360 Finance Signs Agreement with Tianjin Rural Commercial Bank

360 Finance (NASDAQ:QFIN), an online consumer loan and finance company announced that it has signed an agreement with Tianjin Rural Commercial Bank to offer its services in rural areas of China. The company will focus its initiative in the Beijing-Tianjin-Hebei economic region with financing for small businesses.

As quoted in the press release:

Mr. Jun Xu, Chief Executive Officer and Director of 360 Finance, commented, “Internet-based loans for micro enterprises is showing great growth potential over the next five years. We are working closely with Tianjin Rural Commercial Bank to develop risk control systems and algorithms that can accurately and rapidly assess the creditworthiness of rural applicants such as small and micro agricultural companies and farmers to empower them with the capital they need to grow their businesses. Both of us are committed to building a long-term relationship throughout this process that will be mutually beneficial and allow us to explore more opportunities together.”

“We will replicate the success we have seen and the experience we have gained with consumption loans using mobile internet and big data over the past five years with rural companies and individuals. We believe we are on the verge of a big breakthrough in this market segment as there is no other company that is capable of offering reliable access to financing in rural areas. The government is devoting substantial resources towards developing rural areas and providing much needed financing. As a leading digital consumer finance platform, we have the social responsibility to help solve the financing bottleneck using our technology and data analytics and we look forward to making further progress with Tianjin Rural Commercial Bank. We will continue to develop relationship with other traditional financial institutions to help small and micro enterprises and individuals take advantage of growth opportunities using technology.”

Click here to read the full press release.