SHANGHAI, Feb. 21, 2019 /PRNewswire/ -- China Rapid
Finance Limited ("XRF" or the "Company") (NYSE: XRF), a leading
fintech company and operator of one of China's largest consumer finance marketplaces,
today announced that its microcredit subsidiary, Haidong CRF
Microcredit Co., Ltd. ("Haidong"), received top industry
recognition as a 2018 Outstanding Microcredit Company, named by the
China Microcredit Companies Association (CMCA). CMCA is the
national industry association authorized by the China Banking
Regulatory Commission (CBRC).
Established in 2012, Haidong primarily facilitates loans to
agricultural business owners with the support and close cooperation
of Qinghai Province regulators in
Qinghai Province, which ultimately
helps lead to better regional economic development.
Haidong's selection by CMCA was made based on CMCA's evaluation
of key performance measurements including quality and purpose
of loans, target borrowers, target sector, microcredit loan
attributes, and other factors. CMCA's provincial offices
selected candidates for the industry award after reviewing and
evaluating companies in their regions, and then submitted their
evaluation reports to a panel of industry experts organized by CMCA
to make the final selection of Award winners.
"We are pleased to be recognized by this authoritative national
trade organization," said Dr. Zane
Wang, the Company's founder, chairman and co-chief executive
officer. "This industry recognition reflects our success in
providing professional lending services to agricultural business
owners, diversifying asset allocation, and effective risk control.
Our aim is to continuously improve China's microcredit lending environment by
providing tailored financial services to our customers."
Russell Krauss, co-chief
executive officer and vice chairman of the Company, added, "The
fact that Haidong's non-P2P microcredit business was acknowledged
by the relevant authorities demonstrates our strong execution in
this segment. Microcredit lending is a promising opportunity for
the future growth of China Rapid Finance's menu of financial
services."
About China Rapid Finance Limited
China Rapid Finance (NYSE: XRF) is a leading fintech company
that operates one of China's
largest online consumer finance marketplaces, facilitating millions
of loans annually. The Company facilitates affordable access to
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 select creditworthy
consumers for its platform. The Company facilitates smaller,
shorter-term initial loans to selected consumers, and then enables
returning borrowers who demonstrate positive credit behavior to
qualify for larger, longer-term loans. This differentiated strategy
is designed to attract and retain higher quality consumers who can
generate significant customer lifetime value. China Rapid Finance
was founded by Dr. Zane Wang, who
has decades of consumer credit industry experience in the U.S. and
China. For more information,
please visit http://ir.crfchina.com.
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:
Internal:
China Rapid Finance
Marlene Pan
Director of Investor Relations
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
External:
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
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SOURCE China Rapid Finance