2016

Luke Deer Robert Wardrop Andrew Grant Kieran Garvey Susan Thorp Tania Ziegler
John Burton Alexis Lui Yvonne Gray

1












































18
21
24
26
29
31
39
41
56
61
62
65
67
69
71
72
73
73
75
77
78
80
82
84
85
85
85
86
88
90


(Bryan Zhang)

Luke Deer

Robert Wardrop

Andrew Grant

Kieran Garvey

Susan Thorp
Susan

Tania Ziegler

Eva Huang

(EdisonChen)

John Burton

10

Dentons
,

Alexis Lui

Louie)

Yvonne Gray 20

5


Robert Wardrop

Professor Greg Whitwell

P2P

7

2015

45

2016

Rosana Mirkovic

ACCA,

ACCA

Rumi Morales

P2P

9

10

Business Loans Funded By You and Me

11

Startup Funding Made Easy

Startup Funding Made Easy

12

13

14

15

16

17

(Online Alternative Finance)

P2P

59.3714.83
7.272.831.28
201574.54

ACCACME
P2P3,555.1
17 1,206.2
503376 1,169.58,122

6,413

P2P

2015450
44%

20131.03
20141.9120156.86

323%20151,028.1
172%

P2P

10%63%
20151,0176,387.9
99%
20154532 23%
12013
55.620142432015 6%
15%
1,01720132015328%
2015P2P524.4
P2P396.3
55.1
14.6
9.48

8.295

2015 33%P2P23%
11.220142.72 13%
313%20153.6
3.482.68 40%P2P
4,1183,9913,976 /P2P19%
10%
19

20

22

--
17

20

ACCA,
20

LendIt
Crowdfund
Asia AssociationFinTech
Change FusionCrowdsourcing
WeekCrowdfund VibeFinTech Hong KongAsian
Venture Philanthropy NetworkCrowdfund
Insider

P2P
2013-2015

20132015

P2P
2015
111220162103
17

P2P

503

376127

85% 70%

376

Python

100 6

23

g. 1

20151,028.1

1,016.9
98.9%
2015
11.2
90

20131.3720142.72
98%20142015
11.2313%
2015

Figure 1: 2013-2015

$ 1200m

$ 1000m

313%
$ 800m

$ 600m

$ 400m

98%

$ 200m

$ 0m

$ 1.37

2013

24

$ 2.72

$ 11.2

2014

2015

20132015
200%

320132014
55.6243
337%
20142015
319%1,016.9

6.686
7

M2M8

$ 120bn

$ 100bn

319%

$ 80bn

$ 60bn

337%

$ 40bn

$ 20bn

$ 0bn

$ 55.6
2013

$ 243
2014

$ 1016.9
2015

Figure 2: 2013-2015

25

114,100
144,00011

3,900

2015 1,300930
3.6

3.48

30

Fig 3 The Geographical Distribution of Surveyed Alternative Finance Platforms in Asia-Pacific (By Country)
10
20152.68

Figure 3:

1.
2.
3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.
17.

14

376

17

1011
12

1433

59

11

45

15
13

16

12

8
10

26

9336
52207
100
4020
104.2

Fig 3 The
Geographical
Distribution of Surveyed Alternative
Finance Platforms in Asia-Pacific (By Country)

Figure 4: 2015
2015

13

50bn+
2

300400

20050

15
6

9
12

1.
2.
3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.
17.

16

17

30300
1015

14

10

510
11

34
23
12

.301
.15.2
4

.10.5
.03.05

27

837777

17

55%

Figure 5: 2015

93
83
77
17

18

2
15

612

19

20

12

21

13

16

14

34

3
5

12

2.
3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.

10
11

1532

1.

17.
18.
19.
20.
21.

28

Fig. 6

2015
3.6023
3.48372.6777
4,1183,9913,976

59.37
14.837.27
2.831.280.82

75
0.03

0.11
GDP

GDP10

Figure 6
2015(

$ 360.23m

$ 348.37m

$ 267.77m

$ 41.18m

$ 39.91m

$ 39.76m
$ 13.61m
$ 9.26m
$ 3.36m
$2.26m
$1.04m
$0.40m
$0.19m
$0.11m
$0.04m
$0.03m

$ 74.54

$ 59.37

$ 14.38
$ 7.27
$ 2.83
$ 1.28
$ 0.82
$ 0.58
$ 0.14
$ 0.11
$ 0.03
$ 0.02
$ 0.01

29

11

Fig. 7

Figure 7: GDP

$10.00

$100.00

$1.00

$0.10

$0.01

$0.00

$0.00

$0

30

$ 10,000

$ 20,000

$ 30,000

$ 40,000

$ 50,000

$ 60,000

GDP

$ 70,000

P2P

201320142015

1
1.

