scholarly journals Exploring Loan Sharks in Online Peer-to-Peer Lending Applications: A Case Study of Vietnam

2021 ◽  
Vol 10 ◽  
pp. 1298-1309
Author(s):  
Oanh Van Nguyen ◽  
Cong Van Lai ◽  
Hai Thanh Luong ◽  
Toan Quang Le ◽  
Keyword(s):  
Legal System ◽  
Peer To Peer ◽  
Consumer Lending ◽  
Peer Lending ◽  
Criminal Groups ◽  
Online Lending ◽  
Loan Shark

Online peer-to-peer lending applications have emerged in some recent years in Vietnam, where the consumer lending market is potential for financial companies. This country faces challenges to control the online lending business. As a result, criminals find loopholes in the legal system on this business to commit loan sharks. This article targets to explore the nature of the connection between a loan shark and online peer-to-peer lending applications through interviewing with police officials in their specific operation investigated. The findings highlight a close structure of criminal groups related to loan sharks via this lending platform and a comprehensive profile of borrowers. These findings suggest some recommendations for fighting against this crime effectively in the coming time.

Organized crime in cyberspace: How traditional organized criminal groups exploit the online peer-to-peer lending market in China

2020 ◽  
Author(s):  
Peng Wang ◽  
Mei Su ◽  
Jingyi Wang
Keyword(s):  
Interest Rates ◽  
Police Officers ◽  
Physical Violence ◽  
Peer To Peer ◽  
Social Contacts ◽  
Loan Repayment ◽  
News Reports ◽  
New Strategy ◽  
Peer Lending ◽  
Criminal Groups

Abstract How do traditional organized criminal groups run their offline businesses on the internet? Drawing on interview data, news reports and interactions with illegal moneylenders, this article examines how loan sharks use the online peer-to-peer lending market to lend money to Chinese students at exorbitant interest rates. Illegal lenders employ techniques of deception, the sharing of compromising information (e.g. social contacts and nude photos) and professional legal services to develop internet-based loan scams to trap student borrowers. To enforce loan repayment, lenders have developed a new strategy: relational repression, which is the use of cyberviolence and the threat of revealing damaging information to clients’ social contacts. This puts enormous pressure on clients and their families to make payments. The use of relational repression reduces the need to resort to physical violence and bribe police officers.

scholarly journals PEER TO PEER LENDING SYSTEM IN HIFDUN MAAL PERSPECTIVE: EVIDENCE FROM THE FINTECH COMPANY OF INVESTREE

2020 ◽  
Vol 7 (8) ◽  
pp. 1584
Author(s):  
Anisa Fadilah Zustika ◽  
Ana Toni Roby Candra Yudha
Keyword(s):  
Financial Management ◽  
Supervisory Board ◽  
Business Owners ◽  
Peer To Peer ◽  
Business Development ◽  
Study Results ◽  
Peer Lending ◽  
Financial Management System ◽  
Financial Technology

The technology-based financial management system or so-called financial technology (fintech) has become a trend in the millennial era, both with sharia or conventional labels. This study aims to determine and examine the operational mechanisms and implications of the application of the peer to peer lending system, which is used as a transaction method both in funding and financing. The approach used is qualitative, an approach that prioritizes the subjectivity aspects of researchers and informants. The informants of this study are experts from several stakeholders such as the MUI of East Java, Masyarakat Ekonomi Syariah (MES) branch of Semarang, and 2 sharia fintech business owners and practitioners in East Java. The study results obtained are fintech based on a peer to peer lending system (P2PL) in the perspective of hifdzu mal (Investree company case study) is an online loan transaction that is consistent with the theory of hifdzu maal. The suitability of the transaction with hifdul maal, because each agreement is clear and in accordance with sharia provisions such as fair, mutually committed, and protect ownership. Suggestions from this study are the need for the addition of sharia supervisory board (DPS) for fintech, collaboration with universities in business development so that literacy and inclusion of fintech can be more extensive and developed.Keywords: fintech, peer to peer lending (P2PL), protection of wealth

scholarly journals Data-Driven Investment Strategies for Peer-to-Peer Lending: A Case Study for Teaching Data Science

