Posted date: January
Original source: http://www.businesswire.com/news/home/20170108005017/en/China-Rapid-Finance-Partners-Tencent-Licaitong-Investment
SHANGHAI–(BUSINESS WIRE)–China Rapid Finance Limited (“CRF” or “We”), China’s largest consumer lending marketplace by number of loans facilitated, is cooperating with Tencent’s wealth management platform, Licaitong, to provide new investment products offering more choices for individual investors.
The initial amount, totaling more than RMB 27 million, immediately sold out within two hours of the launch online. With China Rapid Finance as the screening party for the underlying assets, the first-phase products on Tencent’s Licaitong platform included fixed-term financial products with maturities of 9 months, 12 months, 15 months and 18 months. The expected annualized returns are, respectively, 4.65%, 5.03%, 5.63% and 6.19%.
“Our first cooperation with Tencent’s Licaitong platform is a great start, and we hope to further expand our cooperation with Tencent in the future,” said Dr. Zane Wang, CEO of CRF. “With this partnership, Tencent users will have multiple investment choices. The cooperation also helps to better serve our Emerging Middle-class, Mobile Active consumers, or EMMAs.”
Licaitong is Tencent’s wealth management platform, which is accessible via WeChat wallet and QQ wallet. Based on advantages in risk management and product design from both sides, this cooperation provides Tencent users with quality investment opportunities and a transparent investment environment.
“This collaboration between CRF and Tencent’s Licaitong platform will support the development of inclusive finance in China,” added Dr. Wang.
As a pioneer and market leader in consumer credit in China, CRF is making efforts to bring affordable credit to the estimated 500 million EMMAs, who have no credit histories and can’t borrow money from traditional financial institutions. By facilitating small consumption loans for EMMAs, CRF helps its users to build credit histories.
To reach the EMMA population, CRF has developed innovative and proprietary technologies using machine learning and big data algorithms to analyze non-traditional and unstructured data from its multiple data channels. Its advanced predictive selection, credit scoring and automated decisioning technologies enable CRF to accomplish large-scale acquisition of qualified EMMA borrowers at low cost and low risk.
About China Rapid Finance
China Rapid Finance Limited began its operations in 2001, and is the largest consumer lending marketplace serving China’s emerging middle class, based on number of loans. The Company is a recognized innovator with a proprietary Big Data analytics technology platform and a proven track record in credit risk management and transparency. CRF leads the industry by having facilitated more than 10 million loans as of early December, 2016.