/C O R R E C T I O N -- Yiren Digital/

Rhea-AI Summary

Yiren Digital (NYSE: YRD), an AI-driven platform offering financial and lifestyle services in China, has released its inaugural ESG report, underscoring its commitment to environmental sustainability and social responsibility. Key highlights include:

Technological Innovation: Utilizing AI, Yiren Digital enhanced customer service efficiency, achieving high satisfaction rates (94%-96%) across its financial services, insurance brokerage, and lifestyle services. It also improved security, earning ISO 27001 certification and developing the Hawkeye anti-fraud model.

Inclusive Financial Solutions: In 2023, Yiren Digital facilitated RMB 3.6 billion in loans, serving over 460,000 micro and small business owners. The company also provided accident insurance for 100,000 flexible workers in Wuhan.

Green Initiatives: Yiren Digital advanced green finance, providing RMB 12.55 million in credit to environmental protection businesses and incorporating over 100 eco-friendly indicators into its risk control model.

Read the full ESG report here.

In the news release, Yiren Digital's First ESG Report Highlights at a Glance, issued 12-Jul-2024 by Yiren Digital over PR Newswire, we are advised by the company that the 2nd paragraph, 1st sentence, should read "Understanding Yiren Digital First ESG Report with Infographic" with an embedded link and a new photo should be added rather than as originally issued. The complete, corrected release follows:

Yiren Digital's First ESG Report Highlights at a Glance

BEIJING, July 12, 2024 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD), an AI-powered platform providing financial and lifestyle services in China, recently released its first ESG report. The report underscores Yiren Digital's mission of "Better Lives Through Digital Innovation," highlighting its commitment to environmental sustainability and social responsibility. Here are the highlights at a glance.

• Understanding Yiren Digital First ESG Report with Infographic

***Technological Innovation Enhances Customer Experiences***

Yiren Digital has developed a business strategy based on "AI + Diversified Scenarios" and launched the "AI Lab" program. Applying AI models across various business scenarios, Yiren Digital has made its services safer, more efficient, and more intelligent. In 2023, Yiren Digital provided over 2.1 million intelligent customer services, significantly enhancing efficiency and user experience. With AI integrated into all operations and a focus on user-centric service practices, the company achieved high customer satisfaction rates across its three business lines: 94% for financial services, 96% for insurance brokerage, and 95% for consumption and lifestyle services.

Moreover, Yiren Digital prioritizes user information security and privacy protection. The company enhanced its security capabilities through system building, safety protocols, emergency management, and security audits. In 2023, Yiren Digital's products obtained ISO 27001 Information Security Management System Certification and National Level 3 Classified Protection Certification. Furthermore, the company developed the Hawkeye anti-fraud model, identifying and tagging over 20,000 clients from potentially dubious sources during the year by using a joint mechanism of "AI automatic identification + manual assistance," thereby contributing to safeguarding the financial industry ecosystem.

***Empowering Customers through Inclusive Financial Solutions and Societal Contributions***

Yiren Digital has focused on financial inclusiveness over the past decade, meeting the comprehensive financial service needs of individuals and small businesses and ensuring equal financial service access for all via technology innovations. In 2023, the company facilitated RMB 3.6 billion in loans through its Yixianghua platform, providing inclusive and flexible financial solutions to individuals underserved by traditional financial services. This included unsecured credit loans to over 460,000 micro and small business owners coming from over 300 prefecture-level and 2,600 county-level regions.

Yiren Digital's insurance brokerage business actively fulfills social responsibilities and contributes to society. In support of workers in emerging forms of employment, the company provided accident insurance protection to 100,000 flexible workers in Wuhan through its "New Resident Care" project. These services extend to online ride-hailing drivers, delivery workers, and couriers, who are traditionally underserved by social security due to their employment status. Additionally, Yiren Digital integrates insurance with public welfare, offering financial education and public welfare insurance protection for families of the mentally challenged.

***Leading Green and Low-Carbon Development***

The company advocates for green finance and continues efforts in environmentally friendly and low-carbon development, guiding funds towards industries like environmental protection, energy conservation, and clean energy. Yiren Digital restricts loans to businesses in high-energy consumption, high-pollution, and excess capacity industries, rejects the funding applications of customers who have touched the "red line" of environmental protection. In 2023, the company facilitated RMB 12.55 million in credit to 483 business owners in the environmental protection monitoring industry while rejecting applications from 327 business owners with environmental violation records. Over 100 environmental protection indicators were integrated into its risk control model.

Additionally, Yiren Digital integrates environmental protection principles into daily operations. By the end of 2023, over 90% of electrical equipment in Yiren Digital's Beijing offices had energy-saving labels. The company prioritizes leasing data centers with green building designs and low Power Usage Effectiveness (PUE), aiming for an average PUE of 1.3 by 2024.

The full report is available at: https://ir.yiren.com/ESG-Reports 

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SOURCE Yiren Digital

FAQ

What are the key highlights of Yiren Digital's first ESG report?

Yiren Digital's first ESG report emphasizes technological innovation, inclusive financial solutions, and green initiatives, highlighting the company's commitment to environmental sustainability and social responsibility.

How has Yiren Digital (YRD) improved its customer service through AI?

In 2023, Yiren Digital enhanced customer service efficiency using AI, achieving satisfaction rates of 94% in financial services, 96% in insurance brokerage, and 95% in lifestyle services.

What security measures has Yiren Digital (YRD) implemented?

Yiren Digital has enhanced security through system building, safety protocols, emergency management, and audits, earning ISO 27001 certification and developing the Hawkeye anti-fraud model.

How did Yiren Digital (YRD) contribute to inclusive financial solutions in 2023?

In 2023, Yiren Digital facilitated RMB 3.6 billion in loans to over 460,000 micro and small business owners, providing inclusive financial solutions through its Yixianghua platform.

What green initiatives has Yiren Digital (YRD) undertaken?

Yiren Digital advanced green finance by providing RMB 12.55 million in credit to environmental protection businesses and integrating over 100 eco-friendly indicators into its risk control model.

How does Yiren Digital (YRD) support flexible workers?

Yiren Digital provided accident insurance to 100,000 flexible workers in Wuhan, supporting online ride-hailing drivers, delivery workers, and couriers through its 'New Resident Care' project.