China’s first mobile loan app ignites Chinese dream, shocks US by borrowing up to RMB 300,000 in 3 minutes
BEIJING, March 15, 2017 / PRNewswire / – A look at the online shopping frenzy at Tmall.com at November 11, 2016, CredEX Fintech has been surprised by the rapid development of the Internet industry. However, what is unexpected is that in from China financial world, a financial app launched just over a year ago garnered so much attention from the global financial media at the LendIt conference with such astonishing statistics. This company is CredEX Fintech from China.
It is the age of the Internet. In just 20 years, China has had three great successes, namely Baidu, Alibaba and Tencent (BAT); and on the fertile soil of the Fintech market, CredEX Fintech was born.
It’s hard to imagine: when you have an urgent need to borrow a large sum of money, all you need to do is log into a mobile app, submit your request, withdraw and later repay the money from the bank. mobile client side; and you can borrow up to 300,000 RMB within 3 minutes. It sounds unbelievable. But CredEX Fintech made it happen, which was selected by the Wharton Business School as the only Chinese financial record.
At LendIt United States Conference at new York, CredEX Fintech was also invited to participate in a round table chaired by Pierre Renton, founder of the LendIt Academy, in the presence of Jo ann barefoot, former Assistant Comptroller of the Currency (OCC) of the United States and Professor at Harvard University, to discuss innovations and developments in FinTech China and U.S.
CredEX Fintech Leads Global Fintech Industry With Five Innovations In Its First-Ever Mobile Lending App In The World
CredEX disruptively deciphered the five challenges facing the global credit industry, namely application, approval, use, repayment and re-borrowing, freeing borrowers from the traditional lending experience, including cumbersome submission of credentials, multiple waiting periods and high communication costs, etc. By digging deeper into the logic behind the product, we can see that there are five innovations supporting its functionality:
Innovation 1: the world’s first mobile loan application creates a whole new user experience
To date, it is still impossible to go through all the procedures for a credit loan only via a mobile phone in the USA. Whereas in China, CredEX Fintech’s original mobile loan app really made it happen, and with the credit loan application, withdrawal and repayment procedures all done online, it only takes 3 minutes to get a credit line. credit as high as 300,000 RMB.
Innovation 2: Repay as you wish, saying goodbye to grouped or restrictive modes
In the United States credit market or China, most loan products have fixed repayment periods and methods, and borrowers must honor agreements; otherwise, if a borrower chooses to prepay a loan, he or she must pay a certain amount of fine for default. While CredEX Fintech has adopted a “Repay-as-You-Want” mode of repayment, which not only supports the adjustment of repayment periods and repayment dates, but also repayment in part or in full, without no fines for default, which greatly reduces the costs of using the money for borrowers.
Innovation 3: Individualized interest rates and intelligent personalized service
CredEX Fintech was the first to apply individualized interest rates for different borrowers. It dynamically tracks the credit status of borrowers so that their credit limits and rates can be dynamically adjusted based on their credit ratings.
Strongly impressed with the product design by CredEX Fintech, Prof. Jo ann barefoot said: “CredEX Fintech’s product offering from a user perspective is without doubt the best in the world. “(Subject to actual comments)
Innovation 4: Mobile Internet Risk Control System Solves Global Difficulty
In a Wall Street Journal report in October 2015, there are such words, “CredEX Fintech solves a world-class difficulty in controlling mobile Internet risks.” We know that there are three pillars for CredEX Fintech’s risk control system: fraud prevention and detection, for the precise identification of the authenticity of user data, and for the interception of fraud; the credit scoring system, for converting information into digital ratings by leveraging big data and at millisecond calculation speeds; and the lifecycle management system, for dynamic assessment of users’ credit status and hence dynamic adjustment of their ratings based on current financial transactions and non-financial transactions of users.
Innovation 5: “A link between banks and individuals” as a unique economic model
The achievement of CredEX Fintech is closely linked to its unique economic model. CredEX Fintech itself does not touch the money. Intermediary between banks and individuals, it only serves as an intermediary between financial institutions and individual borrowers.
Pierre Renton, the founder of the LendIt conference, said: “2017 will be marked by the consolidation of the FinTech sector, and cooperation with banks as an emerging business model in the sector is gaining popularity. Clearly, CredEX Fintech has become a leader in this trend.
World leader with its five innovations, the CredEX Fintech mobile loan application updates industry records and sparks the reflection of a Harvard finance professor
Statistics show that the number of users of the CredEX Fintech app has exceeded 5 million since its launch 10 months ago, and the total credit granted has exceeded 30 billion RMB, with daily credit extended up to 100 million RMB and the average credit granted amounting to 60,000 RMB, which is far superior to that of a regular credit company whose business relies on online services. The performance of CredEX Fintech in the Chinese market surprised us.
When referring to “how to leverage CredEX Fintech’s experience with a foothold in the US credit industry”, Prof. Jo ann barefoot pointed out that “there could be a reshuffle for the fintech industry in the next year or so, and we admire CredEX Fintech in that it has a security defense system comparable to the internal system of any World bank in business right now.The big data credit scoring system, the AI-enhanced user experience, and all kinds of innovations and improvements are all worth our learning and thinking. “
A mobile app for personal loans that supports borrowing and repayment anytime, allowing customers to borrow up to RMB 300,000 ($ 40,000 +) in three minutes on their phone. CredEX Fintech addresses five key issues within the traditional global lending industry: difficulties in applying, approving, withdrawing money, repaying and borrowing again. A closer look reveals that CredEX Fintech’s prowess rests on its five breakthrough innovations: the mobile app, which supports borrowing and repayment at any time, takes the lead in customizing interest rates, the mobile Internet risk control system and a unique business model of financial institutions connecting with borrowers.
Melissa Barto to lend
JCUTLER Press Group
SOURCE CredEX Fintech