NEW YORK, October 25, 2017 /PRNewswire/ --
A research report by Transparency Market Research, predicts that the global peer-to-peer (P2P) market lending valuation will reach US$897.85 billion by 2024, as it expands at a significant CAGR of 48.2% from 2016 to 2024. Technological advancement plays a crucial role in the market, as the P2P lending becomes more depended on new financial technologies over time. In today's market, borrowers can log on to seek funding and get instant updates such as completion of the process or the funds received in the bank account. Fintech makes the process efficient and more convenient. Fintech is expected to occupy most, if not all the segments of the financial industry. According to PWC, FinTech has evolved from startups that want to compete with investment banks at creating a broader ecosystem of different businesses. As a result, FinTech companies create an ecosystem that controls vast amounts of data and builds trusted relationships with clientele. Dragon Victory International Limited (NASDAQ: LYL), Enova International Inc (NYSE: ENVA), Fiserv, Inc. (NASDAQ: FISV), Yirendai Ltd. (NYSE: YRD), Qudian Inc. (NYSE: QD).
A Markets and Markets research report points out the importance innovation is going to play in the future growth of the Fintech market. "The AI in Fintech market is said to have a potential scope for growth in the years to come due to the changing technology, which is improving the business processes of financial service providers. The growing internet penetration and availability of spatial data are some of the major driving factors for the market. The AI in Fintech market size is expected to grow from USD 959.3 Million in 2016 to USD 7,305.6 Million by 2022, or at a Compound Annual Growth Rate (CAGR) of 40.4%. The base year considered for this study is 2016, and the forecast period considered is between 2017 and 2022," according to the research.
Dragon Victory International Limited (NASDAQ: LYL) announced today that, the Company has entered into a Strategic Cooperation Agreement (the "Agreement") with Shenzhen 708090 Investment and Development Co., Ltd ("708090"), a leading provider of shared workspace, community, and services for entrepreneurs, freelancers, startups and small businesses, to promote incubation services.
The purpose of signing the agreement between the two parties is to help startups, especially for college students' entrepreneurial ventures, grow to the next level. Pursuant to the Agreement, 708090 will not only provide startups with office spaces, facilities and logistics, but also provide support in due diligence, preference policies, media outreach, projects docking as well as financial aid. LYL will provide comprehensive strategic planning, marketing, connections, mentoring and business services, such as business registration, accounting, legal, human resources, and market research to entrepreneurs.
The cooperation between LYL and 708090 includes many business initiatives, which allows the Company to share 708090's significant resources to explore business opportunities in Guangzhou and Hong Kong. LYL and 708090 will work together on continuing business model innovation and build the Company's brand awareness to achieve enhanced marketing and continued growth.
Mr. Yu Han, Chairman and Chief Executive Officer of Dragon Victory International Limited, commented, "Our partnership with Shenzhen 708090 Investment and Development Co., Ltd reinforces our commitment to serve entrepreneurial ventures in our incubator by striving to expand cooperation with governments and chambers of commerce. The cooperation agreement opens doors to exciting opportunities for Chinese startups and helps entrepreneurs to realize their career dreams. We plan to establish a most influential college students' entrepreneurial incubator in Guangzhou and have some key government projects in 2 years. We see this partnership as our latest step in advancing Dragon Victory's stature as a leader in entrepreneurship."
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. On October 24th, Fiserv announced that Regions Bank will expand their digital money movement capabilities with the addition of person-to-person payment and account-to-account transfer solutions from Fiserv. "Consumer expectations for quick, simple and seamless money movement are advancing faster than ever before," said Tom Allanson, President, Electronic Payments, Fiserv. "Regions Bank is delivering a holistic set of capabilities that makes it easy for their customers to move and manage their money in a way that fits their life."
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance marketplace in China connecting investors and individual borrowers. On June 15th, Yirendai announced that it was awarded the Best P2P Lending Platform in ChinaAward at The Future of Finance Summit (the "Summit") held in Singapore. Yirendai is the first FinTech company in China to receive this prestigious reward. "Yirendai's recognition as the best P2P lending platform in China is a clear demonstration of the progress we have made in executing our sustainable business growth, consumer brand building and strong partnerships strategies as well as our industry leading position in China's FinTech industry," commented Ms. Yihan Fang, Chief Executive Officer of Yirendai.
Qudian Inc. (NYSE: QD) is a leading provider of online small consumer credit in China. The Company uses big data-enabled technologies, such as artificial intelligence and machine learning, to transform the consumer finance experience in China. The company recently emphasizes Its collection efforts and pricing policy. The Company's collection efforts extend to every delinquent borrower. The Company's collection process is divided into distinct stages based on the severity of delinquency, which dictates the level of collection steps taken. As part of the major upgrade of the Company's risk management system in January 2017, the Company has developed a machine learning algorithm to better allocate collection resources based on more detailed grouping of larger delinquency risk. Higher risk groups are allocated with more collection resources as the likelihood of their outstanding balance becoming longer-term delinquent or even uncollectable is generally higher. The Company expects to both improve its collection efficiency and reduce delinquency under this algorithm.
Enova International Inc (NYSE: ENVA) is a leading provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has provided almost 5 million customers around the globe access to more than $20 billion in loans and financing. The financial technology company has a portfolio of trusted brands serving consumers, including CashNetUSA®, NetCredit®, On Stride Financial®, Pounds to Pocket®, QuickQuid® and Simplic®; two brands serving small businesses, Headway Capital® and The Business Backer®; and offers online lending platform services to lenders. Through its Enova Decisions™ brand, it also delivers on-demand decision-making technology and real-time predictive analytics services to clients.
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