Developments in Chinese Internet Financial Services

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Mar 03, 2017, 08:00 ET

NEW YORK, March 3, 2017 /PRNewswire/ --

The Internet Financial Services in China have expanded rapidly over the past few years. According to the report published by McKinsey & Company, by the end of 2015, the overall size of the Internet finance market in China has reached more than 12 trillion RMB ($1.8 trillion), accounting nearly 20% of GDP, while the number of users has reached 500 million. With technological advancements and innovative solutions, Fintech companies provide alternative means of financing other than the traditional ways in capital market and conventional banks and have a significant influence on people's lifestyles in China. Third party payment, wealth management and financing are considered as major internet finance segments that experienced explosive growth. Consumer Capital Group Inc. (OTC: CCGN), Wins Finance Holdings Inc. (NASDAQ: WINS), Yirendai Ltd (NYSE: YRD), Alibaba Group Holding Ltd (NYSE: BABA), Tencent Holding Ltd. (OTC: TCEHY)

The report indicated that supportive regulatory environment, highly developed internet, enormous demands for inclusive finance and allowable completion among the banking sector are four of the main factors that drive the rapid growth of internet finance services in China. Third party payment dominated China's internet finance market, with transaction volume more than 10 trillion RMB. While online lending and internet-based wealth-management business are expected to witness enormous growth in the near future. According to the report, the transaction volume of the online peer-to-peer lending, a service of enabling individuals to borrow and lend money through online platform, reached more than 500 million RMB in China. While Alibaba's Yu'e Bao, an online money market fund established by Alibaba's Ant Financial Services, reached 700 billion RMB Assets Under Management (AuM) in just two years.

Consumer Capital Group Inc. (OTCQB: CCGN) announced this morning that, "a subsidiary of CCGN, America Arki Network, signed a three-year agreement with China UMS Liaoning Branch for innovation in financial products of UnionPay in Shenyang.

1. China UMS agree to introduce America Arki Network to their merchant-acquiring business clients about its business and financial products. Meanwhile, introduce some high quality merchants back to America Arki Network for related financial business application.

2. China UMS agree to take advantage of its own financial products, settlement platforms, and vast information to provide full financial service for merchants of America Arki Network for favorable prices.

3. When UnionPay signs up merchants that apply for financing with America Arki Network, China UMS agree to send recommendation letter for America Arki Network to refer when it runs independent investigation on the merchant. When the investigation is done and application is through, America Arki Network transfer the fund to UnionPay Clients Excess Reserves System, then the fund will be transferred to the merchant from UnionPay.

4. Collaborative product - receivable factoring financing.

(1) Highest credit line: 300,000 RMB. (2) Period of loan: 3 months. (3) Commercial paper receivables and non-UnionPay merchants POS statements can be credit basis. (4) Commercial factoring financing rate: monthly 1%, annually 12%. (5) Commercial factoring service fee: 1.5% of total financing amount, one-time payment. (6) Method of repayment: one-time deducted of interest rate, monthly-repaid principle paid by China UMS on behalf of merchant.

Parent company of America Arki Network, CCGN has helped UnionPay to discover new channels, and also helped small-and-medium-sized enterprises (SMEs) by providing financing support and financial services with reasonable prices.

Chairman and CEO of CCGN, Mr Gao commented, "In the year of 2017, America Arki Network will co-operate with China UMS and bring innovation in financial products. Together we will help SMEs who suffers from expensive and difficult financing problem. This co-operation will bring online commercial factoring financing and loans into the inclusive financial system. It is also an integration of financial technology and service innovation. We CCGN is always devoted into the innovation of finance, and has been using the IPC core in our risk control system. To having SMEs benefit from convenience, fast and a reasonable priced financial service is our goal."

Wins Finance Holdings Inc. (NASDAQ: WINS) is a diversified investment and asset management company that provides integrated financing solutions to small and medium enterprises in China. The company is focused on identifying value accretive investment opportunities and assets in China and the United States that can be enhanced through the strategic involvement of Wins' established management team and its familiarity with the Chinese investment community to help generate long-term value for shareholders. Wins Finance is well positioned to leverage its expertise and existing operations in China to build a comprehensive platform for the provision of lending and other financing solutions to the under-served small and medium enterprise segment.

Yirendai Ltd (NYSE: YRD) is an online consumer finance market place in China that connects investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns.

Alibaba Group Holding Ltd (NYSE: BABA) operates various businesses and also derive support for their ecosystem from the businesses and services of related and affiliated companies. Alibaba owns Ant Financial Services Group, that's focused on serving small and micro enterprises as well as consumers. With the vision, 'bring small and beautiful changes to the world,' Ant Financial is dedicated to building an open ecosystem of internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Yu'e Bao, Zhao Cai Bao, Ant Fortune, Ant Check Later, Ant Financial Cloud, Sesame Credit and MYbank.

Tencent Holding Ltd. (OTC: TCEHY) uses technology to enrich the lives of internet users. Tencent owns Tenpay and Weixin/WeChat Pay. Tenpay remains committed to supporting superior online payment transactions for individuals and corporate users with secure, convenient and professional services. Tenpay focuses on building a comprehensive and integrated payment platform, and is the second largest online payment platform in China, embracing B2B, B2C and C2C services across industries. Weixin/WeChat Pay is a payment solution for its users, enabling quick payment transactions on their mobile phones. Weixin/WeChat Pay functions on the basis of swift payment through the use of connected bank cards, providing safe and efficient payment services for users.

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