Crowdfund Insider provides a roundup of news occurring in China's alternative finance market; the China Banking Regulatory Commission has released more details on its guidance for online lending partnerships with custody banks; also noteworthy is the potential initial public offering in the US by China Rapid Finance. Source
Zane Wang concluded the LendIt USA keynote speeches with a presentation on China Rapid Finance's business growth in China; the firm's online lending business has grown steadily as a leading provider of online loans for consumers; Wang discussed China's credit market infrastructure and credit bureau development; Wang also noted the market opportunity from emerging middle-class mobile active consumers (EMMAs) which are a primary target market for China Rapid Finance; also of high importance in China is the use of big data; Wang reported that China Rapid Finance has been able to achieve its success by using predictive selection technology solutions derived from machine learning and big data algorithms. Source
China Rapid Finance currently has 1.2 million borrowers on its platform and is seeking to triple its users; it recently received $70 million in funding which will help to support the growth; also wants to increase its users to 10 million over the next two to three years; the firm says it is well positioned to manage new regulations from the Chinese government and it is developing its platform to more broadly target the needs of the country's 500 million residents. Source
Zane Wang shares the contrast of consumer finance in the US and China from 2000 to 2017; in 2000 China had no credit bureau, no decisioning engines but there was a vast market opportunity; this is the opportunity that China Rapid Finance has capitalized on; in recent years there have been many developments in China with more people covered by the credit bureaus and in consumer finance/credit cards; Wang shares the tremendous growth potential that still exists in the Chinese market and their focus on the emerging middle-class mobile active. Source
Two weeks ago I wrote about China Rapid Finance and their plans to go public. I shared information about their...
The partnership with Sino Guarantee will provide lending capital of RMB 500 million to China Rapid Finance also helping the marketplace lender to develop and offer lending products on wealth management platforms; Bank of Shanghai will also provide capital support as well as payment channels and fund custody services. Source
In late March, 2017 we learned that Chinese online lender China Rapid Finance filed to go public, hoping to raise...
Marketplace lender, China Rapid Finance, has now surpassed the one million mark in terms of borrowers; they are considered the largest consumer lender in China in terms of loans facilitated; the company has lent out 8.8 million individual loans since inception and believes their focus on emerging middle-class mobile active consumers, or EMMAs, sets them apart; the EMMA population typically has no credit history and is estimated at around 500 million people in China, the world's largest untapped consumer credit market. Source
With the huge amount of data available today is large scale borrower fraud a thing of the past? Peter Renton,...
China Rapid Finance (CRF) reports Q2 EPS of $1.93; revenue for the quarter came in at $15.15 million versus the consensus estimate of $10.46 million; for the full year ending December 31, 2017, CRF expects to add between 2.5 to 3.0 million new borrowers, representing a year-over-year growth rate of 350% to 400%; CRF also expects total gross billings on transactions and service fees to be in the range of $110 to $120 million in 2017, as compared with $67.9 million in the prior year. Source