FinVolution Group's AdaKami Application Announces Strategic Cooperation with PT Bank Jago
FinVolution Group (NYSE: FINV) announced a strategic cooperation with PT Bank Jago to enhance its Indonesian financial application, AdaKami. This partnership increases financing capacity by 100 billion Rupiah and aims to boost credit access, supporting economic growth and financial inclusion. The agreement allows AdaKami to expand its market presence in various segments in Indonesia. CEO Feng Zhang emphasized a shift towards better-quality borrowers and lower interest rates as part of their strategy to increase market share in Southeast Asia.
- Increased financing capacity by 100 billion Rupiah.
- Expansion of AdaKami's market presence across multiple segments in Indonesia.
- Strategic shift to attract better-quality borrowers with lower interest rates.
- None.
SHANGHAI, Oct. 11, 2021 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform in China, today announced that its Indonesian financial application, AdaKami, signed a strategic cooperation agreement with PT Bank Jago. Bank Jago is a tech-based bank providing life-centric finance application which makes money management simple, collaborative and innovative.
The partnership aims to strengthen collaboration within the digital financial ecosystem, facilitate credit access to support the economy, and accelerate the process of financial inclusion. The alliance also broadens AdaKami's presence across different market segments in Indonesia, including retail, mass market and others.
Mr. Feng Zhang, Chief Executive Officer of FinVolution Group, commented "The partnership with Bank Jago not only increased our financing capacity by 100 billion Rupiah but also enabled us to penetrate into multiple market segments in Indonesia. In line with our objectives, we will proactively lower our products' interest rates as we shift towards better-quality borrowers and further diversify our product offerings. Through extensive channels collaboration, we are well poised to reach a wider user base and increase our market share in Southeast Asia."
About FinVolution Group
FinVolution Group is a leading fintech platform in China and internationally connecting underserved 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 June 30, 2021, the Company had over 130.8 million cumulative registered users.
For more information, please visit: http://ir.finvgroup.com.
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.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com
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SOURCE FinVolution Group
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