P2P

P2P

P2P

31

Fig. 8

P2P
P2P

2015
P2P3.556
P2P3.262
1.206
1.17

81226413

20132015
P2P
P2P
60%
9. 2013-2015

P2P
20137,998
20141.1336
3.562013-2015
129%

P2P
36%

Figure 8: 2015

P2P

$ 355.51m

P2P

$ 326.22m

$ 120.62m

$ 116.95m

$ 81.22m

$ 64.13m

$ 24.62m

$ 18.94m

P2P

$ 14.99m

$ 0m

32

$ 50m

$ 100m

$ 150m

$ 200m

$ 250m

$ 300m

$ 350m

$ 400m

Fig. 9

P2P
2013-2015653%

P2P20138002014
2,85020153.26
2015P2P

20131,000
20144,0002015
1.21

2013-2015
252%

2013
2013-20151,064%2015
1.17

-
2015
8,10020144,170
201420131,840
20156,400

Figure 9: 2013-2015

P2P
P2P

$ 79.98m

P2P

$ 326.22m

$ 28.53m
$ 7.88m

$ 9.90m

$ 355.51m

$ 111.36m

$ 120.62m

$ 39.59m

$ 41.74m
$ 18.38m

$ 81.22m

$ 116.95m

$ 5.25m
$ 0m
$ 20.06m
$ 6.75m

$ 64.13m

$ 24.62m
$ 12.06m
$ 6.30m
$ 18.94m
$ 13.10m
$ 7.99m
$ 14.99m
$ 0.25m
$ 0m

$ 0m

$ 50m

2015

$ 100m

2014

$ 150m

$ 200m

$ 250m

$ 300m

$ 350m

$ 400m

2013

33

Figure 10: 2013-2015

P2P

36%

P2P

24%

11%

9%

8%

6%

3%

3%

P2P

1%

$ 0%

5%

10%

15%

20%

25%

2015
250020141,200
2013630

2013-2015

2015
1,900
P2P

P2P20132015
1,500

34

30%

35%

40%

2015
25

P2P
2

2: 2015

2015

P2P

$ 524.4

P2P

$ 396.3

P2P

$ 55.1

$ 14.6

$ 9.48

$ 8.30

$ 5.65

$ 1.42

$ 1.18

$ 0.38

P2P

2013-2015P2P269%
705.9P2P
425%
491.1P2P
2013-2015400%

72.3P2P
1295.3

P2P

35

Figure 11: 2013-2015

P2P
P2P
P2P

$ 3.85bn

$ 1.44bn

$ 39.63bn

$ 8.04bn

$ 5.51bn
$ 1.48bn
$ 0.23bn
$ 950m
$ 26.13m
$ 0.33m
$ 1.46bn
$ 260.98m
$ 25.59m

$ 829.52m
$ 29.98m
$ 1.41m

$ 565.32m
$ 137.45m
$ 1.81m

$ 141.69m
$ 0m
$ 0m

$ 117.90m
$ 23.36m
$ 0m

$ 52.44bn

$ 14.30bn

$ 37.73m
$ 0m
$ 0m

$ 0m

$ 10m

2015

2014

$ 20m

$ 30m

$ 50m

$ 60m

2013

P2P
2015524.4
2014143201338.5
P2P

P2P
P2P

36

$ 40m

P2P
20132015P2P270%
P2P

2015396201480
201314.4

10

P2P
P2P2013-2015
425%

Fig. 12

P2P

2015P2P
55.1201414.8
20132.3432013-2015
403%
201514.6
20132.56

689%

4002015
20042%
140
2013173
2013-2015
20
2015
9.4826
2015312

2015
12

Figure 12: 2013-2015 P2P

2015

$ 99.73bn

2014

$ 24.24bn

2013

$ 5.56bn

$ 0bn

$ 20bn

$ 40bn

$ 60bn

$ 80bn

$ 100bn

37

Fig. 13

20158.2952

2013-2015
2349%

1%

20151.4169

2015
3773

2013181
20141.374520155.6532
311%
20151.18
20142,336
405%

Figure 13: 2013-2015

2015

$ 1.96bn

2014

$ 56.12m

2013

$ 1.73m

$ 0m

38

$ 200m

$ 400m

$ 600m

$ 800m

$ 1bn

$ 1.2bn

$ 1.4bn

$ 1.6bn

$ 1.8bn

$ 2bn

Fig. 14

2015
6.86201320141.03
1.91172%
P2P
P2P

35

2015
1.172013
P2P
20153.63

201523,000
P2P

P2P

P2P15
P2P
P2P

$ 800m

$ 700m

$ 600m
259%
$ 500m

$ 400m

$ 300m
85%
$ 200m

$ 100m

$ 0m

$ 103.07m
2013

$ 190.86m
2014

$ 685.64m
2015

Figure 14:
2013-2015
(

39

Fig. 15

2013-2015
289%P2P

P2P

2015
44%450
P2P
88%

201517
14.69.5

$ 50bn

$ 45bn

$ 40bn
478%

$ 35bn

$ 30bn

$ 25bn

$ 20bn
431%

$ 15bn

$ 10bn

$ 10bn

$ 0bn

$$ 1.47bn
1.47bn

8.50bn
$$ 8.5bn

2013

2014

40

45.11bn
$$45.11bn

2015

Figure 15: 2013-2015

Fig. 16

2015
2013508,70320151,600
201321,6002015
136,000
201323.5%201411.8%

308

10231,411

42

P2P4317,167

343,868

124,400

P2P

2000000

1,602,942

1500000

1000000

893,222

