Soul Htite (seated in the center in the above photo) is a very brave entrepreneur that has done something remarkable...
Chinese P2P lender Dianrong has announced its 2016 financial results; loan originations increased 148% from 2015 to approximately RMB 16.23 billion ($2.36 billion) in 2016; the firm's investor base grew to 3.62 million investors; loan loss rates were low overall with a 1.17% cumulative non performing loans rate and 2.46% current non performing loans rate; average interest rate earned by investors was approximately 7%; the firm says new regulations in China have helped large firms with established brands like Dianrong and sees continued growth ahead for the business. Source
Nearshore Systems announced two online lending platform development partnerships at LendIt USA 2017; the software engineering firm was chosen by Dianrong to support the efforts of the firm's new blockchain-based solution; Nearshore was also selected by US-based Hijro to support the development of the firm's trade finance platform built on distributed ledger technology. Source
P2P loan originations for Chinese online lender Dianrong more than doubled from 2015 to 2016; the platform reported 2016 originations of 16.2 billion yuan ($2.3 billion) and the firm plans to continue growing its market share as regulations help the success of established P2P lending firms in China; Dianrong's co-founder and co-CEO, Kevin Guo, talked with Reuters about the firm's growth and China's evolving market; says smaller firms will have difficulty staying in business and that Dianrong plans to grow significantly in the near-term with a new funding round and the goal to grow loan originations by 50% annually over the next three to five years. Source
FnConn launched Chained Finance at LendIt USA 2017; the platform is built with blockchain technology and is intended to provide alternative loans for supply chain companies; Jack Lee, CEO of FnConn, says the platform has the potential to help improve supply chain finance in a number of ways specifically through greater cost efficiency from the use of blockchain; Chained Finance will be fueled through the support of FnConn's financial subsidiary Foxconn and P2P lender Dianrong. Source
The new partnership aims to increase access to financial services for individuals and small businesses; according to a Chinese press release translated by TechNode, the "credit factory" (in Chinese) model is a business model mainly used for credit certification of small and micro-sized enterprises as well as individuals; loans lent to such groups are small, but are lent at high frequency; the adoption of the "credit factory" mode, thanks to its high efficiency and economies of scale in handling petty loans, can help big financial firms gain some ground lost to the country's mushrooming small loan companies in the microfinance market; an upgrade to the traditional "credit factory", Dianrong-Quark Credit Factory utilizes such fintech means as big data, anti-fraud management systems and decision engine; it can help lenders reduce manual operations, save costs and cut operational risks through its powerful quantitative system when they handle credit certification for individuals or small and micro-sized businesses. Source
Dianrong announced the hiring of former Merrill Lynch and Morgan Stanley banker Yawen Cui as the new CFO; now former CFO Xuxia Kuang has been named chief operating officer; Dianrong CEO Soul Htite praised Mr. Cui: "His extensive experience managing initial public offerings, mergers and acquisitions, and financial reporting will also help Dianrong explore opportunities within the capital markets. We are thrilled to welcome Yawen to our executive leadership team."; Long Hsiang Loh, the previous COO, will remain on the executive leadership team and a new role will be announced soon. Source
Chinese P2P lender Dianrong is looking to implement blockchain across their entire company to enhance transparency and security for their customers; this is in addition to a recently announced partnership with Taiwan-based Foxconn to launch a blockchain startup called Chained Finance; according to CoinDesk Dianrong's blockchain plans are detailed on their website and they explain using an ethereum-based solution designed to facilitate tamper-proof loan contracts, donations to charity and credit management; Dianrong is also rumored to go public sometime in the near future, though IPO talk has been discussed for a few years. Source