SEOUL, South Korea, June 29, 2020 — On June 29th, South Korea’s Blockchain Project Carry Protocol announced that it started data collection from the offline market targeting roughly half of the South Korean population (23M users) with South Korea’s largest SMB loyalty platform, Dodo Point.
The data collection feature with rewards rolls out to all 23m Dodo Point users on June 29th. Whenever someone claims loyalty points at a Dodo store, he or she can rate the services provided by the store and be eligible for giveaways. The giveaway promotion campaign goes on for a full month until August 31st. AirPod Pros, Starbucks coffee coupons, and reward points will be given to those who participate.
As of May 2020, Dodo has over 20,000 cumulative stores and 23M registered users. Dodo is used by roughly half the population in Korea. Using Dodo as a platform to launch data collection is one of the best ways for Carry’s wide adoption.
Carry Protocol is a blockchain project that compensates consumers for sharing offline data and receiving ads, aiming to return control of data privacy and monetization rights back to the consumers. The launch campaign is the first step for Carry’s wide adoption in offline stores and consumers. Carry is also expanding its presence globally this year by having partnerships with global projects such as Pundi X and BananaTok.
Commenting on the launch of the data collection feature, the team mentioned “We are very excited to approach millions of monthly Dodo Point users through the campaign. We believe the first step to widespread adoption is to strip away complexities associated with blockchain technology so that any average person can use Carry. By closely monitoring usage and engagement metrics during the launch event, we will learn about the product market fit and flexibly respond to additional features and benefits that might be needed in future.”
NIJMEGEN and AMSTELVEEN, Netherlands, June 26, 2020 — KPMG and Planon today announced moving their collaboration to the next level, by signing a partnership agreement. Over the past two years the parties have been successfully working together on helping companies to comply with IFRS 16 standards by implementing Planon’s Lease Accounting solution across Europe.
Thanks to this partnership organisations can achieve a stronger ‘end-to-end transformation’ from lease accounting towards strategic portfolio management. The combination of Planon’s innovative software solutions with KPMG’s extensive knowledge around process optimisation and performance improvements creates synergy. It will enable building owners and users to plan and execute a smart portfolio management strategy, using innovative technologies managed from a single-source-of-truth.
Gerben de Roest, Partner at KPMG Enterprise Solutions, said, ‘I am very happy that we have found a global software provider that helps building owners and occupiers to streamline business processes for buildings, people and workplaces and that puts innovation first. I am looking forward to continuing our successful collaboration by helping our mutual and new clients to get the most value out of their Planon investments, by providing value added expertise and controlled implementation of Planon solutions and related technology.’
Sander Grunewald, Partner at KPMG Real Estate Advisory, added, ‘The extended cooperation in a partnership between Planon and KPMG emphasises our global firm’s focus to support corporate organisations with optimising and digitising their real estate portfolios and further align real estate within its key business strategy. Many of our corporate clients are looking to embrace the opportunities that technology brings. We aim to support them in gaining the full potential from digital and innovative technology. Planon is one of the established technology providers in this domain that can fulfill a bridging role to connect the technology solutions and bring additional value to the corporate clients.
About Planon
With over 35 years of experience, Planon is the leading global provider of innovative software, proven best practices and professional services that help building owners and occupiers, commercial service providers, and financial controllers to streamline business processes.
About KPMG Netherlands
KPMG has offered high-quality accountancy and advice services in the Netherlands since 1917.
Additional Funds from Majority Shareholder Vector Capital and Other Leading Investment Firms Position Planful to Seize Market Opportunities, Invest in Product, and Drive Go-to-Market Initiatives
REDWOOD CITY, California, June 25, 2020 — Planful Inc. (formerly Host Analytics), a leading financial planning and analysis (FP&A) cloud platform provider, today announced that the company has raised an equity round led by Vector Capital, a leading global private equity firm that specializes in transformational investments in established technology businesses. The equity round also included existing investors StarVest Partners and Monroe Capital. Planful expects to use the proceeds to meet growing global demand for its cloud-based FP&A solution and interest in its Continuous Planning vision.
Planful has seen a marked increase in the use of its platform by existing customers, including Bose, the Boston Red Sox, and Del Monte, as businesses rapidly analyze various factors affecting performance and run more frequent forecasting scenarios using Planful’s intuitive platform. With a Continuous Planning approach, Planful customers can compress cycle times and facilitate faster collaboration with increased process and data connectivity throughout every corner of the organization, increasing agility and enabling faster, more confident planning and decision-making.
“We live in an increasingly dynamic world and the traditional planning process with spreadsheets and annual budgets no longer works for modern businesses,” said Luis Martinez Luna, Senior Financial & Business Analyst at Bose, a manufacturing company that predominantly sells audio equipment. “With Planful, we’re able to ensure there is connectedness across the business throughout the planning process, giving us a single source of truth that is flexible enough to serve all units of our business, regardless of the economic climate.”
Planful CEO Grant Halloran said, “The COVID-19 pandemic has been a stark realization for many businesses that the need to modernize the back office is critical. We’ve seen a significant increase in demand for our platform over the past several months and have the capital backing to expand our team and go-to-market capabilities, as well as accelerate our product roadmap. Our recently announced Planful Now offering enables businesses to be up and running in 30 days or less, realizing the value of our solution more quickly than ever before.”
