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China’s Leading FinTech Conglomerate Going Global

Caixin Customer Studio

San Francisco, Sept. 25, 2017 — The Silicon Valley-Beijing Dialogue 2017 summit was held in San Francisco on Sept. 25, 2017, by CreditEase, a major fintech player in China.

Themed “The Power of Innovation: Driving Forces behind the FinTech Age 3.0,” the event attracted U.S. and Chinese regulators, investors, entrepreneurs, media and think tanks. The event aimed to promote an exchange of ideas on the successful practices, insights, trends and cooperation in the fintech arena.

During the summit, Tang Ning, CreditEase’s founder and CEO, called for more collaboration by China and the U.S. to develop fintech, rather than fixating on competition. He said this could take the form of collaboration between Beijing and Silicon Valley, between online and offline, between fintech and traditional financial institutions and between entrepreneurs and regulators.

Despite their differences, all sides should aim for a win-win situation, making it much more than a zero-sum game, Tang said.

Also present at the event was Barney Frank, former chairman of the U.S. House Financial Services Committee and a co-sponsor of the 2010 Dodd-Frank Act. He stressed the importance of a clear mind regarding the boundaries between right and wrong, and the two-sided nature of technology. Frank then recommended greater communication between entrepreneurs and regulators.

His view was echoed by Chen Chaomei, an independent board member of Yirendai, China’s largest peer-to-peer (P2P) lending platform and the first major Chinese fintech company to get listed. Chen noted that China faces a longer journey than the US in improving fintech regulation

It is also necessary to strengthen collaboration for technology regulation and that cooperation should be based on past lessons and experience, Chen added.

Moreover, financial and tech talent should empower each other to enable more effective cooperation and integral innovation, Tang said.

At the event, CreditEase showcased its recent innovations in P2P, big data, cloud computing and blockchain, as well as in robo-advising, smart insurance and crowd-funding platforms. Yirendai was highlighted for its open fintech applications in data collection, anti-fraud technologies, and AWS (Amazon Web Services) cloud computing assisting precise customer acquisition.

For one of the highlights of the event, CreditEase showcased its overseas equity and bond investments. CreditEase has been pushing for overseas investments since 2015. In the 2017 FinTech 250 list released by CB Insights on June 27, 14 enterprises that CreditEase’s FinTech Investment Fund and Overseas Private Credit Fund invested in made the cut. Another venture capital firm invested by the U.S. dollar-denominated CreditEase Wealth Management Private Equity FOF, Ribbit Capital, invested in 17 enterprises listed on the FinTech 250.

CreditEase has also been investing in numerous locations around the world. Among the target locations of CreditEase’s oversea investment, one particular location, San Francisco, expressed its gratitude at the summit. Good Hope Investment, a sub-brand of CreditEase Wealth Management, which offers all-round overseas planning for investment immigration clients, received special thanks from both the incumbent and former mayors of San Francisco for its exceptional contribution to the city’s urban construction and the future development of Silicon Valley.

Moreover, as the desire of high-net-worth individuals to invest aboard has grown, CreditEase has been tending to their needs in more unconventional ways. For example, CreditEase Wealth Management has been organizing trips to the U.S., Israel, the U.K. and Switzerland at the request of high-net-worth clients. According to Tang, through the trips, these clients wished to connect with world renowned companies and universities to enhance their capabilities and expand their business networks.

The Silicon Valley-Beijing Dialogue was launched by CreditEase and IDG Capital in 2013, with a focus on fintech development in China and the US. This year marks the first time that CreditEase has brought the event to Silicon Valley.

“We have made firm steps to go global in the fintech area,” Tang said. “The Silicon Valley-Beijing Dialogue is an opportunity to test what we have made and marks an important milestone in CreditEase’s internationalization.”

 

About CreditEase — Better tech, better finance, better world

CreditEase is a Beijing-based leading fintech conglomerate in China, specializing in inclusive finance and wealth management, in addition to payment technology, marketplace lending, crowdfunding, robo-advisory, insurance technology, and blockchain products and services. CreditEase actively engages with global fintech innovators through business incubation, commercial cooperation and investment.


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