FinVolution Secures Increased Financing Facility for AdaKami Through Strengthened Cooperation with PT Bank Jago

Rhea-AI Summary

FinVolution Group (NYSE: FINV) announced a fivefold increase in the financing facility for its Indonesian subsidiary, AdaKami, from 100 billion to 500 billion Rupiah (US$34.9 million) through PT Bank Jago. This expansion will enhance AdaKami's capacity to offer credit access to more local consumers, promoting financial inclusion. The partnership with Bank Jago, established in October 2021, is pivotal for AdaKami's growth strategy in Indonesia. CEO Feng Zhang emphasized the importance of this expanded financing in transitioning to higher-quality borrowers and enhancing financial outreach.

Positive

• Increase in AdaKami's financing facility from 100 billion to 500 billion Rupiah (US$34.9 million).
• Enhanced credit access for broader segments of the Indonesian economy.
• Strengthened partnership with PT Bank Jago, improving AdaKami's local loan facilitation.

Negative

• None.

SHANGHAI, Sept. 26, 2022 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform, today announced that its Indonesian subsidiary, AdaKami, obtained a fivefold increase in its financing facility with PT Bank Jago Tbk ("Bank Jago") (IDX: ARTO). The increase from 100 billion Rupiah to 500 billion Rupiah (US$34.9 million) will enhance AdaKami's ability to expand credit access to broader segments of the local economy and accelerate financial inclusion in the country.

The significant increase in financing facility also underscores AdaKami's deepening relationship with Bank Jago, an Indonesian tech-based bank providing life-centric finance solutions which make money management simple, collaborative and innovative. AdaKami first entered into strategic cooperation with Bank Jago in October 2021, expanding the Company's local loan facilitation capabilities and broadening its presence across different market segments in Indonesia.

Mr. Feng Zhang, CEO of FinVolution Group, commented, "Adakami's surging financing capacity is a testament to our fruitful cooperation with Bank Jago as well as the initial success of our strategic transition to better-quality borrowers in the Indonesian market. Moving forward, we will continue to strengthen our global partnerships, offer attractive interest rates and further diversify our product offerings to pursue our goal of greater financial inclusion both in China and international markets."

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, 2022, the Company had over 149.3 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 the 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 the 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

FAQ

What is the significance of the financing increase for FinVolution's subsidiary AdaKami?

The increase enhances AdaKami's ability to provide credit access to a wider audience in Indonesia, promoting financial inclusion.

When did FinVolution start cooperating with Bank Jago?

FinVolution's cooperation with Bank Jago began in October 2021.

What is the new financing amount secured by AdaKami?

AdaKami secured a financing increase from 100 billion Rupiah to 500 billion Rupiah (US$34.9 million).

How does this financing affect FinVolution's operations?

The financing allows FinVolution to expand its reach and improve its service offerings in the Indonesian market.

Who commented on the financing increase from FinVolution?

CEO Feng Zhang commented on the significance of the financing increase for AdaKami.