SHANGHAI, Nov. 27, 2015 /PRNewswire/ -- Dianrong.com, the leading Chinese peer-to-peer (P2P) lending platform, and Hanwha S&C announced on Nov 25, 2015 that they have signed a Memorandum of Understanding (MOU) which formalizes the intention of a strategic partnership to pursue a FinTech solution business and other businesses related to internet finance.
The MOU was signed by the founder and CEO of Dianrong.com and the CEO of Hanwha, which emphasizes the importance of this cooperation for both companies. At the same time, executives from Dianrong.com also attended the ceremony, including COO and CFO Xuxia Kuang, CTO Ling Kong, CMO Jing Pan and Senior Vice President for banking solutions department Eddie Zhu.
According to the MOU, they will incorporate a joint venture company targeting internet finance solutions and marketplace lending business in South East Asia. The company will formally begin operations during the first half of 2016.
Dianrong.com and Hanwha S&C began discussions regarding this cooperation starting in April of 2015. After the numerous exchanges of views between the two companies, they reached an agreement. The joint venture company will combine Dianrong's advanced technologies and Hanwha's profound knowledge of finance to become a comprehensive fintech solution provider in the long term.
The Hanwha Group is Korea's 9th largest conglomerate, generating over $42.6 Billion in 2014 from 56 subsidiaries and 190 affiliates spread across the globe from industries such as manufacturing, construction, finance and solar. Hanwha is a global leader in solar power and also a financial powerhouse in Asia. Total assets equate to $156 billion.
"Dianrong always looks for high quality partners. A good partner for Dianrong is one that truly believes that internet finance is the future. The partner should also be very large and have a good understanding of local traditions of finance in the location where we are considering. "Soul Htite, founder and CEO of Dianrong.com, said, "We like Hanwha a lot because they have been doing business in Korea for a very long time. The company is at a stage where its management believes that the next step is about to happen. We would like to be part of the next step."
Moonho AHN, the CMO of Hanwha S&C, commented," Dianrong is the most qualified marketplace lending platform due in part to it boasting the latest internet finance technology and also being led by an accomplished and diverse team. We're hopeful that Dianrong and Hanwha will achieve synergy and growth by integrating Hanwha Group's strength in financial services and ITO, and Dianrong's expertise in marketplace lending."
Dianrong was founded in 2012, and is China's leading internet finance company. Since its inception, Dianrong has been committed to leveraging its key technological capability to build an efficient, transparent, and user-friendly marketplace lending platform. Dianrong would like to bring innovations to the traditional lending business, with lower borrowing costs and higher investment returns for all clientele.
Dianrong is a China's leading Internet financial services company headquartered in Shanghai. Named the "Lending Club of China", the company was founded in 2012 by Soul Htite, co-founder and former Head of Technology at Lending Club, who joined efforts with Kevin Guo, a PE fund partner and a lawyer from Shanghai to create China's most innovative financial solutions offering. With over 2,000 employees and 27 offices across China, Dianrong.com focuses on two distinct businesses:
1. The online marketplace: the platform www.Dianrong.com facilitates personal and business loans by connecting quality borrowers to millions of potential lenders in China through powerful, easy to use and secure internet infrastructure. They use technology to lower cost of acquisitions, operations and loan servicing, and such cost benefits have been passed on to borrowers in the form of lower rates, as well as investors in the form of more attractive returns.
2. Banking solutions services: This business unit focuses on assisting large financial institutions to transform their operations from a traditional model to a modern Internet finance enabled business. Their offering combines technology with risk management techniques on a platform that they have built and operated over the past few years.
Since its inception in 2012, Dianrong has built a trusted brand with a track record of delivering exceptional value and satisfaction to borrowers, lenders and business partners. Dianrong has been featured widely in the local and global media, and has been named one of the most promising, fastest growing Internet companies in China.
Giants of the capital and banking market have backed Dianrong.com; it has received funding from Tiger Global PE, Northern Lights VC, Standard Chartered Private Equity Limited, Bohai Leasing, China Fintech Fund (the fund that was founded by China Minsheng International Capital and Guangfa Investments) and Max Giant Capital Limited.