Great innovation and story from China. Since Kiva or a Kiva-like platform couldn't be launched in China due to its monetary policy, two entrepreneurs started Wokai, a nonprofit organization. More from Springwise:
"Dedicated to raising capital from around the world for entrepreneurs in rural China, Wokai works with field partners to select candidates for loans. Using a system that's similar to Kiva, people can browse a list of potential borrowers on Wokai's website, donate their chosen amount, and then track the recipient's progress through Wokai. Since they can't be paid back to the donor, loans are recycled: when a recipient pays back a loan to Wokai, the donor can select another farmer or entrepreneur to support. So far, Wokai has raised USD 42,766 for loans to 159 recipients. Many donors have business or family ties to China."
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