> And the result today is that all these p2p apps look awfully a lot like banks, but less encumbered by regulations because they don't do everything that banks do.
They don't just look, they are banks (or has a bank they outsource the regulated activity to). This is a piece they're not too keen on disclosing, except in very tiny print, as they wouldn't like their user to realize they can go and complain to the regulator regulating their companies when they leave their customers high and dry.
They don't just look, they are banks (or has a bank they outsource the regulated activity to). This is a piece they're not too keen on disclosing, except in very tiny print, as they wouldn't like their user to realize they can go and complain to the regulator regulating their companies when they leave their customers high and dry.