For the second quarter, Yirendai reported revenue of $174.5 million, beating estimates by $16.36 million and increasing revenue 58% from the second quarter of 2016; earnings per share remained steady at $0.66 and beat earnings estimates by $0.04; the company reported loans originated of $1.2 billion in the second quarter, an increase of 80% in comparison to the second quarter of 2016. Source
Chinese fintech startup Yongqianbao has developed an artificial intelligence (AI) solution that automates credit underwriting through data-mining algorithms and AI; the fintech company will offer the service to the under-served sector; the company is currently training an AI model with over 1,000 factors for credit underwriting assessments; the firm is planning for a Series C investment round and will offer 24/7 automated credit when the platform's model is fully developed. 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
Sources have reported that Zhongan is no longer considering an initial public offering (IPO) in Hong Kong or the US due to a shifting market perspective; international interest and competitive pressures are cited as the main factors for the change in the IPO strategy; the insurance company was planning for an IPO in Hong Kong or the US sometime in the first few months of 2017; the China listing will likely delay the offering and the firm has not disclosed its new timing. Source
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