BEIJING, March 15, 2017 /PRNewswire/ -- At a glimpse of the online shopping spree on Tmall.com on Nov. 11, 2016, CredEX Fintech was taken aback by the rapid development of the Internet industry. However, what is unexpected is that in China's financial world, a financial app launched just about one year ago has attracted so much attention from global financial media at the LendIt Conference with such astounding statistics. This company is CredEX Fintech from China.
This is an age of Internet. Within just 20 years, China has been home to three great successes, namely Baidu, Alibaba and Tencent (BAT); and on the fertile soil of the Fintech market, CredEX Fintech has emerged.
It's hard to imagine: when you urgently need to borrow a big sum of money, you just log onto a mobile app, submit your application, withdraw and later repay the money at the mobile client side; and you can borrow up to 300,000 RMB within a matter of 3 minutes. This seems unbelievable. But CredEX Fintech has made it come true, which has been selected by Wharton Business School as the only Chinese financial case.
At the LendIt USA Conference in New York, CredEX Fintech was also invited to participate in a round-table forum chaired by Peter Renton, founder of the LendIt Academy, with the presence of Jo Ann Barefoot, former Deputy Comptroller of the Currency (OCC) of the US and a professor at Harvard University, to discuss Fintech innovations and developments in China and US.
CredEX Fintech Leads the Global Fintech Industry with the Five Innovations of Its First-Ever Mobile Loan App around the Globe
CredEX has disruptively deciphered the five difficulties for the global credit sector, i.e., difficulties in application, approval, use, repayment and re-borrowing, freeing borrowers from traditional loan experience, including tedious submission of credentials, multiple waiting periods, and high communication costs, etc. Going deep into the logic behind the product, we can find that there are five innovations supporting its functionality:
Innovation 1: The First Mobile Loan App in the World Creates Brand-New User Experience
Up to now, it is still impossible to go through all procedures for a credit loan just through a mobile phone in the US. While in China, the original mobile loan app by CredEX Fintech has really made it come true, and with the application, withdrawal and repayment procedures for credit loans all completed on-line, it takes only up to 3 minutes to get a credit line as high as 300,000 RMB.
Innovation 2: Repay as You Want, Saying Goodbye to Bundling or Restrictive Modes
In the credit market of either the US or China, most loan products have fixed repayment periods and modes, and borrowers must follow agreements; otherwise, if a borrower chooses to repay a loan in advance, he or she must pay a certain sum of default fine. While CredEX Fintech has adopted a "Repay-as-You-Want" mode of repayment, which supports not only adjustment of repayment periods and repayment dates but also repayment in part or in total, without any default fine, which greatly lowers the costs of the use of money for borrowers.
Innovation 3: Individualized Interest Rates and Smart Customized Service
CredEX Fintech has been the first to apply individualized interest rates for different borrowers. It dynamically tracks the credit status of borrowers so that their credit limits and rates can be dynamically adjusted in line with their credit ratings.
Greatly impressed with the design of the product by CredEX Fintech, Prof. Jo Ann Barefoot said, "The product offering by CredEX Fintech from the perspective of users is undoubtedly leading in the world." (subject to actual comments)
Innovation 4: The Risk Control System for the Mobile Internet Solves a World-level Difficulty
In a Wall Street Journal report in October, 2015, there are such words, "CredEX Fintech solves a world-level difficulty in mobile Internet risk control." It is known that there are three pillars for the risk control system of CredEX Fintech: fraud prevention and detection, for precise identification of the authenticity of user data, and for interception of fraud; the credit evaluation system, for the conversion of information into digital ratings by taking advantage of big data and at millisecond-level calculation speeds; and the life cycle management system, for dynamic evaluation of the credit status of users and therefore dynamic adjustment of their ratings based on everyday financial transactions and non-financial transactions of users.
Innovation 5: "A Link between Banks and Individuals" as a Unique Business Model
The achievement of CredEX Fintech is closely related to its unique business model. CredEX Fintech itself does not touch the money. Standing between banks and individuals, it only serves as an intermediary between financial institutions and individual borrowers.
Peter Renton, the founder of the LendIt Conference, said, "The year 2017 will feature consolidation of the Fintech sector, and cooperation with banks as an emerging business model in the sector is gaining popularity." Obviously, CredEX Fintech has become a leader in this trend.
Leading the World with Its Five Innovations, CredEX Fintech Mobile Loan App Refreshes Industry Records and Arouses Reflection by a Harvard Finance Professor
Statistics indicate that the number of users of the CredEX Fintech App has exceeded 5 million since its launch 10 months ago, and the total credit extended has exceeded 30 billion RMB, with daily credit extended up to 100 million RMB and the average credit extended standing at 60,000 RMB, which is far above that by an ordinary credit company with its business based on online services. The performance of CredEX Fintech in the Chinese market has astounded us.
When referring to "how to draw experience from CredEX Fintech with a foothold in the US credit sector," Prof. Jo Ann Barefoot pointed out that "there could be a reshuffle for the Fintech sector within the next year, and we admire CredEX Fintech in that it boasts a security defense system comparable to the internal system of any bank around the globe in operation at the moment. The big data credit evaluation system, user experience enhanced by AI and all kinds of innovations and improvements all deserve our learning and reflection."
A mobile app for personal loans that supports borrowing and repayment anytime, allowing customers to borrow as much as RMB 300,000 (USD 40,000+) just within three minutes on their phone. CredEX Fintech tackles five key problems within the traditional global loans industry: difficulties in application, approval, money withdrawing, repayment, and re-borrowing. A closer look reveals that the prowess of CredEX Fintech is underpinned by its five disruptive innovations: the mobile app, supporting borrowing and repayment anytime, taking the lead in personalizing interest rate, the mobile Internet risk control system and a unique business model of connecting financial institutions with borrowers.
Melissa Barto for LendIt
JCUTLER media group
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SOURCE CredEX Fintech