Anupam,

Thanks for visiting our blog.

Your question is a critical one facing the P2P lenders. In the specific case of China, data has become increasingly available in terms of individual borrowers' credit worthiness, which is one of the reasons why P2P had some tremendous growth in recent years. We touched on this in an earlier blog post as well, so feel free to check it out. (https://blogs.stage.cfainstitute.org/investor/2016/10/20/the-fintech-ef…)

Warm regards,
Larry