Beijing (PingWest)- China Rapid Finance, an online consumer lending marketplace serving online users and China’s emerging middle class, has inked a Letter of Intent with Chengdu Qiye Technology to jointly offer service for institutionally-funded lending to small and medium sized businesses (SMB)
Under the partnership agreement, China Rapid Finance will provide technology development and risk management services to Qiye through an operating subsidiary under its Cayman Company. The partnership will combine China Rapid Finance’s technology for lending and risk management with Qiye’s marketing and customer channel expertise in order to help institutional lenders more effectively reach potential SMB borrowers.
Po Wang, Co-CEO of China Rapid Finance said, "The Chinese government is actively promoting lending to SMBs, which makes this an attractive market opportunity for us. The foundation of our partnership is the current clientele of Qiye, which has already established a fast-growing SMB loan-aid business with institutional funding.”