Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge, affiliation not provided to SSRN, affiliation not provided to SSRN, affiliation not provided to SSRN, University of Cambridge - Cambridge Centre for Alternative Finance, Singapore Management University - Lee Kong Chian School of Business, University of Cambridge - Cambridge Centre for Alternative Finance, affiliation not provided to SSRN, University of Cambridge - Cambridge Centre for Alternative Finance, University of Cambridge - Cambridge Centre for Alternative Finance, University of Cambridge - Cambridge Centre for Alternative Finance, University of Cambridge - Cambridge Centre for Alternative Finance, University of Cambridge - Cambridge Centre for Alternative Finance, Cambridge Centre for Alternative Finance, Judge Business School, University of Cambridge, University of Cambridge - Cambridge Centre for Alternative Finance, Bill and Melinda Gates Foundation, Cambridge, Financial Conduct Authority, Independent, National University of Singapore (NUS) - Faculty of Law and Fudan University - School of Economics

affiliation not provided to SSRN, University of Cambridge - Cambridge Centre for Alternative Finance, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge, Singapore Management University - Lee Kong Chian School of Business, affiliation not provided to SSRN, University of Cambridge - Cambridge Centre for Alternative Finance, affiliation not provided to SSRN, MicroSave, affiliation not provided to SSRN and MicroSave