Big Data ◽  
2018 ◽  
Vol 6 (3) ◽  
pp. 191-213 ◽  
Author(s):  
Maxime C. Cohen ◽  
C. Daniel Guetta ◽  
Kevin Jiao ◽  
Foster Provost
Keyword(s):  
Data Science ◽  
Peer To Peer ◽  
Data Driven ◽  
Investment Strategies ◽  
Peer Lending

scholarly journals The Fintech Phenomenon: Protection of Consumer Privacy Data in Online Lending

2021 ◽  
Vol 21 (2) ◽  
pp. 185-194
Author(s):  
Ika Dewi Sartika Saimima ◽  
Valentino Gola Patria
Keyword(s):  
Financial Services ◽  
Legal Theory ◽  
Personal Data ◽  
Peer To Peer ◽  
Legal Norms ◽  
Consumer Privacy ◽  
P2p Lending ◽  
Peer Lending ◽  
The One ◽  
Online Lending

Abstract   Financial technology innovation that occurs nowadays leads to accelerated changes in the financial sector. However, these developments are like double-edged swords, on the one hand they provide convenience for consumers, on the other hand pose risks for consumers related to the confidentiality of their personal data. Money lending business through Peer to Peer lending (P2P lending) system often results in consumers receiving threats when they are late making payments. This paper presents several cases that result in consumers experiencing personal data theft, receiving threats directed at relatives or acquaintances. Even committing fraud by taking money from borrowers or customers without following the regulations made by the Financial Services Authority (OJK). The research data is carried out in a qualitative normative way where the data is translated based on legal norms and uses legal theory that can explain and answer existing legal problems.   Keywords: Consumer Protection, Peer to Peer lending (P2P lending), Private Data Protection   Abstrak   Inovasi teknologi keuangan yang terjadi saat ini mengarah pada akselerasi perubahan di sektor keuangan. Namun perkembangan tersebut ibarat pedang bermata dua, di satu sisi memberikan kemudahan bagi konsumen, di sisi lain menimbulkan risiko bagi konsumen terkait kerahasiaan data pribadinya. Bisnis money lending melalui sistem Peer to Peer lending (P2P lending) seringkali mengakibatkan konsumen mendapat ancaman ketika mereka terlambat melakukan pembayaran. Makalah ini menyajikan beberapa kasus yang mengakibatkan konsumen mengalami pencurian data pribadi, menerima ancaman yang ditujukan kepada kerabat atau kenalan. Bahkan melakukan penipuan dengan mengambil uang dari debitur atau nasabah tanpa mengikuti ketentuan Otoritas Jasa Keuangan (OJK). Data penelitian dilakukan secara normatif kualitatif dimana datanya diterjemahkan berdasarkan norma hukum dan menggunakan teori hukum yang dapat menjelaskan dan menjawab permasalahan hukum yang ada. Kata kunci: Peer to Peer lending (P2P lending), Perlindungan Konsumen, Perlindungan Data Pribadi   Kata Kunci: Perlindungan Konsumen, Peer to Peer lending (P2P lending), Perlindungan Data Pribadi

Empowering Women Through Peer to Peer Lending: Case Study of Amartha.com

2019 ◽  
Author(s):  
A.D. Saputra ◽  
I.J. Burnia ◽  
M. Rifki Shihab ◽  
R.S.A. Anggraini ◽  
P.H. Purnomo ◽  
...  
Keyword(s):  
Peer To Peer ◽  
Peer Lending

The Use of Web 2.0 Technologies in Online Lending and Impact on Different Components of Interest Rates

