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.
Yirendai executive chairman Ning Tang said: "I am pleased to announce the cooperation between Yirendai and Zheshang Bank in the field of microloan lending and consumer finance.
"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."
