Yirendai

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

The new agreement with PICC P&C would provide Yirendai with a performance bond for certain loans originated through their marketplace; PICC P&C agreed to reimburse investors should any losses occur because of due diligence issues; Yihan Fang, CEO of Yirendai, said, "We are pleased to begin working with PICC P&C on performance bond. We believe a strong alliance between our two industry-leading companies will enable us to provide higher quality products and services to our customers to better serve the large demand for personal finance."  Source

Though fairly young, fintech in China has really taken off the last few years as Yihan Fang, CEO of Yirendai explained in her LendIt USA 2017 keynote; when compared to other industries like insurance, fintech has shown a great deal of promise; payments have become widespread, online lending is growing steadily and new technologies like blockchain have taken off; this has allowed Yirendai to help the underbanked and create a credit data infrastructure; after a few high profile fraud cases the government has started to regulate the industry closely and the number of lenders has been consolidated; Yihan is optimistic about the future, she expects to be lending $15 billion per year by 2020 and hopes to increase the average assets under management of each high net worth investor on their platform.  Source