Yiren Digital Ltd. - YRD STOCK NEWS

Yiren Digital (NYSE: YRD) announced that its AI-powered Intelligent Customer Service won the 'Outstanding Solution' Award at the 'Technology Industry Financial Integration' Data Modeling Algorithm Competition. Hosted by prominent Chinese institutions, the nine-month competition featured 124 national finalists. Yiren Digital's solution integrates advanced technologies like large language models and speech recognition, providing personalized and efficient service experiences. The company's 'Model Factory' improves training efficiency and reduces computational resource consumption. Yiren Digital aims to enhance digital capabilities and lead AI applications in Fintech.

Yiren Digital (NYSE: YRD) announced that its proprietary AI platform, DiTing, has surpassed one billion decisions as of March 31, 2024. Launched in 2020, DiTing supports over 50 independent business lines and integrates with over 1,000 data sources, processing decisions in 100 milliseconds. Used by financial institutions like banks and insurance companies, the platform enhances operational efficiency and risk management, contributing to profitability. DiTing employs advanced AI, machine learning, and cloud computing for rapid data analysis and real-time monitoring. Recently, it was honored for fintech innovation at the Jinxintong Awards.

Yiren Digital (NYSE: YRD), a leading AI-driven financial and lifestyle service provider in China, has filed its 2023 annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) as of May 15, 2024. The report includes audited consolidated financial statements for the fiscal year ending December 31, 2023. Shareholders and holders of American depositary shares can request a free hard copy of the report. The full document is accessible on the company's website at https://ir.yiren.com/.

Hexiang Insurance Brokers, the insurance brokerage division of Yiren Digital, has reached a significant milestone by extending its services to over 100,000 flexible workers through its 'New Resident Care' project. This initiative addresses the needs of traditionally underserved, unstable employment status workers such as truck drivers, ride-hailing drivers, couriers, and food delivery riders. The project aims to meet the growing demand for better protection and security for the expanding flexible workforce in China.

The 'New Resident Care' project offers a range of accident and medical insurance solutions specifically tailored to the working conditions of flexible employees. It has also simplified the insurance application process with a user-friendly online enrollment service and convenient claims reporting services. This initiative has proven effective in Hubei province and is now expanding to new regions, including Gansu province, as part of Hexiang's commitment to financial inclusiveness and industry advancement. The average insurance coverage per capita stands at RMB 100,000, providing a robust safety net against unforeseen risks or accidents.

Overall, Hexiang's initiatives have been recognized with prestigious awards and accolades, underlining its commitment to social responsibility and industry leadership. The milestone achievement signifies the company's dedication to meeting the evolving needs of diverse demographic groups and contributing to financial inclusiveness.

Yiren Digital (NYSE: YRD) announced its unaudited financial results for Q4 2023 and FY 2023. Total loans facilitated increased, with revenue growth in financial services and consumption segments. Despite a decrease in insurance business revenue, the company reported solid net income and adjusted EBITDA. The balance sheet remains strong, with a positive business outlook for 2024.

Yiren Digital Ltd. (NYSE: YRD) plans to release unaudited financial results for Q4 and full year 2023 on March 21, 2024. An earnings conference call will be held at 8:00 a.m. U.S. Eastern Time. Participants can register online to join the call.

Hexiang Insurance Brokers, a subsidiary of Yiren Digital, has been included in the Approved Supplier List of Beijing Foreign Enterprise Human Resources Service Co., Ltd., marking a milestone in its expansion into human resources services for foreign enterprises. This collaboration highlights Hexiang's innovative approach to tailoring insurance products and its strategic partnerships with top-tier insurance providers. With a robust network and significant growth in business volume and financial performance, Hexiang is well-equipped to deliver high-quality insurance solutions to corporate employees, presenting a vast market opportunity.

Yiren Digital Ltd. (NYSE: YRD) has been recognized as one of the 'Top 100 Annual Growth Public Companies of 2023' by Snowball Finance, highlighting its outstanding performance in the financial technology sector. The company achieved a 54% year-over-year growth in total revenue for the first nine months of 2023 and a 113% increase in net profit for the same period. Yiren Digital anticipates a 35% to 43% full-year growth rate for 2023, with projected revenue in the range of RMB1.0 billion to RMB1.3 billion for the fourth quarter of 2023.

Yiren Digital Ltd. (YRD) reported a strong third quarter for 2023, with total net revenue increasing 55.9% year-over-year to RMB1.3 billion. The company's net income also rose by 105% year-over-year to RMB554.4 million. With total loans facilitated reaching RMB9.8 billion and a cumulative number of borrowers served at 8,595,780, Yiren Digital demonstrated a strong performance in its financial services business. Despite a decrease in the number of insurance clients served, the gross written premiums increased by 7.2%. The company's e-commerce platform and 'Yiren Select' channel also experienced significant growth, with total gross merchandise volume reaching RMB563.2 million, a 42.3% increase from the previous quarter.