SHANGHAI, Sept. 26,
2022 /PRNewswire/ -- FinVolution Group
("FinVolution," or the "Company") (NYSE: FINV), a leading fintech
platform, today announced that its Indonesian subsidiary, AdaKami,
obtained a fivefold increase in its financing facility with PT Bank
Jago Tbk ("Bank Jago") (IDX: ARTO). The increase from
100 billion Rupiah to 500 billion Rupiah (US$34.9 million) will enhance AdaKami's ability
to expand credit access to broader segments of the local economy
and accelerate financial inclusion in the country.
The significant increase in financing facility also underscores
AdaKami's deepening relationship with Bank Jago, an Indonesian
tech-based bank providing life-centric finance solutions which
make money management simple, collaborative and innovative. AdaKami
first entered into strategic cooperation with Bank Jago in
October 2021, expanding the Company's
local loan facilitation capabilities and broadening its presence
across different market segments in Indonesia.
Mr. Feng Zhang, CEO of
FinVolution Group, commented, "Adakami's surging financing capacity
is a testament to our fruitful cooperation with Bank Jago as well
as the initial success of our strategic transition to
better-quality borrowers in the Indonesian market. Moving forward,
we will continue to strengthen our global partnerships, offer
attractive interest rates and further diversify our product
offerings to pursue our goal of greater financial inclusion both in
China and international
markets."
About FinVolution Group
FinVolution Group is a leading fintech platform in China and internationally connecting
underserved borrowers with financial institutions. Established in
2007, the Company is a pioneer in China's online consumer finance industry and
has developed innovative technologies and has accumulated in-depth
experience in the core areas of credit risk assessment, fraud
detection, big data and artificial intelligence. The Company's
platform, empowered by proprietary cutting-edge technologies,
features a highly automated loan transaction process, which enables
a superior user experience. As of June 30,
2022, the Company had over 149.3 million cumulative
registered users.
For more information, please visit: http://ir.finvgroup.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to
the Company's ability to attract and retain borrowers and investors
on its marketplace, its ability to increase the volume of loans
facilitated through the Company's marketplace, its ability to
introduce new loan products and platform enhancements, its ability
to compete effectively, laws, regulations and governmental policies
relating to the online consumer finance industry in China, general economic conditions in
China, and the Company's ability
to meet the standards necessary to maintain the listing of its ADSs
on the NYSE, including its ability to cure any non-compliance with
the NYSE's continued listing criteria. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of this press release, and FinVolution does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com
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SOURCE FinVolution Group