508,703

500000

135,882
46,098

21,622

0
2013

2014

2015

Figure 16: 2013-2015

Figure 17: 2015

308

P2P

55

54

P2P

43

42

P2P

36

26

2655P2P

32,891
P2PP2P
26
P2P55P2P

32,891

42

P2P

Figure 18: 2015

g. 19

$ 855,182

$ 778,062

P2P

$ 362,399

P2P

$ 131,642

$ 43,868

$ 31,411

$ 24,407

P2P

$ 17,167

$ 5,765

$0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1m

35m
31,227,281
30m

25m

20m

15m

10m

9,002,096

4,986,122

5m

0m

348,209 718,199

1,433,973

2013

2014

2015

Figure 19: 2013-2015

43

2013348,209
20141402015900

2013718,19920145002015
3120

P2P
2015670

2015591
P2P
383
130121121/

44

Fig. 21

Figure 20: 2015

P2P

670

P2P

383

P2P

130

121

121

Figure 21: 2015

$ 2.24m

$ 1m

$ 448,350

$ 392,805

P2P

$ 263,310

P2P

P2P

$ 139,668

$ 53,982

$ 0m

$ 0.5m

$ 1m

$ 1.5m

$ 2m

$ 2.5m

45

Fig. 22

P2P

RateSetter70%
33%13

22%
17%

75%67%P2P

4339
35.5%

Figure 22:

67%

36%

P2P

33%

23%

P2P

17%

13%

6%

6%

P2P

5%

0%

46

10%

20%

30%

40%

50%

60%

70%

80%

Fig. 24

Figure 23:

75%

P2P

43%

39%

33%

13%

P2P

11%

P2

9%

6%

2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Figure 24: 2015

39%

36%

35%

21%

P2P
P2P

19%

P2P

19%

12%

10%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

47

Figure 25: 2015

46%

44%

P2P
40%

P2P

40%

40%

38%

32%

P2P

29%

0%

10%

20%

39
3635
P2P1921
10

P2P
40%
40%32%

P2P
43%
P2P
19%
48

30%

40%

50%

9%
P2P
33%
21%

P2P
40%
43%P2P
21%33%
P2P
40%
10%20%40%

Fig. 26

88%79%
P2P
63%
P2P
3.3%

P2P
35%

Figure 26: 2013-2015

88%

79%

P2P

63%

P2P

35%

20%

13%

P2P

3%

1%

1%

0%

20%

40%

60%

80%

100%

49

Figure 27: 2013-2015

50%

P2P

50%

25%

50%

25%

17%

54%

17%

17%

25%

13%

21%

13%

14%

7%

4%

Fig. 28

P2P

64%

P2P

8%

16%

71%

6%

81%

82%

12%

6%

12%

6%

6%

6%

6%

6%

6%

6%

100%

0%

20%

40%

60%

80%

100%

Figure 28:

5%
6%

11%

65%

13%

50

Fig. 29

P2P

12%

25%P2P

18%20%

46%50%

P2P
10%63%

P2P
44%3.3%

Figure 29: 2013-2015

46%

32%

22%

14%

P2P

10%

P2P

4%

P2P

1%

0%

10%

20%

30%

40%

50%

51

Figure 30: 2015

15%

4%

g. 31

7%
42%

19%

13%

Figure 31: 2015

100%

100%

P2P

56%

11%

50%

P2P

40%

P2P

39%

18%

15%

20%

9%

4%

20%

8%

15%

20%

4%

19%

67%

29%

0%

6%

20%

33%

11%

50%

42%

43%

20%

40%

52

22%

14%

60%

14%

80%

100%

Fig. 32

59%
116P2P46

P2P

23%

15%

2009
20142014
20102013
2010
2013
2014
25201430
2014

2016

82
76201226
2015

Figure 32: (2004 to 2015)

35
30
25
20
15
10
5
0
Pre 2004

2004

2005

2006

2007

2008

2009

2019

2011

2012

2013

2014

2015

53

Figure 33: (2004-2015)

100
90
80
70
60
50
40
30
20
10
0
Pre 2004

2004

2005

2006

2007

2008

2009

2011
2011

201494
90
2015

2016

54

2019

2011

2012

2013

2014

2015

Fig. 34

10%

Figure 34: 2013-2015

33%

19%

50%

0%

10%

20%

12%

3%

30%

0%

21-30%

61-70%

1-5%

31-40%

71-80%

6-10%

41-50%

81-90%

11-20%

51-60%

91-100%

40%

50%

5%

15%

13%

60%

8%

70%

9%

3%

80%

8%

3% 1%1% 3% 3%

3% 3%

90%

5%

3%

100%

55

Fig. 35

16127

73%55.5%48.5%

1/5

27%

Figure 35:

