VCREDIT Holdings Limited (“VCREDIT” or the “Group”; stock code: 2003.HK), a leading independent online consumer financial service provider in China, is pleased to announce its unaudited interim results for the 6 months ended 30 June 2020 (the “Period”).
During the Period, the Group’s total income was RMB1.2 billion, which was largely supported by the powerful financial technology of the Group in terms of effective risk management and enhanced asset quality, amid the outbreak of COVID-19. Based on an in-depth analysis conducted on proprietary data, the Group enhanced customer acquisition algorithms. A series of targeted risk control measures were implemented, resulting to gradually improved asset quality which returned to levels even lower than before the COVID-19 outbreak. In addition, the Group has introduced new consumer finance companies, banks and trust companies into the ecosystem. By June 30, 2020, the Group has successfully established partnerships or collaborations with 64 Chinese licensed institutions in terms of capital and credit enhancement cooperation. Meanwhile, the Group has strengthened its cooperation with existing funding partners to further control the Group’s funding costs through a tiered pricing scheme based on the loan volume amount originated each month. Read more…..
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