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CRF partners with Tencent Licaitong on new investment products

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China Rapid Finance (CRF) has teamed up with Tencent’s wealth management platform, Licaitong, to provide new investment products for individual investors.

The initial amount, totalling more than RMB27 million, immediately sold out within two hours of the launch online.
 
With China Rapid Finance as the screening party for the underlying assets, the first-phase products on Tencent’s Licaitong platform included fixed-term financial products with maturities of nine months, 12 months, 15 months and 18 months. The expected annualised returns are, respectively, 4.65 per cent, 5.03 per cent, 5.63 per cent and 6.19 per cent.
 
“Our first cooperation with Tencent’s Licaitong platform is a great start, and we hope to further expand our cooperation with Tencent in the future,” says Dr Zane Wang, CEO of CRF. “With this partnership, Tencent users will have multiple investment choices. The cooperation also helps to better serve our emerging middle-class, mobile active consumers, or EMMAs.”
 
Licaitong is Tencent’s wealth management platform, which is accessible via WeChat wallet and QQ wallet. Based on advantages in risk management and product design from both sides, this cooperation provides Tencent users with investment opportunities and a transparent investment environment.
 
"This collaboration between CRF and Tencent's Licaitong platform will support the development of inclusive finance in China," adds Wang.
 
CRF is making efforts to bring affordable credit to the estimated 500 million EMMAs, who have no credit histories and cannot borrow money from traditional financial institutions. By facilitating small consumption loans for EMMAs, CRF helps its users to build credit histories.
 
To reach the EMMA population, CRF has developed innovative and proprietary technologies using machine learning and big data algorithms to analyse non-traditional and unstructured data from its multiple data channels. Its advanced predictive selection, credit scoring and automated decision technologies enable CRF to accomplish large-scale acquisition of qualified EMMA borrowers at low cost and low risk.

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