With new rules pending, the peer to peer lending market is jostling for position. CreditEase, the first P2P lender in China, recently cemented an agreement with China Guanfa Bank as part of a push to assure investors their money is safe. According to a report in China News, Yirendai, a CreditEase company, has agreed to have Guanfa manage settlements between lenders and borrowers.
The new arrangement comes on the heals of CreditEase celebrating its 9th anniversary making it one of the senior most internet finance firms. During the past years, CreditEase has grown from a single office in Beijing to over 46,000 employees providing more than 3 million customers a diverse portfolio of financial services.
Over next five years, CreditEase has stated it will focus on technology.
The company plans on providing clients with “better and more convenient” financial and lifestyles services. CreditEase believes the mobile internet makes obtaining information very convenient and low-cost having changed communication and interaction and profoundly transformed human and corporate behavior. According to CreditEase nearly 70% of their users are familiar with and use smartphones. CreditEase has also focused much energy and resources on leveraging technology to improve credit checks.
The company recently stated;
“The Chinese economy is becoming increasingly open, the people are innovating, and the countryside is rising. Financial oversight systems are also changing dramatically. CreditEase will continue to serve mass innovation, the rising countryside, and overseas investment.”