Market entry conditions for peer-to-peer lending companies under United Kingdom law and lessons for Vietnam

Peer-to-peer lending (P2P lending) is a rapidly growing FinTech model that creates new financing opportunities but also poses risks to investors and financial markets. Based on an analysis of United Kingdom law, this study clarifies market entry conditions for P2P lending companies and examines the requirements for authorization by the Financial Conduct Authority (FCA). These include legal status, operating authorization, minimum financial resources, managerial and governance competence, risk assessment and information transparency, and arrangements to ensure platform continuity. Drawing on the UK experience, the study proposes recommendations for Vietnam concerning specialized licensing mechanisms, the legal status of P2P lending companies, financial-capacity requirements, governance standards, and wind-down arrangements. These recommendations aim to establish a risk-based regulatory framework while supporting FinTech innovation and protecting market participants.