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Episode Info: In this episode of The Fintech in China Show podcast, we are really pleased to bring you a conversation with Joseph Wang, Chief Strategy Officer of China Rapid Finance.China Rapid Finance is one of the largest consumer lending marketplaces in China, and the second such company from China to IPO on the New York Stock Exchange, where it has been trading under the ticker XRF since April 2017.In this episode, Joseph shares with us his insights into the unique background of China Rapid Finance, led by its founder Dr. Zane Wang in credit analytics and risk management both in the United States and in China since 2001. Joseph shares with us the history of the company, including its move into marketplace lending from 2010 and the details of CRF’s lending and investment matching model. Joseph also shares his unique insights into the licensing requirements for online lending in China. See the show notes below for more.We hope you enjoy this Q & A with Joseph Wang.China Rapid Finance (XRF) is one of the largest consumer lending marketplace in China. As of June 30, 2017, CRF had facilitated approximately 20 million loans to nearly 2.7 million borrowers. The company's technology-driven marketplace facilitates loans between borrowers, sophisticated and institutional investors, providing borrowers accessible, affordable credit and offering investors attractive risk-adjusted returns.Selected links from the EpisodeChina Rapid Finance on TwitterDetailed show notes* With thanks to Xuan Shi.Joseph Wang s shares his background in strategy consulting for banks and tech companies in the United States before coming to be work in fintech strategy in China. (2:30) Joseph's previous role leading strategy at PingAn Insurance's fintech incubator. (3.30) The three ways corporates' participate in online lending in China. (4.30) China Rapid Finance s (CRF) marketplace lending background. (5.30) CRF founder Dr. Zane Wang s background in statistics and then consumer credit & analytics at Sear s in the United States. (6.00) Why CRF founder Zane Wang started China Rapid Finance as a credit analytics consulting business in China in 2001. (6.30) CRFs first decade in business helping to build and install credit decision engines to offer consumer finance at major banks in China which facilitated 100 million credit cards issued across CRFs bank clients. (7.00) CRF starts its peer-to-peer / marketplace lending business in China in 2010. (7.45) CRFs opportunity to partner with Tencent at the end of 2014 to test pilot an online consumption loan on Tencent's QQ mobile platform. (8.30) CRF s first major push in 2015 to offer online consumption loans through mobile devices. (9.10) CRF s online consumption loans for micro-credit come to constitute 90 percent of new loans matched via their platform by 2017. (9.30) The pros and cons of CRF operating as a platform independent of the BATs (Badiu, Alibaba, Tencent) and their affiliates. (10.30) The two types of loans matched by C...
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