BEIJING, Sept. 27, 2016 /PRNewswire/ -- Yirendai Ltd. (NYSE: YRD), a leading online consumer finance marketplace in China and a subsidiary of CreditEase, has been elected as one of the inaugural member companies of the Internet Financial Industry Information Sharing Platform (IFIISP) on September 9 in Beijing.
IFIISP was launched by China Internet Finance Association (CIFA) and aimed to track credit information in the industry, enabling member companies to cross-examine credit conditions of loan applicants from multiple angles, preventing "multiple loans", reducing default rate and business risks, ensuring legal compliance and improving information verification processes.
The entry threshold of the new platform is extremely high. 36 member companies in the fields of internet banking and consumer finance etc. of the CIFA were selected into a training camp of the information sharing platform and filed trial applications on April 14, 2016, while only 17 companies were admitted into the platform at its inauguration as the result.
Yirendai's membership does not come from nowhere; Yirendai has been proactively maintaining communications with regulators and keeping pace with regulatory requirements. Especially in third party bank custodian requirement, the company was the first to connect its system to its bank partner GuangFa Bank. Meanwhile, the successful IPO of Yirendai on New York Stock Exchange was a milestone for the entire industry, providing benchmarks for compliance, self-discipline, information disclosure and technology to the Chinese internet financial industry.
The launch of the IFIISP marks an important step forward for the industry's self-regulation, and a further improvement of the functions of CIFA. As a building block of China's credit information system, that enables the healthy advancement of FinTech industry in China.
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.
CreditEase is a leading FinTech company in China, specializing in small business and consumer lending as well as wealth management for high net worth and mass affluent investors. It is a Standing Committee member of China's Internet Finance Industry Association and Chairman of Beijing Marketplace Lending Association. Its majority owned subsidiary Yirendai (NYSE: YRD), an online consumer finance marketplace, is listed on the New York Stock Exchange.
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