27.27%

72.73%

11.11%

55.56%

48.48%

27.27%

20%

14.29%

10%

33.33%

7.14%

3%

21.43%

18.18%

45.45%

9.09%

90.91%
0%

10%

20%

30%

40%

9.09%
50%

60%

9.09%

16.67%

57.14%

27.27%

11.11%

20%

16.67%

16.67%

56

12.12%

50%

16.67%

22.22%

70%

80%

90%

100%

Fig. 36

27%

11%

90%

10%

57%45.5%

Figure 36:

66.67%

36.36%

11.11%

9.09%

33.33%

7.14%

10%

20%

27.27%
30%

40%

9%

33.33%

50%

36.36%

20%

9.09%

45.45%

16.67%

0%

14.29%

10%

27.27%

15.15%

50%

50%

9.09%

21.21%

7.14%

20%

11.11%

45.45%

9.09%

30.30%

21.43%

11.11%

50%

27.27%
60%

70%

80%

9.09%
90%

100%

57

2/3

1/3

50%
36%

30%

27%

50%
45.5%27%

58

307

6
6
P2PP2PP2P

20%-60%
P2PP2P

560%
40%

1/5

119P2P
12P2P
157
P2P43%

1/3P2P
P2P

Figure 37:

33.33%

P2P

31.21%

P2P

30.77%

P2P

1.27%

1.68%

20%

11.11%

10%

1.27%

53.85%

21.01%

47.90%

40%

20%

11.11%

42.68%

2.52%

40%

60%

40%

0%

22.22%

22.93%

15.38%

26.89%

22.22%

30%

40%

50%

60%

70%

80%

90%

100%

59

Fig. 38

P2P
40%60%

P2PP2P40%
45%
1/3P2P

40%60%

Figure 38:
P2P

46.15%

44.44%

11.11%

40%

P2P

31.85%

P2P

22.29%

40.76%

10%

20%

1.68%

60%

30%

40%

1.91%

42.02%

25.21%

1.68%

22.22%

40%

40%

0%

60

22.22%

20%

3.18%

29.41%

46.15%

7.69%

50%

60%

70%

80%

90%

100%

20151021.9
99

20156.22

20141.36
20154.25
2015
47

20154

61

Fig. 39

2015
1021.9
70%

P2P2007
P2P
2013P2P2013
55.6240
337%20142015
319%1016

20138002014
157520152595

(He et al.
2013)P2P

Figure 39: 2013-2015$

$ 621.28m

$ 107.80m
$ 28.48m

$ 412.21m

$ 122.91m
$ 91.56m

$ 49.89m
$ 29.32m
$ 12.57m

$ 39.82m
$ 11.91m
$ 4.58m

2013

62

2014

2015

201392
201436720151263
14
P2P

P2Pe900,000
73e

15

(PBOC 2015a)16

P2P17

P2P

18

P2P
P2P

2015
8.8
192015
3P2P
201552457

P2P
20156520
12

(Hexun 2014)

20

63

2015
9.5

2015
82015
SAC8

1000300
50

21

64

20139,156
2014341.2291

20154.12235

20132015
1356.2668

20132015
P2P5.105
81%2013P2P
7,8542014
1.071336.4
2015203.2
3.2482

Figure 40: 2013-2015 $

P2P

$ 510.49m

$ 64.58m

P2P
P2P

$ 34.53m

$ 13.25m

$ 1.91m

$ 1.67m

$ 0.24m

$ 0m

65

Fig. 41

P2P
201320156,458
10%2013
1,13420141313
162015206
4,010
P2P20132015
63,453
2013
P2P832014
107%172
20142015
P2P3,200
1758%
P2P2014
25
20142015
13005100

