Comments on: Chinese Stealth Startup Qifang Wants to Bring P2P Lending to the Mainland http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/ Startup and Technology News Wed, 11 Nov 2009 03:23:51 -0800 hourly 1 By: byron http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-3051120 byron Thu, 22 Oct 2009 08:28:18 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-3051120 totally ignorant comment. you speak in superficial labels, and twist historical facts. Stalin deliberately murdered millions of people to maintain his hold on power, and cared little for people in society. Mao made mistakes, but he had a genuine desire to increase wealth and prosperity for all, and end injustices between people. totally ignorant comment. you speak in superficial labels, and twist historical facts. Stalin deliberately murdered millions of people to maintain his hold on power, and cared little for people in society. Mao made mistakes, but he had a genuine desire to increase wealth and prosperity for all, and end injustices between people.

]]> By: Can Social Media Advance P2P Lending in China? « Global Comm Class – Georgetown University http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2878965 Can Social Media Advance P2P Lending in China? « Global Comm Class – Georgetown University Sat, 25 Jul 2009 22:01:36 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2878965 [...] are 25 million students in China who pay an average tuition of $700 a year.  That translates into $17.5 billion in potential loans, providing Qifang with an enormous target market given that it has so few [...] [...] are 25 million students in China who pay an average tuition of $700 a year.  That translates into $17.5 billion in potential loans, providing Qifang with an enormous target market given that it has so few [...]

]]> By: EIDUS.SG » Blog Archive » Part 1: Wokai.org http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2675884 EIDUS.SG » Blog Archive » Part 1: Wokai.org Sun, 29 Mar 2009 19:55:05 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2675884 [...] later, I googled Chinese microfinance and found Qifang, a chinese loans site which does p2p loans to students in China. The founder, Calvin, added me on [...] [...] later, I googled Chinese microfinance and found Qifang, a chinese loans site which does p2p loans to students in China. The founder, Calvin, added me on [...]

]]> By: Our Man in Shanghai: Calvin Chin of Qifang Wins the Best/Worst Lunch Story | Sekkei Studio's Blog http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2572208 Our Man in Shanghai: Calvin Chin of Qifang Wins the Best/Worst Lunch Story | Sekkei Studio's Blog Fri, 19 Dec 2008 06:18:34 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2572208 [...] not as illustrious as being named a World Economic Forum(WEF) Technology Pioneer, I look forward to hosting him when he gets back to Shanghai next [...] [...] not as illustrious as being named a World Economic Forum(WEF) Technology Pioneer, I look forward to hosting him when he gets back to Shanghai next [...]

]]> By: wugui http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2559190 wugui Sat, 06 Dec 2008 19:59:05 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2559190 New or not so new idea/innovation Qifang? There are other players in China for p2p loans and globally for student loans therefore it is surprising that qifang is selected as the Tech pioneer at WEF which requires it not to be a repackaging of an already well-accepted technological solution. US - greennote and Fynanz (Student loans) In China 51give.com (Microfinance and Student loans) ppdai.com (general lending) wokai.org (Microfinance donations) New or not so new idea/innovation Qifang?

There are other players in China for p2p loans and globally for student loans therefore it is surprising that qifang is selected as the Tech pioneer at WEF which requires it not to be a repackaging of an already well-accepted technological solution.

US – greennote and Fynanz (Student loans)

In China
51give.com (Microfinance and Student loans)
ppdai.com (general lending)
wokai.org (Microfinance donations)

]]> By: Qifang Is Named The World Economic Forum Technology Pioneer | China Web 2.0 and Asia Tech News, Open Web Asia http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2554802 Qifang Is Named The World Economic Forum Technology Pioneer | China Web 2.0 and Asia Tech News, Open Web Asia Wed, 03 Dec 2008 18:01:10 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2554802 [...] Economic Forum (WEF) has just announced its Technology Pioneer 2009 earlier today, and Qifang (report on TechCrunch), the leading Chinese P2P student lending site becomes the first Chinese company to receive this [...] [...] Economic Forum (WEF) has just announced its Technology Pioneer 2009 earlier today, and Qifang (report on TechCrunch), the leading Chinese P2P student lending site becomes the first Chinese company to receive this [...]

