Yirendai Ltd, a leading online consumer finance marketplace in China, today announced that the Company has entered into a framework agreement with China Zheshang Bank Co., Ltd, and CreditEase Pucheng Credit Assessment and Management (Beijing) Co., Ltd. (“CreditEase Pucheng”), a CreditEase group company.
Under the Agreement, Yirendai will assist the cooperation between Zheshang Bank and CreditEase Pucheng on providing financing services to individual consumers, utilizing Yirendai’s advantages in online lending and risk management skills.
“I am pleased to announce the cooperation between Yirendai and Zheshang Bank in the field of microloan lending and consumer finance,” said Ning Tang, Yirendai’s Executive Chairman. “This cooperation illustrates Zheshang Bank’s recognition of our strong online operation capabilities. It will provide the opportunity for individual borrowers to receive lower cost funding. “
Established in 2004, Zheshang Bank is a national joint-stock commercial bank headquartered in Hangzhou, Zhejiang Province of China. Through its more than 130 branches in 13 provinces and municipalities in China, Zheshang Bank provides a broad range of financial and banking services for a large number of businesses and individuals.
“Microloan and consumer financing market has been an important segment for us,” said Chunxiang Chen, Vice President of Zheshang Bank. “By leveraging Yirendai’s extraordinary capabilities of online borrower acquisition, credit scoring and risk management, we are confident to quickly expand our scale of microloan and consumer financing, and capture the enormous business opportunities ahead.”
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance marketplace in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai’s online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns.