China Alliance for Financial Inclusion (CAFI), co-founded by Renmin University of China, CreditEase, HSBC Bank, Minsheng Bank, Ant Finance and Visa, officially opened for business at the 2016 International Forum for China Financial Inclusion held on August 25-27 in Beijing.
Relying on strong academic background and industrial forces, CAFI aims to become a top-of-class think tank in the field of inclusive finance, to foster the construction of an inclusive financial system and achieve the goal of “Good finance & Good society”.
Mr. Tang Ning, founder and CEO of CreditEase, was invited to deliver a keynote speech at the forum, titling “FinTech innovations make inclusive finance different”. Tang was confident that technology was central for the future of the company and CreditEase invested heavily in bringing top talent to make sure that these products are backed by cutting-edge technology. He also pointed out the significance of digital technology as a crucial component of Fintech, which is about making finance better, more accessible, more efficient and more convenient through innovations.
Based on big data, finance cloud and other innovative technologies, CreditEase had evolved from microfinance, basic working capital, to inclusive finance, a wide array of products, for a broad customer base in urban and rural areas, including farmers, students, salaried workers, consumers and small businesses.
Besides introducing the innovative practices performed by CreditEase, Tang used real life illustrations to introduce products and services designed in the areas of small and medium enterprise service, public interest finance, microfinance leasing, and small investor wealth management.
YiQiFin: a combination of services for small loans, micro-financing and capacity improvement
Under an innovative model that integrates elements of specific industry structures, supply chain, the internet and finance, YiQiFin is positioned to be a Cloud CFO to facilitate the growth of micro, small and medium enterprises which are experiencing financing difficulty due to limited financial capacity.
YiNongDai: a philanthropic option in digital inclusive finance
Yinongdai, an award-winning non-profit loan program targeting low-income rural farmers, matches widespread charitable lenders and impoverished credible rural borrowers, to provide them with means to lift themselves out of poverty. With RMB 100 as the minimum single loan amount, lenders can get a 2% “thanksgiving” return.
Microfinance leasing: “this is bullish”
For many farmers in remote areas, the costs and risks of buying and raising cows are high. Like with agricultural machinery, CreditEase leases cows to farmers to help them earn income immediately and get a headstart on their way to prosperity. “If farmers can’t afford cows, they can lease from us, this is really bullish!” says Tang.
Toumi RA: solving the “100,000 dollars dilemma” for middle-class
For years, wealth management firms in US have been struggling to solve the so-called “100,000 dollars dilemma” – an investor with$100,000 has too much to invest, but too little to hire professional wealth management advisors.
Toumi RA (Robo-Advisor) is perfectly designed to address this dilemma by providing one-stop services with lower cost and threshold for global asset allocation supported by mobile internet technologies and quantitative investment strategies, featuring specialized and customized services that can be “cross-asset, cross-border, less-costly, personalized, rational, around-the-clock, totally transparent and fully digital”.
CreditEase is a leading FinTech company in China, specializing in small business and consumer lending as well as wealth management for high net worth and mass affluent investors. It is a Standing Committee member of China’s Internet Finance Industry Association and Chairman of Beijing Marketplace Lending Association. Its majority owned subsidiary Yirendai (NYSE: YRD), an online consumer finance marketplace, is listed on the New York Stock Exchange.