SHANGHAI, Sept. 17, 2018 /PRNewswire/ -- China Rapid
Finance Limited ("XRF" or "the Company") (NYSE: XRF), operator of
one of China's largest consumer
lending marketplaces, announced that its senior executives
participated in the Compliance Inspection Training
Conference which was hosted by the National Internet Finance
Association of China ("NIFA") in
Beijing, China on August 29, 2018.
NIFA is the quasi-government body jointly formed by the People's
Bank of China ("PBOC"), the China
Banking and Insurance Regulatory Commission ("CBIRC"), and the
China Securities Regulatory Commission. XRF is a founding member of
NIFA. Out of thousands of marketplace lending companies, an
exclusive group of around 100 industry leaders were invited to the
conference including widely recognized and respected tier-one
publicly listed companies, large private companies, and platforms
funded by State-owned enterprises.
The National Online Lending Rectification Office has instructed
NIFA, together with local regulatory offices, to oversee the
industry's nationwide rectification work, a prerequisite to
compliance registration for P2P lending platforms. The Compliance
Inspection Training Conference marked a meaningful step forward in
China's compliance inspection and
rectification process, officially announcing NIFA's 119
self-inspection rules and kicking off the nationwide
self-inspection process led by NIFA.
Mr. Dong Rong Li, Chairman of
NIFA and former deputy head of the PBOC, moderated the event and
clearly presented the operational guidance and self-check plan for
the current stage of the rectification process. XRF's attending
executives were honored to participate in this special event, which
featured in-depth discussions about regulatory policies and
disciplinary standards. XRF looks forward to its continued
participation in future NIFA and related events.
About China Rapid Finance
China Rapid Finance operates a leading online consumer finance
marketplace in China, facilitating millions of loans annually.
The Company deploys machine learning and proprietary decision
technology to facilitate affordable digital credit for one of the
world's largest untapped consumer credit markets: China's
mobile-active consumers. China Rapid Finance utilizes its
proprietary, mobile-first technology to efficiently select
creditworthy consumers for its platform. The Company facilitates
smaller, shorter-term initial loans to these qualified consumers
and then enables larger, longer-term loans for returning borrowers
who demonstrate positive credit behavior. This differentiated
strategy positions the platform to attract and retain high quality
consumers who generate significant customer lifetime value. China
Rapid Finance was founded by Dr. Zane Wang, who has decades of
consumer credit experience in the U.S. and China, and is
governed by a global board of directors.
For more information:
http://ChinaRapidFinance.InvestorRoom.com
http://twitter.com/XRFChina
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this announcement and in
the attachments is as of the date of this announcement, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
Investor Relations Contacts:
In China:
China Rapid Finance
Marlene Pan
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
Or
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +86 (138) 1079-1480
Email: gary@blueshirtgroup.com
In US:
The Blueshirt Group
Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
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SOURCE China Rapid Finance