]]> By: GreenNote帮年轻人向认识的长辈借钱 - 英文站采集 SEO优化 Adsense广告配置 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2401267 GreenNote帮年轻人向认识的长辈借钱 - 英文站采集 SEO优化 Adsense广告配置 Tue, 08 Jul 2008 15:35:08 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2401267 [...] 問題是，富人為何願意幫助一個陌生人？首先，他真的是「幫忙」，但也順便「投資」；於是，為了攤平投資成本，無論是給學生的還是給一般人的，上述這些「P2P貸款平台」，個個以高於一般借貸的利率來操作！譬如TechCrunch說QiFang的利息將在8~12%之間，「是個很不錯的回收。」 [...] [...] 問題是，富人為何願意幫助一個陌生人？首先，他真的是「幫忙」，但也順便「投資」；於是，為了攤平投資成本，無論是給學生的還是給一般人的，上述這些「P2P貸款平台」，個個以高於一般借貸的利率來操作！譬如TechCrunch說QiFang的利息將在8~12%之間，「是個很不錯的回收。」 [...]

]]> By: YouYap.com http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-2014978 YouYap.com Mon, 03 Mar 2008 20:57:55 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-2014978 I wonder if someone can scam this people trusting people they dont even know. I wonder if someone can scam this people trusting people they dont even know.

]]> By: P2P-Banking.com Blog » Qifang - p2p lending to Chinese students http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1993047 P2P-Banking.com Blog » Qifang - p2p lending to Chinese students Fri, 15 Feb 2008 19:13:38 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1993047 [...] a Techcrunch interview the concept of chinese startup Qifang.cn is explained. To deal with the problem that [...] [...] a Techcrunch interview the concept of chinese startup Qifang.cn is explained. To deal with the problem that [...]

]]> By: P2P-Banking.com http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1991916 P2P-Banking.com Fri, 15 Feb 2008 11:50:36 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1991916 Oops, sorry on second reading you mentioned that in the article Oops, sorry on second reading you mentioned that in the article

]]> By: P2P-Banking.com http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1991914 P2P-Banking.com Fri, 15 Feb 2008 11:47:35 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1991914 Michael, actually this is not the first p2p lending startup. There is at least one that launched before (last summer) http://www.wiseclerk.com/group-news/category/countries/china/ Michael,

actually this is not the first p2p lending startup. There is at least one that launched before (last summer)
http://www.wise...ountries/china/

]]> By: syawal http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1991174 syawal Fri, 15 Feb 2008 02:27:50 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1991174 +17.5 B for qifang. :) +17.5 B for qifang. :)

]]> By: Tom http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1990775 Tom Thu, 14 Feb 2008 20:56:00 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1990775 Buctrade - Fynanz is another one that is under development in the US. <a href="http://prosperlending.blogspot.com/2008/01/fynanz-to-tackle-peer-to-peer-student.html" rel="nofollow">See an interview with Fynanz CEO.</a> Buctrade – Fynanz is another one that is under development in the US.

See an interview with Fynanz CEO.

]]> By: guo http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1990332 guo Thu, 14 Feb 2008 16:23:28 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1990332 re Wei Xiao Bao Hey, dude. Are you practice your English? I be you're preparing GRE test. It's funny re Wei Xiao Bao

Hey, dude. Are you practice your English? I be you’re preparing GRE test. It’s funny

]]> By: Buctrade http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1990179 Buctrade Thu, 14 Feb 2008 14:57:35 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1990179 Very interesting concept; however, you failed to mention that this is currently under development in the United States. See the Academic Capital Exchange: www.academicapital.com Looks like they are on to something here... Very interesting concept; however, you failed to mention that this is currently under development in the United States.

See the Academic Capital Exchange:

http://www.academicapital.com

Looks like they are on to something here…

]]> By: Wei Xiao Bao http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989421 Wei Xiao Bao Thu, 14 Feb 2008 06:14:12 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989421 It's really nice to get to know a startup qifang.cn from China here from TC. Looking forward to more news about startup and investing activities in China. Thanks, Eric. Absolutely student loan is highly demanded in the China education market since the involvement from China government is very weak in this area when compared with any developed countries. So if qifang.cn succeeds, that would help more young Chinese people to get higher education which is good for every one both in short term and long term. However, I'm quite curious how qifang.cn will work out in China, given that no national credit system has been built in China so far. The losing face thing mentioned by Calvin Chin is just an emotional incentive for a student to pay the loan, which makes no business or legal sense. As far as I know, for some people who are in a disadvantaged status, they would prefer to lose face if they can try all their best efforts to avoid a loan as little as $1k. This is really bad but it is reality. With that being said, I don't think qifang.cn could be a quick win from an ROI perspective. As a common sense, investing in education is a long term thing so you can not get the return so quickly. Since I'm learning to become an angel investor, I'm quite curious when those angel investors of qifang.cn are expecting to exit this venture. Anyway, good luck to Calvin Chin and all Chinese students who are financially stressful to finish their college education. Wei Xiao Bao http://cangelor.com The China Angel Investor It’s really nice to get to know a startup qifang.cn from China here from TC. Looking forward to more news about startup and investing activities in China. Thanks, Eric.

