Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”), a fast-growing consumer lending marketplace in China, today announced that it is working on its application for a micro-lending license in China in an effort to further diversify its business.

Chinese regulators are encouraging P2P lending platforms to transform into micro-lending companies. At the end of November 2019, the On­line Fi­nan­cial Risk Spe­cial Rec­ti­fi­ca­tion Work Lead­er­ship Team and the On­line Risk Spe­cial Rec­ti­fi­ca­tion Work Lead­er­ship Team issued guidelines outlining the transformation of P2P platforms into micro-lending companies.

The guidelines outlined include basic principles, requirements, working processes, regulatory measures and supporting policies. Also included are requirements that platforms should not have engaged in any major illegal behavior, maintain qualified shareholders and management, and have a viable proposal and fintech capabilities.

“Hexindai supports the government’s initiative to transform the P2P industry,” said Mr. Xiaobo An, Hexindai’s Founder, Chairman and Chief Executive Officer. “We have been taking action to meet the government’s compliance and transformation requirements. We will continue to execute our strategy to diversify our business to meet market demand.”

SOURCE Hexindai Inc.