GIC invests in Chinese P2P lender

It led the $220m funding round for lending platform Dianrong.

Singapore sovereign fund GIC has led the $220m funding round for the Chinese peer-to-peer lending platform Dianrong along with other investors to fund R&D in China and potential ventures elsewhere in Asia.

Reuters reported that other investors in the funding round included CMIG Leasing, a unit of China's biggest private investment conglomerate China Minsheng Investment Group (CMIG), and South Korean fund manager Simone Investment Managers, Dianrong said on Wednesday.

The Shanghai-based firm will use the funds to automate some of its new branches across China, for research and development and potential acquisitions, Dianrong's co-Chief Executive Soul Htite told Reuters.

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