SHANGHAI, Jan. 12,
2023 /PRNewswire/ -- FinVolution Group
("FinVolution," or the "Company") (NYSE: FINV), a leading fintech
platform in China, today announced
that its Indonesian subsidiary, AdaKami, signed a strategic
cooperation agreement with PT Bank Permata Tbk ("PermataBank")
(Indonesia Stock Exchange Code: BNLI). PermataBank is among
Indonesia's top 10 banking
institutions in terms of assets and a leading digital bank with
innovative products and services, serving millions of customers in
62 cities across the country.
The cooperation will increase FinVolution's financing facility
by 100 billion Rupiah and aims to
drive innovation in the digital financial ecosystem, leveraging
data analytics to accelerate the process of financial inclusion in
the Indonesian market.
Mr. Feng Zhang, Chief Executive
Officer of FinVolution Group, commented, "Our partnership with
PermataBank has further expanded our funding base in the
international markets and validated our successful transition to
better-quality borrowers. Throughout 2022, we have implemented
multiple measures such as diversifying our product offerings,
offering attractive interest rates and enhancing our technologies
for credit risk assessment and customer acquisition to complement
the transition. These approaches are starting to bear fruit, with
the proportion of better-quality borrowers increasing to 68% in the
third quarter of 2022 from 54% in the first quarter of 2022. Moving
forward, we are confident that as we broaden our institutional
funding base and cultivate global partnerships, we will capture the
enormous opportunities in Southeast
Asia."
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 September
30, 2022, the Company had over 154.3 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