FinVolution Group Receives Capital Markets Services License from Monetary Authority of Singapore

Rhea-AI Summary

FinVolution Group (NYSE: FINV), a leading fintech platform in China, has secured the Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). This achievement signifies a pivotal step in expanding FinVolution's operations in Southeast Asia, aligning with its mission to enhance financial accessibility through innovative technology. President Tiezheng Li emphasized the region's growth potential, reinforcing the company's commitment to developing comprehensive financial services.

Positive

• Secured Capital Markets Services (CMS) license from the Monetary Authority of Singapore, enhancing market credibility.
• Expansion into Southeast Asia aligns with strategic growth objectives and enhances service accessibility.

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• None.

SHANGHAI, Jan. 26, 2021 /PRNewswire/ -- FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform in China, announced that its subsidiary has received the Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS) to conduct regulated activities in dealing in capital markets products in Singapore.

Securing the CMS license marks another significant milestone for the Company as it expands and strengthens its presence in Southeast Asia to develop comprehensive financial services in the region. FinVolution's mission to leverage state-of-the-art technology to improve and make financial services more accessible to its users perfectly complements Singapore's vision to be a leading innovative fintech hub.

Mr. Tiezheng Li, President and Deputy Chairman of FinVolution commented, "Our continued progress in the region cements our belief that ASEAN will be another fast-growing market for the company."

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2020, the Company had over 112.8 million cumulative registered users.

For more information, please visit: http://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: ir@xinye.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com

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SOURCE FinVolution Group

FAQ

What does the Capital Markets Services license mean for FINV?

The CMS license allows FinVolution to conduct regulated activities in Singapore's capital markets, enhancing its operational capabilities and market presence.

How will the CMS license impact FinVolution's growth?

The license positions FinVolution for expansion in Southeast Asia, which is expected to be a fast-growing market, potentially increasing user engagement and revenue.

When did FinVolution receive the CMS license?

FinVolution announced the receipt of the CMS license on January 26, 2021.

What is the significance of FinVolution's expansion into Southeast Asia?

The expansion is strategic for growth, allowing FinVolution to tap into new markets and diversify its service offerings.