NEW YORK, March 7, 2017 /PRNewswire/ -- Fox Financial Technology Group (known as "Fox FinTech Group") is a financial technology firm set up in China, invested in by Chinese Internet firm Sohu.com Inc (NASDAQ: SOHU). Fox FinTech Group made its debut at the LendIt USA 2017 conference in New York, the world's biggest show in lending and FinTech. Founder and CEO of Fox FinTech, Alex Ho, shared his views on the latest developments and trends on the China FinTech space at the conference.
LendIt U.S. 2017 conference held its largest conference yet with over 5,000 participants in attendance from 48 different countries. The conferences brought together leaders of traditional finance institutions, emerging online lending marketplaces, FinTech disruptors and service providers. It also generated increasing interests from private equity investors and asset managers.
Fox FinTech Group started as an online lending marketplace under the brand name "Souyidai" and was one of the first companies in China to make lending decisions utilizing a proprietary credit risk management system. Utilizing its innovative credit risk management system "Wind Blade", Souyidai's business grew rapidly over the past two years. Fox FinTech Group has since expanded beyond online lending into online consumer financing, corporate credit scoring, commercial factoring, finance leasing and online integrated financial services. Fox FinTech Group will soon unveil its brand-new platform for online integrated financial services.
Fox FinTech Group's innovative "Wind Blade" credit risk management system was developed inhouse by the company. The system was the first workflow-based credit risk management system designed for the China market. It can track and assess risks throughout the entire credit cycle, taking into account thousands of risk factors. Using modules and machine-learning algorithms, the system allows for quicker and more accurate identification and management of risks. The effectiveness of "Wind Blade" in managing credit risks has been fully demonstrated through its application in Souyidai's business operations.
Transaction volume on Souyidai exceeded 10 billion yuan (USD $1.45 billion) in just 19 months since the platform launched. In 2016, its accumulated transaction volume reached 20 billion yuan (USD $2.9 billion), making it one of the fastest growing online lending marketplaces in China that year, and one of the leading players in the China's online lending space. In August, 2016, Souyidai was awarded "China's Top 50 FinTech Companies" by KPMG due to its technological strength and rapid growth.
Fox FinTech Group's spectacular growth has outpaced the industry's in the last two years helped by its affiliation with the Sohu brand, which is widely recognized in China, and an experienced management team strong in both technology and credit analysis.
Alex Ho, previously CFO of U.S.-listed ChangYou.com Limited (NASDAQ: CYOU) co-founded Fox FinTech Group with Lin Zhou, who was previously senior vice president of Sohu.com Limited (NASDAQ: SOHU) and responsible for the security infrastructure for China's official website for the 2008 Olympics hosted in Beijing. While he was CFO of ChangYou.com Limited, Alex managed over RMB 5 billion (USD $724.6 million) of assets. Since founding Fox FinTech Group, Alex was twice awarded "Man Of The Year" by the HuRun New Finance Report in 2016 and 2017 for his contributions to advancing the FinTech industry in China. He was also awarded "2016's Innovation Award" at the 21st Century Asia Finance Forum, an event organized by the 21st Century Business Herald.
"China is well ahead of other countries in FinTech," Jason Jones, president of globally renowned research institute LendIt said at the LendIt show in Shanghai in July, 2016. By market capitalization, four of the world's top five Internet finance companies are Chinese firms. The view was echoed by KMPG and investment firm H2 Ventures in their annual research report published in October, 2016.
About Fox FinTech Group:
Fox FinTech Group, a member of Sohu Group, first commenced its business in 2014 as an online loans marketplace under the brand "Souyidai". Fox FinTech Group has since expanded into a broader platform, encompassing services for online lending, consumer finance, data-focused credit analytics, commercial factoring, and finance lease, etc. It houses several brands that includes SoEasy, LittleFox Installment Loans and CloudFox Credit. Fox FinTech Group has plans to launch a brand new online integrated financial management platform, as it continues to find new applications of innovative technologies across different areas of financial services.
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SOURCE Fox Fintech Group