20132015
2%2014
302015188
674720132015
0.3%
2013852014
3258201559
24

20132015
0.04
20142015
717

Figure 41: 2015

P2P

$ 29.48m

$5.50m

$ 2.50m

$ 0m

$ 23.76m

$ 13.52m

$ 3.76m

$ 2.57m

$ 8.58m

$ 237,712

66

$0
$0
$0

$ 5m

$ 15m

$ 20m

$ 25m

$ 30m

$ 35m

20132015111%
5.7820139,265
20141.2524352015
1883.6023
20132015P2P
885.09
7%2013
20153,935

2,469
P2P
191300
1%

Figure 42: 2013-2015

$ 400m

$ 350m

$ 300m

$ 250m

$ 200m

$ 150m

$ 100m

$ 50m

$ 0m

$ 92.65m
2013

$ 125.24m
2014

$ 360.23m
2015

67

Figure 43: 2013-2015

$ 323.50m

P2P

$ 107.13m
$ 78.54m
$ 23.76m

$ 7.34m
$ 8.25m
$ 8.58m

$ 10.24m
$ 5.87m
$ 2.50m

P2P

$ 0.5m
$ 0m
$ 1.88m

$ 27,500
$ 0m

$ 0m

$ 50m

$ 100m

2013

$ 150m

2014

2011

P2P

0.025
0.3

P2P

22
P2P

68

$ 200m

$ 250m

$ 300m

$ 350m

2015

232014

2015529

25
24
1
26
1
883,189

504,415

20132015415
9%
20132015
P2P2013
4,625
20157%307
P2P2013
20153,153
68%
P2P
2013
2015750
27
201520132015

28
16%P2PP2P 201629
132

Figure 44: 2013-2015

$ 45m

$ 40m

$ 35m

$ 30m

$ 25m

$ 20m

$ 15m

$ 10m

$ 5m

$ 0m

$ 2.16m

$ 2.91m
2013

2014

$ 41.18m
2015

69

Figure 45: 2013-2015

$ 29.48m

P2P

P2P

$ 1.22m
$ 0.83m
$ 7.5m
$ 0m
$ 0m
$ 2.57m

P2P

$ 1.10m
$ 0.48m
$ 1.32m
$ 0m
$ 0m
$ 0.24m
$ 0.58m
$ 0.85m
$ 0.08m
$ 0.01m
$ 0m

$ 0m

$ 5m

$ 10m
2013

$ 15m

$ 20m

2014

2015

201572430
2016125

31

7579,421

32

2016
P2P20068
20062010P2P
201561033
P2P
P2P

70

$ 25m

$ 30m

P2P
20132015
1,330
2013662014
4073372015926
175%
20132015
291%

2013201557%
750P2P2014
252015550

P2P
2016

20145735
36

P2P
37

38

39

CIS40

34

71

201320152,050
20132202014
470115%
2015
1,360188%20132015
151%
99%

20132015
15.6

72

20151P2P
41

P2P

FSC
P2P
42

20154
43

5,000
2

300098

150049

201618
201616
3

20132,422
20148,28720154,837
20132015281%
20151.2
20151.05
P2P

200
20154,300

44,45

2015
88%79%

Figure 46: 2013-2015$

$ 400m

$ 350m

$ 300m

$ 250m

$ 200m

$ 150m

$ 100m

$ 50m

$ 0m

$ 24.22m
2013

$ 82.871m
2014

$ 348.37m
2015

73

Figure 47: 2013-2015 $

$ 120.62m

P2P

$ 39.59m
$ 9.90m
$ 105.05m
$ 0m
$ 0m
$ 43.15m
$ 9.45m
$ 2.07m

$ 8.20m
$ 5.50m

$ 28.25m

P2P

$ 26m

$ 20.81m
$ 4.06m

$ 0m
$ 0m

$ 7.05m

$ 10.62m
$ 4.38m
$ 2.69m
$ 7.64m
$ 0.45m
$ 0m

$ 0m

$ 30m

$ 60m
2013

20132015

20151,060

20152,800

20152,600
760

74

$ 90m
2014

$ 120m

$ 150m

2015

20163
2016
9 46
50010,000

201510
2.67
20133002014
220633%
2015
2.68
1117%

/
P2P20132015
88%

2015/P2P
2.45
0.2%
201598.447

5/P2P

Figure 48: 2013-2015$

$ 300m

$ 250m

$ 200m

$ 150m

$ 100m

$ 50m

3m
$$24.22m

$ 22.01m

$ 267.77m

$ 0m
2013

2014

2015

75

Figure 49: 2013-2015 $

$ 244.97m
P2P

$ 13.56m
$ 0.42m

$ 11.86m

$ 1.35m
$ 0m

$ 8.41m

$ 5.02m
$ 1.75m

$ 2.53m

$ 2.07m

$ 0.83m

$ 0m

$ 50m

$ 100m
2013

$ 150m
2014

/P2P
20144

20142015
1,320

5%2013
20151,500

544

76

$ 200m
2015

$ 250m

20132015
573.2
99.5%2013
5122014137%
121.3
201420152015
4,006

/P2P20132015
2,68247%
44%2013
20152,515
6%334

Figure 50: 2013-2015$

$ 45m

$ 40m

$ 30m

$ 25m

$ 20m

$ 15m

$ 10m

$ 5m

$ 0m

$ 5.12m
2013

$ 12.13m
2014

$ 40.06m
2015

77

Figure 51: 2015

$ 1.64m

$ 37,135

$ 37,058

P2P

$ 988.092

$ 76.000

$0

$ 0m

$ 500,000

201320155,700
20135002014
1,208137%2015
4,000230%
20132015184%

/P2P20132015
2,672
44%
201320152,515

6%20132015
320/P2P2013
2015200
/P2P

78

$ 1m

$ 1.0m

$ 2m

1976Shyam
Benegal50
Manthan48
Onir
2012

10%49

/P2P

Figure 52: 2013-2015$

$ 45m

$ 40m

Fig. 53
$ 30m

$ 25m

$ 20m

$ 15m

$ 10m

$ 5m

$ 0m

$ 5.09m

$ 12.08m

2013

$ 39.91m

2014

2015

Figure 53: 2013-2015 $

