NEW YORK, March 9, 2017 /PRNewswire/ -- As the innovation story of Chinese Fintech companies sweeps the globe, CredEX Fintech, a mobile app for personal loans, has come into the international spotlight, following its predecessors WeChat, Alipay, and DJI. At LendIt USA 2017, CredEX Fintech announced new achievements in the Chinese market. Just 10 months after its launch, CredEX Fintech registered over 5 million customers, with its credit line exceeding RMB 21 billion (USD 3 billion), and its daily extended loans totaling more than RMB 100 million (USD 14.4 million).
CredEX Fintech was invited to participate in a panel discussion at LendIt moderated by LendIt co-founder Peter Renton. The panel, Comparing US and China Regulatory Environments for Fintech Innovation featured Jo Ann Barefoot, the former OCC president and a Harvard Senior Fellow, and CredEX's Chief Risk Officer Liyong Zhou.
"CredEX Fintech launched in 2016 and has experienced an overwhelming demand from Chinese consumers," said Liyong Zhou, Chief Risk Officer, CredEX Fintech. "Until a few years ago, most Chinese consumers relied on cash, but now they can use our app and receive a sizeable personal loan in less than three minutes and repay at anytime. This speed was unheard of in China until we launched. We chose to participate in LendIt this year to explore new market opportunities for our product on a global scale."
"CredEX is a pioneer in both its business model and applied technology. Chinese companies are growing much faster than U.S. companies in this area," said Jo Ann Barefoot, Professor, Harvard. "Although we should remain cautious on Fintech innovations, we are actually falling behind in the Fintech area. U.S. Fintech companies need to be more open to learn from other fast growing countries, especially in technology."
CredEX Fintech's unique business model was first recognized in the United States by The Wharton School, becoming the first Chinese fintech company selected as a financial case study in the business school's curriculum.
For more information, please visit www.lendit.com.
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/credexs-rmb-300000-usd-40000-loan-in-3-minutes-changed-the-way-13-billion-chinese-borrow-300420976.html
SOURCE CredEX Fintech