SHANGHAI, Sept. 7, 2018 /PRNewswire/ -- LexinFintech
Holdings Ltd. ("Lexin" or the "Company") (NASDAQ: LX), a leading
online consumer finance platform for educated young adults in
China, attended LendIt Fintech
China 2018 in Shanghai, where its
CEO gave a speech highlighting industry changes and the Company's
latest technological innovations.
China's fintech industry, after
years of rapid development, has entered a new stage when compliance
and fintech capabilities have become the keys to the long-term
growth of a company, Lexin's CEO Jay Wenjie
Xiao told LendIt China.
"It's like the halftime of a match," he said, referring to the
beginning of a new market landscape where there will be more
industry consolidation and increasing regulatory clarity.
Compliance will become a competitive edge for industry players
and as China is increasingly
looking to make consumption the driving force of economic growth,
consumer finance providers can play a part by helping consumers
enhance their ability to pay, Xiao said.
Consumer finance accounted for 20% of the gross domestic product
of the United States in 2017,
while the number for China was
only 8% in the same period, he said, citing industry figures.
Lexin pioneered a business model combining e-commerce and
finance in China through its
e-commerce platform Fenqile, which was launched in 2013. As of the
second quarter of 2018, the gross merchandise volume of Fenqile
amounted to RMB1.5 billion,
representing an increase of 53.8% year-on-year.
To capture the long-term potential of China's consumer finance market, Lexin will
also continue its investment in technology to improve its risk
management capabilities and operating efficiency, continued
Xiao.
About one third of Lexin's operating expenses are used in
research and development, with the figure reaching RMB147 million in the first half of 2018, an
increase of 45% year-on-year.
Lexin's risk management engine Hawkeye, which uses over 1,000
decisioning rules and more than 7,500 data variables to arrive at
an approval decision within seconds, allows the Company to handle
98% of loan applications automatically, Xiao said.
He also demonstrated the Company's latest risk management
initiatives and innovations, including a location-based fraud
detecting mechanism, a complex network that is able to identify the
credit risk of a customer based on his/her social graph, and a
mechanism to predict the repayment ability of a customer.
As the Company continues to improve its risk management
capabilities, Lexin maintains a stable credit risk level with its
90+ delinquency rate at around 1.39% in the second quarter of 2018,
Xiao said.
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer finance
platform for educated young adults in China. As one of China's leading financial technology
companies, Lexin integrates its e-commerce-driven installment
finance platform, Fenqile, with advanced risk management
technologies, the Company's Dingsheng asset distribution technology
platform, and the Company's Juzi Licai online investment platform
for individual investors, to create a comprehensive consumer
finance ecosystem. The Company utilizes technologies including big
data, cloud computing and artificial intelligence to enable the
near-instantaneous matching of user funding requests with offers
from the Company's more than 30 funding partners, which include
commercial banks, consumer finance companies, and other licensed
financial institutions.
For more information, please visit
http://ir.lexinfintech.com
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https://twitter.com/LexinFintech
For media inquiries, please contact:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexinfintech.com
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SOURCE LexinFintech Holdings Ltd.