Banking License Strengthens 360 Finance’s Place and Helps Diversify Firm’s Ecosystem
BEIJING, June 05, 2020 (GLOBE NEWSWIRE) — 360 Finance, Inc. (QFIN) (“360 Finance” or the “Firm”), a number one digital shopper finance platform, at this time introduced that 360 Group, one in all its associates, acquired a 30% stake in Kincheng Bank of Tianjin Co., Ltd. (“Kincheng Bank”) making 360 Group the most important shareholder of the bank. Upon completion of the deal, Kincheng Bank will develop into the third Chinese language digital bank to be backed by an web big.
Kincheng Bank has lengthy been a strategic accomplice of 360 Finance and the 2 firms have collaborated in areas resembling expertise and customer support. The deal will permit each events to collaborate and understand higher synergies. 360 Finance’s main expertise within the fintech sector might be additional bolstered by the excellent monetary service choices of Kincheng Bank, which has particular experience and intensive expertise serving medium, small and micro-sized firms. The collaboration ought to assist 360 Finance to additional decrease funding prices, broaden the shopper base and enhance the loans facilitated by way of the Firm’s platform providers.
Mr. Haisheng Wu, Chief Government Officer and Director of 360 Finance, commented, “As a long-term and important strategic partner, we are excited to deepen our collaboration with Kincheng Bank. We believe this deal will allow us to generate greater operating synergies and further expand our financial ecosystem. It also showcases our determination to become the most respected fintech company in China in terms of planning for and staying ahead of regulatory compliance.”
On account of the deal, 360 Finance continues to perform its objective of minimizing regulatory uncertainties by acquiring a complete set of economic licenses, together with for on-line micro-lending, financing ensures, shopper finance, insurance coverage brokerage and fund gross sales. The acquisition of Kincheng Bank additionally offers the Firm with a banking license, which is likely one of the most troublesome and helpful monetary licenses in China to acquire.
Kincheng Bank of Tianjin was established in 2015 in Tianjin’s pilot free commerce zone, and was among the many first 5 personal banks permitted by China’s banking regulator as a part of a pilot scheme to implement monetary reforms associated to the opening of the Chinese language banking sector to non-public capital.
About 360 Finance
360 Finance, Inc. (QFIN) (“360 Finance” or the “Company”) is a number one digital shopper finance platform and the finance accomplice of the 360 Group. The Firm offers tailor-made on-line shopper finance merchandise to prime, underserved debtors funded primarily by its funding companions. The Firm’s proprietary expertise platform permits a singular person expertise supported by resolute threat administration. When coupled with its partnership with 360 Group, the Firm’s expertise interprets to a significant borrower acquisition, borrower retention and funding benefit, supporting the fast progress and scaling of its enterprise.
For extra info, please go to: http://ir.360jinrong.web/
Protected Harbor Assertion
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