$ 18.79m
P2P

$ 4.73m
$ 3.21m

$ 18.50m

$ 6.25m
$ 0.40m

$ 1.64m

$ 0.71m
$ 0.85m

$ 0.99m
P2P

$ 0.39m
$ 0.63m

$ 0m

$ 5m

$ 10m

2013

2014

$ 15m

$ 20m

2015

79

20132015
8,39920131,094
20142,647142%
20154,65876%

20132015
109%

2013
201537%

2013201520%

/P2P
13%1,000
12%

5%20132015380

Figure 54: $ )
$ 50m

$ 45m

$ 40m

$ 35m

$ 30m

$ 25m

$ 20m

$ 15m

$ 10m

$ 5m

$ 0m

80

$10.94m

$ 26.47m

$ 46.58m

2013

2014

2015

Figure 55: $

$ 11.90m

$ 5.25m
$ 0m
$ 10.19m

$ 12.62m
$ 7.99m
$ 9.53m

P2P

$ 1.12m
$ 0.50m
$ 7.53m
$ 3.67m
$ 0m
$ 5.41m

$ 2.58m
$ 1.87m
$ 2.01m

$ 1.22m
$ 0.58m

$ 0m

$ 3m

$ 6m

2013

$ 9m

2014

$ 12m

$ 15m

2015

81

44%2013
20153000
87%20132015
7,028
2013819 1,700
20142,233173% 16%1,115/P2P
20153,976 955
20142015 14%
78%
125%
2%2013 2015
163

Figure 56: $
$ 45m

$ 40m

$ 35m

$ 30m

$ 25m

$ 20m

$ 15m

$ 10m

$ 5m

$ 0m

$8.19m
2013

82

$ 22.33m

$ 39.76m

2014

2015

Figure 57: 2013-2015$

$ 11.90m

$ 5.25m
$ 0m
$ 10.19m

$ 12.62m
$ 7.99m

P2P

$ 9.43m
$ 120,000
$0
$ 7.47m

$ 3.67m
$0
$ 764,991

$ 661,929
$ 201,342

$ 0m

$ 3m

$ 6m

2013

20151.66

50

51

/P2P

20102009

52

$ 9m

2014

$ 12m

$ 15m

2015

289

2015216
53

83

20132015
5006%

92.4%468

6%32.5
201558,000
1.1%

2016

201482154
55
56,57
2015210201572

20159

58

Figure 58: $

$ 4m

$ 3.5m

$ 3m

$ 2.5m

$ 2m

$ 1.5m

$ 1m

$ 5m

$ 0m

$667.009
2013

84

$ 1.03m

$ 3.36m

2014

2015

20149

201534
592015
60

12715,000
120

1,2005000

61
12,000

P2P
2016
2015

20132015150

100
50

0.6%2013201550

86%2013201540

70
14%

20132015670
8%

68%459
/P2P24%
160
508%

85

Running head

86

/P2P

87


--Raghavendra RauMia Gray

Ian Pollari, Davina Lawrence

James Mckeogh, Jessica Hong, Vicky Li

ACCARosana Mirkovic

Greg Whitwell
Zhu YijieKarishma DalalAhn Sang UkKim Jin YoungPawee
JenweeranonTaisuke AmanoZhao LiangBerryl Li

Sean AnthoniszShumi AkhtarByoung-kyu MinPeilin Cai William

ShuJuan YaoXue Wu
Eva HuangAngel
HuangOwen XuZiyuan (Louie) BaiYouming (Sophie) LiuMengtao
Mao

The Cambridge Centre for Alternative

FinanceCharles GoldsmithTracey HornNia RobinsonKate
BelgerNathalie Walker

Jessica RoseCUDACambridge in America

Eddie
AndersonGraham
PartingtonSuk-Joong
KimTrevor WatsonJamie AlcockDavid ChaikinReuben SagaraEliza
Wu
Lin JianwuDong
YuhanHe JunHuang QiyangHao XinZhao FangyuanXiang
HaitaoHe TingXia RuiyangZhang ChaoHu NantaoZhou JiyuanChen
TaoZheng HuanWan QianhuiDu YiyanJin SiyangXi JunZhang
YingZhang JingHe YuYang XueZhou RanWang BoyaRan YuanjinLi
YimanSun XinyuLiu HanCao XueLin ZhesiZhang LiuGe JieMa
HaifengLi JunxiaZhang ShashaZhou MinPan RouLiu RuiningFeng
ShihengZhang YueWei ZhiyuanHan JingyiWu YingmanZhang
TengZhan XinDeng FugaiOuyang Ji
Jin ShanZhang LiXu Hai NingZhan Wei JieJiang
Gao HuiWang Ting TingYang Bo YuanLi DongWang XuWang Yu Song
Miao Jing Yu

88

Alex LinSi FangboInnoviTharon SmithLendit

ChinaSun
Fei
FeiXu
BoyanInnoviYe
MengzhenInnoviXiaochen ZhangZhu Gaofeng

Janos BarberisFintech Hong KongJason BestCrowdfund

Capital AdvisorsEhon Chan (MaGIC)Joanna Cheung (Fintech Hong)
Simon Clegg (Crowdfund VibeNew Zealand Crowdfunding Association)
Stacey Chou (AVPN)Andrew Dix (Crowdfund Insider)Andrew Ho
Oscar Jofre (KoreConX)Guo Yong Ki
Chitpong KittinaradornChangeFusionHongSin KwekCrowdfunding
AsiaJohnathan Lee (MaGIC)Allan LeungSilke Marsh
Grace HarveyHanna HelinSatoru Miyamoto
Paul NiedererCrowdsourcing WeekSo-yeong ParkFintech
Matthew PinterPeter RentonLendit, Lend
AcademySunit ShresthaChangeFusionNora Steinman Lendit
Brian TangACMIJoseph TseYan ZhaoAPPI FS
Cui AnnaCNTV

