Dianrong Signs Strategic Agreement with Dalian Finance
SHANGHAI, January 11, 2018
Dianrong and the Dalian Finance Development Bureau and Dalian Finance Industry Investment Group (DFIIG) recently signed a strategic cooperation agreement to drive financial innovation in Dalian and across China. According to the agreement, Dianrong will develop a series of specific projects in partnership with the Dalian government, including:
– Assist the Dalian Finance Development Bureau in creating a financial technology cloud platform to provide fintech capabilities for small loan and guarantee companies, and other small and medium-sized financial institutions in the region and at large. Tools and services will include sophisticated fraud detection, big-data risk management tools, payment & money transfer channel integration, and compliance reporting. The fintech cloud platform will also provide regulators with easier monitoring of local lending activities and trends in an ongoing and comprehensive way, helping them provide timely policy guidance and support on risk management.
– Work with DFIIG to establish a special Internet finance investment fund for Dalian. The fund will focus on investment in fintech projects and startups with the potential to strengthen Dalian’s new economy and financial services industry.
– Develop a supply-chain trading platform in Dalian utilizing advanced fintech and blockchain capabilities to help more small and medium-sized suppliers secure needed funding. Last year, Dianrong created the first blockchain platform for supply-chain finance with FoxConn Group, a global leader in consumer electronics.
Hong Dengjin, the Vice Mayor of Dalian; Zhang Bing, the Director of Dalian Finance Development Bureau; Liu Liyan, Executive Deputy General Manager of DFIIG; Soul Htite, Executive Chairman of Dianrong; and Long Hsiang Loh, CEO of Dianrong attended the signing ceremony in Dianrong’s Shanghai headquarters.
The Dalian government officials noted that The State Council implemented guiding principles to promote greater Dalian and Shanghai collaboration with the hope that Dalian will benefit from Shanghai’s extensive financial services and fintech experience. For example, Dianrong’s advanced fintech and risk management capabilities can be leveraged by Dalian to enhance the capability of the traditional financial institutions and therefore strengthen the SME sector in the region.
Dalian government officials also indicated that this strategic cooperation agreement between Dianrong and Dalian Finance Development Bureau reflects the government’s strong support for fintech overall as a means to drive financial and business innovation in the region.
Mr. Htite said, “Fintech, which combines the power of finance and technology, delivers value to both the public and private sectors, including small businesses and local governments. That is why at Dianrong, we never stop pushing the boundaries of fintech’s potential. And our cooperation agreement with the Dalian government and DFIIG is an important next step in the China fintech story. Our success together will benefit not only Dalian, but other cities in China and around the world, as well.”
Dianrong, a leader in online marketplace lending in China, originates US$500 million in monthly assets for 4 million retail lenders. Founded in 2012, Dianrong offers small and medium-sized enterprises and individuals a comprehensive, one-stop financial platform supported by industry-leading technology, compliance and transparency.