Under the Internet Plus policy, Chinese Internet Plus finance has been witnessing a boom time. There have also been many concerns, in particular with disputes arising out of P2P (peer to peer) transactions.
In a typical P2P transaction, the lender and the borrower are unknown to each other. They sign their contract through a P2P platform, an online lending information intermediary institution that provides a ‘matchmaking’ service on the internet. If the borrower fails to repay the money, a third party in partnership with the P2P platform may “buy back” the lender’s rights and then become the assignee of the rights. Finally, if the assignee files a claim against the borrower in an arbitration case, it has to show the whole process of the transaction to the arbitral tribunal. Therefore, whether the money has been really paid back to the lender becomes the key fact.
For risk control, P2P platforms must co-operate with a fund custodian, as the custodian of the funds of lenders and borrowers. So in a P2P dispute, the data from the fund custodian that prove the flow of funds become the only way to prove the key fact above. Therefore, these data are the key evidence.
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Wang Weiyi is the case manager of Beijing Arbitration Commission/Beijing International Arbitration Centre