Stephanie ArrowsmithAndrea Franke Andrew

MacphersonDan MaromConor RocheAhn Sang Uk
Christopher AstonKosta SinelnikovKarmei Tang

Raja
Adamullah
Fahdullah ShahChing Yin Goh

DFC
Global

89


1.

2.

3.
4.
5.
6.
7.

8.

9.

(Zhang, B.Z., Baeck, P., Ziegler, T.,

Bone, J. and Garvey, K. 2016) Pushing Boundaries UK Alternative Finance Report https://www.jbs.cam.
ac.uk/faculty-research/centres/alternative-finance/publications/pushing-boundaries/#.Vts-6-tx0zk
(Zhang, B.Z., Wardrop, B., Rau, R.
and Gray, M. 2015) Moving Mainstream the European Alternative Finance Report https://www.jbs.cam.
ac.uk/fileadmin/user_upload/research/centres/alternative-finance/
downloads/2014-uk-alternative-finance-benchmarking-report.pdf

http://www.worldbank.org/en/country/china/overview
http://techcrunch.com/2015/02/04/
china-1trillion-ecommerce/

http://wearesocial.com/uk/special-reports/digital-social-mobile-china-2015

http://www.mckinsey.com/
business-functions/marketing-and-sales/our-insights/understanding-social-media-in-china

http://www.mobileworldlive.com/mwcs15articles/china-leads-way-smartphone-penetration-m2m-connections-gsma/
http://www.infodev.org/infodev-files/wb_crowdfundingreport-v12.pdf

10. GDP Per Capita: http://data.worldbank.org/indicator/NY.GDP.PCAP.CD

11. World Bank (2013), Crowdfundings
Potential for the Developing World,
info Dev, http://www.infodev.org/
crowdfunding

12. http://www.sac.net.cn/tzgg/201412/
t20141218_113326.html

13. https://www.ratesetter.com.au/peerto-peer-lending/statistics
14. http://www.wdzj.com/

15. http://www.wsj.com/articles/chinacalls-lending-platform-ezubo-a-7-6billion-ponzi-scheme-1454313780
16. PBOC (Peoples Bank of China)
(2015a), Guiding Opinions on Promoting the Healthy Development
of Internet Finance (
), Peoples
90

Bank of China and 10 other Ministries and Commissions, (2015) No.

221,

17. (2015b),Non-bank Payment Institutions Online Payment Business

Management Approach(draft) (

, , Peoples Bank
of China) http://www.pbc.gov.cn/
rmyh/105208/2905111/index.html

18. He S., Yan G., and Chen K. (2013),

Microfinance Theory and Practice (
: ), (Zhejiang: Zhejiang University Press).
19. Authorsestimates based on China National Bureau of Statistics
bank data available from: http://
www.stats.gov.cn/tjsj/zxfb/201602/
t20160229_1323991.html

20. Xicai (2014),The CBRCs P2P Clear

Four Red Lines: No Capital Pooling
(P2P
), Xicai (), 13 November 2014.
http://www.csai.cn/if/743921.html
21. http://www.accaglobal.com/us/en/
discover/news/2015/12/peertopeer-china.html
22. Article 2, Article 3, and Article 11 of
Money Lending Business Act in Japan (Act No. 32 of May 13, 1983).

23. 2014 Amendment of Financial Instruments and Exchange Act, etc. (Act
No.44 of 2014) Briefing Materials,
Financial Services Agency, Japan,
http://www.fsa.go.jp/en/refer/legislation/20140314/01.pdf (last visited
February 14, 2016).
24. For example, following discussions
with practitioners, academics, and
government officials, the Financial
Services Agency of Japan provided
exemptions forFinancial Instruments Business Operatorsthat only
focus on equity-based crowdfunding
reducing minimum capital requirements to 10 million JPY (approximately $88,318 USD), compared with
the conventional Type I Financial Instruments Business Operator, which
is 50 million JPY (approximately
$441,594 USD).

25. Article 4 and 5

26. Understanding Equity-based crowdfunding (

), , P.18-19

27. President ParksCrowdfunding is

the Beginning of the Creative Economy,Korea IT Times, http://www.
koreaittimes.com/story/33705/president-parks-crowdfunding-beginning-creative-economy(last visited
February 14, 2016).
28. As above.

29. Financial Policy Roadmap for

2016, Financial Services Commission (Korea), http://www.
fsc.go.kr/downManager?bbsid=BBS0048&no=103355 (last visited February 14, 2016).

