We recently published a post here outlining several concerns that we have about Twino. They have the potential to become a very good platform. It has a good marketing team and it generally receives positive media coverage. However, we can not recommend the platform currently. We think Twino needs to improve its transparency and the quality of information it provides to investors. The quality of data provided about loan performance is poor and significantly less than competitors. The financial disclosures are out of date and inadequate. The reason why it is important to understand the situation is that most investors on the platform end up becoming creditors of Twino. This is because a high percentage of loans default. The payments on the defaulted loans are then repaid by Twino over a period up to 2 years. This means that investors rely on Twino being able to make these payments. Investors are also unable to sell any of the loans that have defaulted whose payments have been guaranteed. We are monitoring the situation, and if steps are taken to address the various concerns we have, we will update our rating.