Absolutely student loan is highly demanded in the China education market since the involvement from China government is very weak in this area when compared with any developed countries. So if qifang.cn succeeds, that would help more young Chinese people to get higher education which is good for every one both in short term and long term.

However, I’m quite curious how qifang.cn will work out in China, given that no national credit system has been built in China so far. The losing face thing mentioned by Calvin Chin is just an emotional incentive for a student to pay the loan, which makes no business or legal sense. As far as I know, for some people who are in a disadvantaged status, they would prefer to lose face if they can try all their best efforts to avoid a loan as little as $1k. This is really bad but it is reality.

With that being said, I don’t think qifang.cn could be a quick win from an ROI perspective. As a common sense, investing in education is a long term thing so you can not get the return so quickly. Since I’m learning to become an angel investor, I’m quite curious when those angel investors of qifang.cn are expecting to exit this venture.

Anyway, good luck to Calvin Chin and all Chinese students who are financially stressful to finish their college education.

Wei Xiao Bao
http://cangelor.com
The China Angel Investor

]]> By: guo http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989279 guo Thu, 14 Feb 2008 04:04:18 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989279 since China do not have a comfortable credit system, it doesn't make any sense. since China do not have a comfortable credit system, it doesn’t make any sense.

]]> By: at least Calvin Chin is not a history major http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989191 at least Calvin Chin is not a history major Thu, 14 Feb 2008 02:29:32 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989191 The irony here is profound: an American-born and Yale-educated Chinese went back to the motherland and started a company named after a quote from Mao -- a mass murderer who hated capitalism and the U. S. If a Russian were to name his company after a quote from Stalin, or a German were to pick the name of his company from Hitler's quotes, well, you get the picture... One advice for Calvin Chin: "Wake up and smell the flowers that bloom from the corpses of the millions Mao has killed." The irony here is profound: an American-born and Yale-educated Chinese went back to the motherland and started a company named after a quote from Mao — a mass murderer who hated capitalism and the U. S.

If a Russian were to name his company after a quote from Stalin, or a German were to pick the name of his company from Hitler’s quotes, well, you get the picture…

One advice for Calvin Chin: “Wake up and smell the flowers that bloom from the corpses of the millions Mao has killed.”

]]> By: jack http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989182 jack Thu, 14 Feb 2008 02:20:31 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989182 Interesting, it looks the site is still in early stage, even the solgon is copied from ppdai directly. It should be more like to lendingclub.com instead of prosper.com. ppdai will launch some specific areas, students loan is one of the areas and I believe it will be a great news for students in China. Interesting, it looks the site is still in early stage, even the solgon is copied from ppdai directly.

It should be more like to lendingclub.com instead of prosper.com.

ppdai will launch some specific areas, students loan is one of the areas and I believe it will be a great news for students in China.

]]> By: Steel http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989181 Steel Thu, 14 Feb 2008 02:19:13 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989181 I know guys who haven't rec'd a dime back from Prosper. I know guys who haven’t rec’d a dime back from Prosper.

]]> By: Denis http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989162 Denis Thu, 14 Feb 2008 02:07:56 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989162 已经留下email，期待…… 已经留下email，期待……

]]> By: 杨欣 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989155 杨欣 Thu, 14 Feb 2008 01:59:11 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989155 有了这个给学生贷款的网站，相信中国的学生能够享受到更好的教育了，关注中。 有了这个给学生贷款的网站，相信中国的学生能够享受到更好的教育了，关注中。

]]> By: Carl http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989153 Carl Thu, 14 Feb 2008 01:58:03 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989153 Perfect good. Perfect good.

]]> By: Wil http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989148 Wil Thu, 14 Feb 2008 01:48:47 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989148 It's worth noting that lenders are leaving Prosper in droves due to the horrible ROI from widespread fraud, and the fact that Prosper's customer service sucks. I think Prosper views the borrowers as the prize and has pretty much shit all over the lenders. It’s worth noting that lenders are leaving Prosper in droves due to the horrible ROI from widespread fraud, and the fact that Prosper’s customer service sucks. I think Prosper views the borrowers as the prize and has pretty much shit all over the lenders.

]]> By: 17P2P http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/comment-page-1/#comment-1989128 17P2P Thu, 14 Feb 2008 01:34:50 +0000 http://www.techcrunch.com/2008/02/13/chinese-stealth-startup-qifang-wants-to-bring-p2p-lending-to-the-mainland/#comment-1989128 Interesting 8-) Interesting 8-)

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