SHENZHEN, China, April 19, 2019 /PRNewswire/ -- LexinFintech
Holdings Ltd. ("Lexin") (NASDAQ: LX), a leading consumer
finance platform for educated young adults in China, unveiled widening product and partner
network at its Lexin Partner Conference 2019, as part of its
efforts to further capture the huge potential of China's
consumption market.
Lexin announced the launch of Le
Card, an APP that offers young people lifestyle benefits and
privileges, ranging from KFC coupons to 20%-off movie tickets. It
will also increase the types of services available on Fenqile, its
e-commerce-driven platform, as young people are consuming more
services, such as flight tickets and training services, than ever
before.
This comes as China's 149 million Generation Z, referred to
those born in 1995 and after, has become increasingly the driving
force behind the country's consumption market, accounting for a
quarter of overall e-commerce users in China, according to market research company
iResearch.
"Lexin started as a consumer finance platform, but we are
looking forward to going beyond that. We will continue to focus on
our customer cohort, the educated young adults, and cater to their
consumption needs by offering even more relevant services," said
Mr. Jay Wenjie Xiao, Lexin's
CEO.
The rising Generation Z, who are young and generally born to
better-off families than any of the older generations, is
significantly different from previous generations. They are
typically better educated and more optimistic about the future.
They also have stronger consumption needs and care more about the
quality and distinctiveness of what they purchase.
Generation Z form the backbone of the consumer finance market,
which has been growing as consumption becomes the engine of China's
GDP growth, taking up 76.2% of the growth in 2018.
Strengthening Lexin's advantages in funding
To tap the consumption needs of the new generation requires the
joint efforts of financial institutions and fintech players,
according to Mr. Xiao.
At the Lexin Partner Conference, the company announced
partnerships with 19 financial institutions, including some of the
largest ones in China, such as
Industrial and Commercial Bank of China, PICC Group, China Minsheng Bank, and Shanghai Pudong
Development Bank.
The financial institutions will largely act as funding sources
for Lexin, while Lexin will leverage its technological capabilities
in customer acquisition, operations, risk management, and fund
matching to jointly serve the educated young adult market.
Lexin utilizes big data, cloud computing and artificial
intelligence to streamline the traditional process of loan
applications and make it possible to manage the risks of young
customers who usually don't have any credit history.
Its proprietary risk management Hawkeye, with more than 1,000
decision rules and over 7,500 data variables, is able to assess the
creditworthiness of its customers within seconds. More than 98% of
loan applications can be handled automatically.
Lexin will also establish a new team this year to provide
fintech solutions to its financial partners, said Mr. Xiao.
As of the end of 2018, Lexin has cooperated with more than 100
financial institutions, and institutional funding contributed close
to 70% of Lexin's new loan origination volume in the fourth quarter
of 2018.
The increasing network of partners has resulted in a significant
increase in Lexin's loan facilitation business. Its loan
facilitation and servicing fees increased by 448% from RMB379 million in 2017 to RMB2.1 billion in 2018.
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.lexin.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@lexin.com
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SOURCE LexinFintech Holdings Ltd.