SHANGHAI–(BUSINESS WIRE)–China Rapid Finance (“CRF” or the “Company”), a leading online consumer lending marketplace, became a sponsor and founding member of the National Internet Finance Association of China (NIFA), which was officially inaugurated in Shanghai March 25 to facilitate the healthy development of China’s internet finance industry.
The association was founded with the approval of China’s State Council, and was led by the People’s Bank of China, together with the China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and other relevant regulators. The association has accepted 437 members from among 2,000 applicants.
Joining NIFA as a founding member is a great recognition for CRF, while bringing more responsibilities to the Company. As one of the association’s founders, CRF has been actively participating in drafting rules and regulations for industry self-discipline. The Company expects the official release of such rules and regulations will have a positive effect on industry development.
“NIFA will function as a bridge for the interaction between the Internet finance industry and the government’s supervising organizations,” said Dr. Zane Wang, CEO of China Rapid Finance. “We hope the self-discipline rules and regulations for information disclosure, which NIFA has been working on since its preparatory stage, will be published soon. The healthy development of the Internet finance industry needs these rules and regulations for standardized and self-disciplined information disclosure.”
CRF will continue to grow as a leading consumer lending marketplace, with a focus on strict risk management and business innovation, while working together with other NIFA members to drive the development of Internet finance industry in China, Dr. Wang said.
About China Rapid Finance
Started from 2001, China Rapid Finance is the leading online consumer lending marketplace serving China’s emerging middle class. China Rapid Finance is a recognized innovator with the most advanced borrower acquisition system and a proprietary Big Data analytics technology platform that features an end-to-end automated credit decisioning system. The Company has a proven track record in credit risk management and transparency, and has facilitated more than 4,700,000 loans, as of Dec. 31, 2015.