BEIJING, March 25, 2016 /PRNewswire/ -- Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the "Company"), a leading online consumer finance marketplace in China, today announced that CreditEase, Yirendai's parent company, was elected as a standing council member of the Association of China Internet Financial Industry (the "ACIFI" or the "Association"), a self-regulatory organization created to formulate regulation and enhance supervision of China's internet finance industry. The Association will work actively to promote self-regulation of the internet finance industry and support Chinese internet finance companies in improving their management and compliance practices.
The ACIFI was established by a group of regulatory authorities led by the People's Bank of China, including the China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission. The Association's first board of executors and supervisors were elected during the inaugural ceremony and general assembly which were held in Shanghai on March 25, 2016.
CreditEase was elected as an ACIFI standing council member during the general assembly. CreditEase's election to the council was in recognition of its strong internal controls and compliance practices as well as the innovative services it provides. In its capacity as a standing council member, CreditEase will help lay a solid foundation for the industry's sustainable and healthy growth by working with other ACIFI members to accelerate the creation of industry standards and promote self-regulation.
"The establishment of the ACIFI is critical for the healthy development of the entire industry," commented Mr. Ning Tang, Executive Chairman of Yirendai, Founder and Chief Executive Officer of CreditEase. "As a leader in China's Internet finance industry, CreditEase is dedicated to creating a sustainable foundation for the industry to grow upon. We look forward to working closely with our fellow ACIFI members as we work to refine our platform into a benchmark for the industry."
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yirendai's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yirendai's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yirendai's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yirendai's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yirendai does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance marketplace in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit yirendai.investorroom.com.
For investor and media inquiries, please contact:
Hui (Matthew) Li
Director of Investor Relations
Phone: +86 (0) 10-59001548
Phone: +1 (480) 614-3004
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SOURCE Yirendai Ltd.