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A woman walks past a closed branch of peer-to-peer lender Ezubao in Huaibei, Anhui Province, in 2016. The company turned out to be a Ponzi scheme that collected over $9 billion from investors.

China's wild online lending frontier tests regulators

As the industry swells, Beijing scrambles to weed out fraudsters and Ponzi artists

HENNY SENDER, Nikkei Asian Review columnist | China

HONG KONG -- By some accounts, it was only when stock exchanges on both sides of the Pacific began sparring to win the mandate for the expected $100 billion flotation of Ant Financial, an arm of Alibaba Group Holding, that regulators in China realized just how big internet finance had become in the country.

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