SHANGHAI, Sept. 17, 2018 /PRNewswire/ -- China Rapid Finance Limited ("XRF" or "the Company") (XRF), operator of one of China's largest consumer lending marketplaces, announced that its senior executives participated in the Compliance Inspection Training Conference which was hosted by the National Internet Finance Association of China ("NIFA") in Beijing, China on August 29, 2018.
NIFA is the quasi-government body jointly formed by the People's Bank of China ("PBOC"), the China Banking and Insurance Regulatory Commission ("CBIRC"), and the China Securities Regulatory Commission. XRF is a founding member of NIFA. Out of thousands of marketplace lending companies, an exclusive group of around 100 industry leaders were invited to the conference including widely recognized and respected tier-one publicly listed companies, large private companies, and platforms funded by State-owned enterprises.
The National Online Lending Rectification Office has instructed NIFA, together with local regulatory offices, to oversee the industry's nationwide rectification work, a prerequisite to compliance registration for P2P lending platforms. The Compliance Inspection Training Conference marked a meaningful step forward in China's compliance inspection and rectification process, officially announcing NIFA's 119 self-inspection rules and kicking off the nationwide self-inspection process led by NIFA.
Mr. Dong Rong Li, Chairman of NIFA and former deputy head of the PBOC, moderated the event and clearly presented the operational guidance and self-check plan for the current stage of the rectification process. XRF's attending executives were honored to participate in this special event, which featured in-depth discussions about regulatory policies and disciplinary standards. XRF looks forward to its continued participation in future NIFA and related events.
About China Rapid Finance
China Rapid Finance operates a leading online consumer finance marketplace in China, facilitating millions of loans annually. The Company deploys machine learning and proprietary decision technology to facilitate affordable digital credit for one of the world's largest untapped consumer credit markets: China's mobile-active consumers. China Rapid Finance utilizes its proprietary, mobile-first technology to efficiently select creditworthy consumers for its platform. The Company facilitates smaller, shorter-term initial loans to these qualified consumers and then enables larger, longer-term loans for returning borrowers who demonstrate positive credit behavior. This differentiated strategy positions the platform to attract and retain high quality consumers who generate significant customer lifetime value. China Rapid Finance was founded by Dr. Zane Wang, who has decades of consumer credit experience in the U.S. and China, and is governed by a global board of directors.
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Investor Relations Contacts:
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