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As the Chinese government clamps down...>

CHINA PRESS
CHINA PRESS: As the Chinese government clamps down on rampant growth and illegal
practices in the payday loan business, financial institutions have begun to
sever their ties with payday loan companies, the Securities Times reported
Wednesday. On Tuesday, Sesame Credit, an online credit scoring provider that is
part of the Alibaba-affiliated Ant Financial, announced it would stop working
with some payday loan companies because their interest rates were above the
maximum rate set by the government, they used illegal methods to collect money
from borrowers and they failed to follow their contracts. Given the tighter
regulation, payday loan transactions are expected to drop in November and
December, in contrast with rapid growth of 372% in October compared with the
same month last year, to CNY12 billion. (Securities Times)

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