China Rapid Finance, which operates mainland’s fastest-growing online consumer lending platform, is looking for larger partnerships with internet companies and data firms. They want to cover the 500 million people who can’t borrow money from traditional financial organizations.
Zane Wang Zhengyu, the chairman and chief executive of China Rapid Finance, has called these outliers EMMA, China’s emerging middle-class. They are, as he says, mobile-active consumers who don’t have a formal credit history. As Wang explained, “With data from the digital footprints of these people from their internet and mobile usage, we can use our proprietary technology to establish credit scores.”
China Rapid Finance has 600,000 active borrowers. Last year, they partnered with Tencent Holdings to create a campaign to offer pre-approved low-cost and low-interest loands to almost 50 million users.
As Wang said,“We are very much interested in all data partners. We do not want to exclude anyone.”
Learn more about China Rapid Finance.