2010 ◽  
pp. 206-224 ◽  
Author(s):  
Arvind Ashta ◽  
Djamchid Assadi
Keyword(s):  
Web 2.0 ◽  
Transaction Costs ◽  
Risk Reduction ◽  
Peer To Peer ◽  
Web 2.0 Technologies ◽  
Web 2.0 Tools ◽  
Social Exchanges ◽  
Peer Lending ◽  
Online Lending ◽  
The Web

Microcredit interest costs remain higher than those of commercial banks in spite of significant donor funds, largely owing to transaction costs relative to small loan sizes. With the rise of Web 2.0 and online social interactivity, can these transaction costs be reduced through peer to peer lending? Peer to Peer transactions and Web 2.0 have two things in common. The first common denominator is that both of them are rather newcomers in their respective fields and growing fast. The second is that they are both based on mutual and social exchanges between people instead of intermediary based relationships. The main objective of this chapter was to investigate whether peer to peer online lending transactions are integrated to support a higher level of social interactions and associations with a promise of reducing (transaction) costs through disintermediation and risk reduction. We find that “peer to peer” lending consists of diverse websites of microcredit (Kiva, Wokai, Babyloan), social investing (MicroPlace) as well as small loans at market rates (Prosper, Zopa, Lending Club), and even lending between friends and family members (Virgin Money). The chapter studies the use of web 2.0 technologies (blogs, interactivity between lenders and buyers, peers‘ reviews and comments, peers communities and chats) in seven such online lending sites. It finds that most of the so called “peer-to-peer” lenders are in fact intermediaries between the peers (lender and borrowers) and there is little direct contact between the peers. One website used none of the web 2.0 tools. None of the websites used all the web 2.0 tools. The impact on transaction costs should therefore be very little as there is neither disintermediation nor risk reduction. A discussion of difficulties in establishing platforms in this field and directions for future research are provided.

scholarly journals Enhancing the Literacy of Shariah Financial Technology for Generation X, Y and Z in Indonesia

2020 ◽  
Vol 7 (2) ◽  
pp. 65
Author(s):  
Ika Yunia Fauzia
Keyword(s):  
Generation X ◽  
Financial Literacy ◽  
Peer To Peer ◽  
Qualitative Approach ◽  
Peer Lending ◽  
Financial Technology ◽  
Payment Gateway

This research tries to improve financial literacy through sharia fintech, especially in payment gateway, peer to peer lending, and crowdfunding. It focuses mainly on how the X, Y, and Z generations may improve financial literacy. The research uses a qualitative approach in analyzing its case study, involving 30 informants in Indonesia who have the knowledge or other ways and access sharia fintech. The research will then select 30 informants and ten people to represent each X, Y, and Z generations. The research shows that X generations are more literate in sharia fintech than Y and Z generations to disseminate and spread sharia fintech and improve its infrastructures and services in its products.

scholarly journals Legal Protection of Fintech-Peer to Peer Lending-Based Money Loan Recipients

2021 ◽  
Vol 04 (06) ◽  
Author(s):  
Johan Kuswara ◽  
Keyword(s):  
Financial Services ◽  
Research Method ◽  
Legal Protection ◽  
Peer To Peer ◽  
Business Climate ◽  
Technology Changes ◽  
Peer Lending ◽  
The Government ◽  
Online Lending ◽  
Financial Technology

Research This study aims to review and analyze the legal protection of loan recipients in the implementation of financial technology. Changes in the financial sector today are fintech (financial technology), one of which is peer to peer lending. The proliferation of peer-to-peer lending-based fintech in Indonesia is often a problem, although on the other hand it is also an answer for people who need funding quickly and easily. Whereas against the rise of online lending (peer to peer lending), the government in this case is the OJK (Financial Services Authority) has taken various ways to protect the community and foster a good business climate, but the problems faced by the community still occur. The problem in this research is what form of legal protection is obtained by recipients of fintech peer to peer lending-based money based on the provisions of applicable laws and regulations? and how to increase the government's role in the implementation and development of fintech-based peer to peer lending services. The research method used in this research is normative juridical. The implementation of financial technology based on peer-to-peer lending has not gone well.

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