BEIJING, Feb. 3, 2016 /PRNewswire/ -- Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the "Company"), a leading online consumer finance marketplace in China, today announced that the Company has entered into a framework agreement (the "Agreement") with China Zheshang Bank Co., Ltd. ("Zheshang Bank") and CreditEase Pucheng Credit Assessment and Management (Beijing) Co., Ltd. ("CreditEase Pucheng"), a CreditEase group company.
Under the Agreement, Yirendai will assist the cooperation between Zheshang Bank and CreditEase Pucheng on providing financing services to individual consumers, utilizing Yirendai's advantages in online lending and risk management skills.
"I am pleased to announce the cooperation between Yirendai and Zheshang Bank in the field of microloan lending and consumer finance," said Ning Tang, Yirendai's Executive Chairman. "This cooperation illustrates Zheshang Bank's recognition of our strong online operation capabilities. It will provide the opportunity for individual borrowers to receive lower cost funding. "
Established in 2004, Zheshang Bank is a national joint-stock commercial bank headquartered in Hangzhou, Zhejiang Province of China. Through its more than 130 branches in 13 provinces and municipalities in China, Zheshang Bank provides a broad range of financial and banking services for a large number of businesses and individuals.
"Microloan and consumer financing market has been an important segment for us," said Chunxiang Chen, Vice President of Zheshang Bank. "By leveraging Yirendai's extraordinary capabilities of online borrower acquisition, credit scoring and risk management, we are confident to quickly expand our scale of microloan and consumer financing, and capture the enormous business opportunities ahead."
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.
For more information, please visit http://yirendai.investorroom.com
CreditEase is a large financial services company focusing on providing inclusive finance and wealth management products and services in China. It aims to provide financial products and services to urban and rural residents. CreditEase also provides customized wealth management services to mass affluent Chinese investors, including peer-to-peer loan products and a range of other products in multiple asset classes. Through its over nine years of operations, CreditEase has accumulated an extensive database of loan data. As of September 30, 2015, it had facilitated loans to over 1.9 million borrows. CreditEase employs over 40,000 employees and has an extensive on-the-ground sales network across over 200 locations in China. For more information, please visit www.creditease.cn.
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Ms. Linda Bergkamp
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SOURCE Yirendai Ltd.