SHANGHAI, Oct. 24, 2017 /PRNewswire/ -- China Rapid Finance
Limited ("China Rapid Finance" or the "Company") (NYSE: XRF), one
of China's largest consumer
lending marketplaces, today announced the appointment of
Zhou Ji'an, Executive Director and
General Manager of China United SME Guarantee Corporation ("Sino
Guarantee"), to its board as a non-executive independent
director.
A seasoned chief executive in the financial industry, Mr. Zhou
brings to the Company more than 18 years of experience in global
organizations, financial institutions and government. Before
joining Sino Guarantee, he served as a senior executive for China
Export & Credit Insurance Corporation, the official export
credit agency in China, and for
China Life Insurance Co., Ltd. Mr. Zhou is a Senior Scholar of the
Eisenhower Fellowships, the international nonprofit leadership
organization, and holds a master's degree in Economics from Renmin
University of China.
"We are delighted to welcome Mr. Zhou to China Rapid Finance's
board of directors," said Dr. Zane
Wang, Founder and CEO of the Company. "He brings a strong
track record of business leadership, a customer-centric approach to
innovation and technology, and a wealth of asset management and
risk control experience in the credit insurance industry that will
be helpful as China Rapid Finance continues to expand its services
across one of the world's largest untapped consumer credit markets.
We look forward to benefitting from Mr. Zhou's insights and
perspectives."
"It is an honor to join China Rapid Finance as a Director at
this incredibly exciting time of the Company's expansion," said Mr.
Zhou. "Since inception, the rapid growth of China Rapid Finance's
consumer lending marketplace has reflected the strong demand for
affordable credit from China's 500
million Emerging Middle-class Mobile Active consumers (EMMAs). I am
confident that my diversified experience leading different types of
financial institutions will help the Company continue to grow and
further its mission. I look forward to contributing and supporting
the Company on delivering long-term value for shareholders."
Mr. Zhou becomes the seventh board member of China Rapid
Finance, whose global board of directors is comprised of current
and former senior executives of Hewlett Packard, McKinsey &
Company, Morgan Stanley, UBS, and other prestigious
institutions.
About China Rapid Finance
China Rapid Finance operates one of China's largest consumer lending marketplaces
in terms of total number of loans, having facilitated over
20 million loans to
over 2.7 million unique borrowers as of
June 30, 2017 at a significantly
lower borrowing cost than many competitors. The Company deploys
machine learning and proprietary decisioning technology to
facilitate affordable digital credit for one of the world's largest
untapped consumer credit markets: China's 500 million
Emerging Middle-class Mobile Active consumers (EMMAs). China Rapid
Finance operates a pure play marketplace, and does not take credit
risk. The Company utilizes its technology to efficiently select
quality EMMAs for its platform. China Rapid Finance facilitates
smaller, shorter-term initial loans to these EMMAs and
then enables larger, longer-term
loans for repeat borrowers who demonstrate positive
credit behavior. This "low and
grow" strategy enables the Company to attract
and retain high quality EMMAs who
generate significant customer lifetime value. China
Rapid Finance was founded by Dr. Zane
Wang, who has decades of consumer credit experience in both
the U.S. and China, and is
governed by a global board of directors. For more
information, please
visit http://ChinaRapidFinance.InvestorRoom.com.
About Sino Guarantee
Sino Guarantee, a Chinese financial services company that
provides financial guarantees for loans and bonds, was founded by
JP Morgan Chase, Siemens China and other leading Chinese
institutions. Sino Guarantee is currently an indirect shareholder
of China Rapid Finance and collaborates with the Company on
obtaining institutional lending capital for its online consumer
lending marketplace.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this press release and in
the attachments is as of the date of this press release, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
Investor Relations Contacts:
China Rapid Finance
Mao Mao
Tel: +1 (646) 308-1635
Email: IR@crfchina.com
IR Results
Gretchen Lium
Tel: +1 (303) 638-9185
Email: gretchen@irresults.com
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SOURCE China Rapid Finance