Reuters is reporting today that according to an internal memo Dianrong is...
News Roundup
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The Chinese p2p lender has laid off as many as 2,000 employees...
Chinese P2P lender Dianrong is looking to implement blockchain across their entire company to enhance transparency and security for their customers; this is in addition to a recently announced partnership with Taiwan-based Foxconn to launch a blockchain startup called Chained Finance; according to CoinDesk Dianrong's blockchain plans are detailed on their website and they explain using an ethereum-based solution designed to facilitate tamper-proof loan contracts, donations to charity and credit management; Dianrong is also rumored to go public sometime in the near future, though IPO talk has been discussed for a few years. Source
P2P loan originations for Chinese online lender Dianrong more than doubled from 2015 to 2016; the platform reported 2016 originations of 16.2 billion yuan ($2.3 billion) and the firm plans to continue growing its market share as regulations help the success of established P2P lending firms in China; Dianrong's co-founder and co-CEO, Kevin Guo, talked with Reuters about the firm's growth and China's evolving market; says smaller firms will have difficulty staying in business and that Dianrong plans to grow significantly in the near-term with a new funding round and the goal to grow loan originations by 50% annually over the next three to five years. Source
Dianrong and FinEX Asia have launched Asia's first fintech asset management platform; established in 2017, FinEX Asia connects Asian investors with US consumer lending assets, such as credit card loans, giving Asian investors access to a diverse portfolio of US consumer credit investments; FinEX Asia's fintech solutions offer risk modeling capabilities, blockchain data security, performance monitoring and secondary marketplace liquidity. Source
Dianrong.com was ranked among the top three lenders in the October 2016 Online Lending Platform Development Index Rating provided by Wdzj.com and Yingcan Consulting; compliance and transparency were two key factors helping the company's ranking; in compliance the company reported the highest score for all companies in October at 81.49. Source
China’s top ride sharing app Didi Chuxing has made the move into financial...
Bloomberg reports on Goldman Sachs’ new San Francisco office culture which has no dress code and offers kombucha in the break room; Jeff Winner was hired this year to run the office which aims to employ 80 people; Winner leads the engineering team behind their successful consumer brand Marcus; with their new office location they will compete for talent from names like Google and Amazon. Source
Fintech savings app Digit launched an instant withdrawals feature with the help...
When Digital launched in 2015 the company used chatbots to help users save money; Ethan Bloch, founder and CEO of Digit tells American Banker “We think chatbots haven’t lived up to their promise,” he said. “So we are done believing they will.”; the company has started using graphical interfaces that users tap for information instead of having them type in queries; this is the second change to the app recently, following the recent decision to charge users. Source.