SHENZHEN, China, Jan. 11, 2019 /PRNewswire/ -- X Financial (NYSE:
XYF) (the "Company"), a leading technology-driven personal finance
company in China, today announced
that it has signed the "Credit Information Sharing Cooperation
Agreement" with Baihang Zhengxin ("Baihang Credit"). X Financial is
among the first batch of financial institutions to share credit
information with Baihang Credit, and has successfully finished data
system connection testing.
Baihang Credit is the second licensed individual credit bureau
in China in addition to PBOC
credit bureau. Baihang Credit was established by the National
Internet Finance Association of China (NIFA) in early 2018 in
conjunction with eight Chinese companies including Sesame Credit,
Tencent Credit, Kaola Credit, Pengyuan Credit, Sinoway Credit,
Qianhai Credit Service, China Chengxin
Credit and Intellicredit. Baihang Credit provides credit
ratings on individuals borrowing money from financial technology
companies.
X Financial is going to transfer comprehensive, accurate and
timely data to Baihang Credit, and Baihang Credit will integrate,
save and process the data collected from the Company and multiple
other partner companies, and provide information searching and
other additional services for the cooperating institutions which
are eligible and connected with Baihang Credit.
Mr. Justin Tang, Founder, Chief
Executive Officer, and Chairman of X Financial commented, "We are
pleased to begin sharing credit information with Baihang Credit.
Leveraging the data shared on Baihang Credit's platform, we will
strengthen our credit assessment system which will allow us to
quickly and accurately assess a customer's creditworthiness, target
a broader user base for our financial services, and reduce the cost
of risk management. I am confident that this will greatly enhance
the convenience of our financial services, reduce financial service
cost for high credit people, and benefit development of inclusive
finance industry in China."
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading
technology-driven personal finance company in China focused on meeting the huge demand for
credit from individuals and small-to-medium-sized enterprise
owners. The Company's proprietary big data-driven risk control
system, WinSAFE, builds risk profiles of prospective borrowers
using a variety data-driven credit assessment methodology to
accurately evaluate a borrower's value, payment capability, payment
attitude and overall creditworthiness. X Financial has established
a strategic partnership with ZhongAn Online P&C Insurance Co.,
Ltd. in multiple areas of its business operations to directly
complement its cutting-edge risk management and credit assessment
capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides
credit insurance on X Financial's investment products which
significantly enhances investor confidence and allows the Company
to attract a diversified and low-cost funding base from
individuals, enterprises and financial institutions to support its
growth. X Financial leverages financial technology to provide
convenient, efficient, and secure investment services to a wide
range of high-quality borrowers and mass affluent investors which
complements traditional financial institutions and helps to promote
the development of inclusive finance in China.
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 "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Ms. Jennifer Zhang
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE X Financial