30. FSC chairman vows new funding

system for small businesses, Korea
JoongAng Daily, http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2969604 (last visited
February 14, 2016).
31. FSC chairman vows new funding
system for small businesses, Korea
JoongAng Daily, http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2969604 (last visited
February 14, 2016).
32. The maximum investment per company are (1) 2 million KRW, (2) 10
million KRW, and (3) no cap respectively. The maximum investment
per year for these three classes of
investors are (1) 5 million KRW, (2) 20
million KRW, and (3) no cap respectively.
33. Analysis of Peer-to-Peer Lending
Market (P2P ),
Korea Institute of Finance, http://
www.kif.re.kr/kif2/publication/
viewer.aspx?filetype=1&controlno=187252&ic=tkp&ismail=1 (last
visited February 14, 2016).

34. Budget Speech (The 2015-16

Budget), Financial Services and
the Treasury Bureau, http://www.
budget.gov.hk/2015/eng/budget10.
html (last visited February 17, 2016).
35. Securities and Futures Commission.

36. Notice on Potential Regulations Applicable to, and Risks of,

Crowd-funding Activities, Securities
and Futures Commission, http://
www.sfc.hk/web/EN/files/ER/PDF/
Notice%20on%20Crowdfunding.pdf
(last visited February 17, 2016).

37. Section 7, Money Lenders Ordinance

(Hong Kong).

38. SFC outlines risks of crowd-funding and potential regulatory issues,

Securities and Futures Commission,
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=14PR51 (last visited February 17,
2016).

49. https://www.rbi.org.in/scripts/BS_
SpeechesView.aspx?Id=862

40. Part IV of the Securities and Futures

Ordinance on Offers of Investments,
Securities and Futures Commission, http://www.sfc.hk/web/doc/
EN/faqs/products/Frequently%20
Asked%20Questions_3.6.09.pdf (last
visited February 17, 2016).

51. How this Fintech Startup is plugging

the SME Funding Gap, CNBC, http://
www.cnbc.com/2015/07/30/howthis-fintech-startup-is-plugging-thesme-funding-gap.html (last visited
Feb.18, 2016).

39. Section 103 of the Securities and Futures Ordinance (SFO)

41. Section 5-1, 29, and 29-1 of The

Banking Act (Taiwan).

42. The second conference of Fintech

(Chinese version), Financial Supervisory Commission (Taiwan),
http://www.fsc.gov.tw/ch/home.
jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201512310011&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&toolsflag=Y&dtable=News (last visited
February 18, 2016).

43. Taipei Exchange Regulations Governing the Conduct of Equity Crowdfunding by Securities Firms (Taiwan).
44. http://www.smh.com.au/business/ratesetter-targets-australian-savers-with-new-lending-website-20141111-11kf2m.html

45. http://www.crowdfundinsider.
com/2015/11/77694-thincats-australia-nears-2-million-in-lending-after-one-year-of-operations/

46. http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Crowd-sourced-equity-funding

47. Authorsestimates based on Reserve Bank of New Zealand Lending

and Credit Statistics available at:
http://www.rbnz.govt.nz/statistics/

48. https://www.ketto.org/blog/a-pioneer-of-crowdfunding-in-films-shyam-benegal-on-gathering-funds-forhis-1976-film-manthan/

50. The Future of FinTech A Paradigm

Shift in Small Business Finance,
World Economic Forum, http://
www3.weforum.org/docs/IP/2015/
FS/GAC15_The_Future_of_FinTech_
Paradigm_Shift_Small_Business_Finance_report_2015.pdf (last visited
Feb.18, 2016).

61. http://www.mahwengkwai.com/
equity-crowdfunding-in-malaysia-an-alternative-fund-raising-mechanism/

52. Moneylenders Act 2010 of Singapore, sec. 5(1).

53. Consultation Paper : Facilitating Securities-Based Crowdfunding, Monetary Authority of Singapore, http://
www.mas.gov.sg/~/media/MAS/
News%20and%20Publications/Consultation%20Papers/Facilitating%20
Securities%20Based%20Crowdfunding.pdf (last visited Feb.18, 2016).

54. http://www.wongpartners.com/files/
Uploads/Documents/Type%202/WP/
al_wp_equitycrowdfunding_mar15.
pdf
55. http://www.wongpartners.com/files/
Uploads/Documents/Type%202/WP/
al_wp_equitycrowdfunding_mar15.
pdf
56. http://www.tmf-group.com/en/
media-centre/news-and-insights/
december-2015/malaysia-first-equity-crowdfunding-laws
57. http://www.sc.com.my/wp-content/uploads/eng/html/consultation/140821_PublicConsultation_2.
pdf

58. http://www.sc.com.my/post_archive/sc-launches-afinitysc-at-world-capital-markets-symposium-2015/
59. http://www.tmf-group.com/en/
media-centre/news-and-insights/
december-2015/malaysia-first-equity-crowdfunding-laws
60. http://www.dealstreetasia.com/stories/sc-announces-6-equity-crowdfunding-operators-for-malaysia-7680/

91

92

93

94

Designed by Cultureshock Media

www.cultureshockmedia.co.uk

Running head

96