Yirendai (NYSE:YRD), a leading online digital consumer financial service platform launched an open technology platform named Yirendai Enabling Platform(YEP) at the 2017 LendIt USA conference in New York from March 6 to 7. LendIt annual conferences are recognized as one of the largest global fintech industry events dedicated to connecting the global fintech and lending communities
Yihan Fang, Chief Executive Officer of Yirendai; Yang Cao, Chief Operating Officer and Chief Technology Officer of Yirenda; delivered a keynote speech on the main stage named From Big to Strong: China FinTech Entering a New Era. Yihan Fang and Yang Cao of Yirendai shared with the audience the latest fintech industry trends in China, regulatory environment of online marketplace lending in China, and industry’s current challenges.
In addition, Yirendai announced the launch of Yirendai Enabling Platform (“YEP”), a technology platform that enables partner companies to utilize Yirendai’s data acquisition, anti-fraud technology, as well as customer acquisition capabilities, to help optimize industry’s efficiency and enhance customer experience.
Yihan Fang of Yirendai commented, “Marketplace lending in China has been growing quite rapidly over the past few years. However, the lack of credit awareness among consumers, insufficient bureau data and incomprehensive credit infrastructure, coupled with an increase of organized fraud, have led to high costs of customer acquisition, anti-fraud operation, and risk management. In the past four years, Yirendai has heavily invested in its technology and built advanced digital capabilities for data collection, anti-fraud intelligence, and online customer acquisition. Today we are sharing these capabilities with our partner companies through YEP which enable them to better serve their customers and manage risks more effectively. With more partners using YEP, together we can better fight organized fraud, lower the costs, and eventually give consumers a much better experience.”
Yirendai (NYSE: YRD) is a leading online digital consumer financial service platform in China. Established in 2012, the company has built proprietary technologies by intelligently using variety of data and machine learning techniques to power mobile loan app, credit decisions and underwriting, customer acquisition and services. Yirendai has provided more than $5B USD credit to consumers through its advanced online credit underwriting solution and helped close to 1 million individual investors to invest in high quality loans. Yirendai (NYSE: YRD) is the first publicly listed fintech company from China.