X Financial Provides a Chinese Fintech Perspective at LendIt USA

SAN FRANCISCO, April 10, 2018 /PRNewswire/ -- "Fintech is playing an important role in China. Given the demands for consumer finance are not yet fully satisfied and credit system is not perfect, financial technology has a golden development opportunity in China, which leads the world in data mining and processing capabilities in the mobile Internet market." said Simon Cheng, President of X Financial, a leading fintech company in China at LendIt USA recently.

From April 9-11, LendIt USA 2018 was held in San Francisco with more than 1,000 global institutions including Lending Club, SoFi, Kabbage, WELLS FARGO and Morgan Stanley participating. The summit concentrated on such hot topics as blockchain technology, AI, integrated innovation of finance and technology, and global policies and regulations.

The Chinese consumption market has great potential

Over the past few years, the development of fintech has drawn a lot of attention, especially when it comes to prominent institutions such as SoFi, Kabbage and so on. As far as Simon Cheng is concerned, Chinese consumer finance should develop with distinctive Chinese characteristics. "The household consumption expenditure in China has risen for multiple consecutive years, but the share of Chinese consumption in GDP is far from the world average level. Besides, the opening up of the two-child policy has also produced a new round of demographic dividend. So the Chinese consumption market has great potential."

The development of mobile Internet gives more innovation spaces to Chinese fintech companies. "In China, traditional financial institutions are faced with many service problems, including service costs, effective coverage, information asymmetry and risk control. As the main source of netizens, the Chinese emerging middle class shows a wide variety of characteristics and demands on consumption concepts and usage habits. X Financial's users are mostly active on mobile devices, benefiting from financial services through their mobile phones." said Simon Cheng.

Offer all our users the most friendly and humanized products

As a company with an over 3-year history, X Financial has unique advantages in the fintech industry, according to Simon Cheng, a financial practitioner with more than 20 years of experience. The company's Internet team, which boasts experience from first-class Chinese Internet teams such as Alibaba and Tencent, also helps X Financial provide the best Internet product experience. The Vice President Gardon Gao, who once worked for Tencent, said, "We set up offices in Beijing, Shanghai and Shenzhen, in order to attract better talents."

"I have visual impairment, so I interact via intelligent devices such as screen readers, computers, mobile devices, etc. I found that some modules of xiaoying.com couldn't be read by screen readers and hope the problem to be dealt with." Read one user mail received by the Internet team of X Financial. "We will not only carefully read each mail concerning the needs of our users, but also understand their needs through chat groups on WeChat. It is often the case that we grow with the help of our users, so we wish to offer all our users the most friendly and humanized products." said Gardon Gao.

Fintech create a better life for users

Kent Li, the chief risk control officer of X Financial, attracted by the blueprint of financial science and technology depicted by Simon Cheng, left Capital One in Canada and joined X Financial in November 2015. Then, talents from Capital One, Discover, and Ping An joined in succession and formed the gold risk control team. Kent Li introduced the WinSAFE intelligent risk control system, created by X Financial, which is a precise system where data flow are connected and mutually restrained and that is composed of a series of closely interconnected "parts", such as an intelligent decision-making engine, data engine, anti-fraud model, credit model, mortgage valuation model and so on. The system has greatly improved users' experience on the basis of ensuring safety and operation efficiency. The "data engine", one of the cores of the WinSAFE intelligent risk control system, uses AI technology to realize the convenient submission of the data of users applying for loans. It also enables real-time cross validation with up to dozens of data sources and ensures the data authentication of applicants by means of real name authentication, face recognition and living body identification. The data engine performs the "cross validation" of risks by analyzing multiple data points, and is thus able to discriminate potential risks to a very high degree.

The excellent risk control capability facilitates the success of Xiaoying Cardloan, a geek product of X Financial. Its number of users exceeded 10 million and the cumulative amount of loans issued was more than 2 billion dollars by the end of December 2017. "It is our mission to create value and premium experience, provide intelligent financial services solutions and build an efficient financial services ecology on the basis of Internet technology and data. We believe that financial technology can create a better life for our users." With these words, Simon Cheng made it clear that he is quite confident in the development of Fintech in China.

SOURCE X Financial