast majority of investors are retail ones and not institutions. The article states that Lufax, a company that is gearing up for an IPO, is shifting from P2P lending and into investment management – a sector of finance that is expected to boom in coming years. Alibaba’s diversified, yet integrated, series of financial services empowers individuals to manage all of their finances.

Source: Wall Street Journal February 25, 2017 00:45 UTC