About Planful Planful is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses. Learn more at www.planful.com.
BEIJING, June 24, 2020 — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.
First Quarter 2020 Operational Highlights
Wealth Management—Yiren Wealth
Cumulative number of investors served reached 2,218,181 as of March 31, 2020, representing an increase of 0.3% from 2,210,530 as of December 31, 2019 and compared to 2,159,771 as of March 31, 2019.
Number of current investors was 220,568 as of March 31, 2020, representing a decrease of 10.5% from 246, 561 as of December 31, 2019.
Number of current non-P2P investors was 26,346 as of March 31, 2020, representing an increase of 23.3% from 21,360 as of December 31, 2019 and compared to 19,236 as of March 31, 2019.
Total assets under administration (“AUA”) for P2P products on Yiren Wealth was RMB 30,536.4 million (US$ 4,312.6 million) as of March 31, 2020, representing a decrease of 10.9% from RMB 34,264.8 million as of December 31, 2019, and compared to RMB 46,236.7 million as of March 31, 2019.
Total AUA for non-P2P products on Yiren Wealth was RMB 1,713.1 million (US$241.9 million) as of March 31, 2020, representing an increase of 66.8% from RMB 1,026.9 million as of December 31, 2019 and compared to RMB 424.9 million as of March 31, 2019.
Sales volume of non-P2P products amounted to RMB 2,163.3 million (US$ 305.5 million) in the first quarter of 2020, representing a decrease of 15.1% from RMB 2,548.4 million in the fourth quarter of 2019 and compared to RMB 328.7 million in the same period of 2019.
Consumer Credit—Yiren Credit
Total loan originations in the first quarter of 2020 reached RMB 1.8 billion (US$0.3 billion), representing a decrease of 77.0% from RMB 8.0 billion in the fourth quarter of 2019 and compared to RMB 10.9 billion in the first quarter of 2019.
Cumulative number of borrowers served reached 4,810,184 as of March 31, 2020, representing an increase of 2.4% from 4,695,487 as of December 31, 2019 and compared to 4,405,115 as of March 31, 2019.
Number of borrowers served in the first quarter of 2020 was 115,420, representing a decrease of 8.1% from 125,622 in the fourth quarter of 2019 and compared to 149,715 in the first quarter of 2019.
The percentage of loan volume generated by repeat borrowers was 4.9% in the first quarter of 2020.
51.4% of loan originations were generated online in the first quarter of 2020.
Total outstanding principal balance of performing loans reached RMB 42,063.0 million (US$ 5,940.4 million) as of March 31,2020, representing a decrease of 17.8% from RMB 51,157.3 million as of December 31, 2019.
“During this unprecedented time, our core businesses remained stable while we made substantial progress to diversify and enrich our business lines as we continue our business transformation into China’s leading digital financial service platforms for consumers.” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “We are making good progress in expanding our creditech business with new products and services and through rapidly ramping up institutional funding. Meanwhile, our wealth management has seen strong growth despite the pandemic situation, especially for non-P2P wealth management products and services.
“For credit business, we have rolled out a series of new products to provide a full spectrum of credit services and meet broader needs for mainstream consumers’ daily financing, including small-ticket-shorter-tenor loans, auto loans and SME loans. For the micro and small loans, we launched our products and services partnering with online consumption platforms. To fully leverage our nationwide service network coverage, we have rolled out auto loans targeted at second-handed cars, and the business has shown encouraging early growth momentum.”
“On the wealth management front, non-P2P products are increasingly popular among investors and have seen strong growth. As of March 31, 2020, the total AUA for non-P2P products on Yiren Wealth grew to RMB 1,713.1 million, representing a 66.8% quarter-over-quarter growth and 303.2% year-over-year growth. Particularly we see strong demand of our fund products during the first quarter, with a 56.8% quarter-over-quarter growth of AUA driven by our new product offerings and also customers’ strong demand, we expect this growth trends to continue through the year.”
“Under the challenging operating environment amid the pandemic in the first quarter of 2020, we maintained strong liquidity and profitability,” said Mr. Zhong Bi, Chief Financial Officer of Yiren Digital. “Despite significant business volume drop during the quarter, our strong cost control and operation efficiency efforts have kept our business at a profit and good cash position. Our cash and cash equivalents remained stable at RMB 3.2 billion. Our usable cash maintained at a healthy level at RMB 3.6 billion and we believe we are on solid footing in the dynamic environment.”
“For credit performance and the risk management, overall, early delinquencies increased in the first quarter and reached its peak at the end of March due to the pandemic situation before it quickly declined in April and returned to near pre-pandemic level in May.” said Mr. Michael Ji, Chief Risk Officer of Yiren Digital. “Visible progress has been made in prioritizing our business toward higher-quality customers, which was reflected in risk performance and we are glad to see essential improvement trend in 2019 and we expect a more substantially improved trend in 2020.”
First Quarter 2020 Financial Results
Total amount of loans facilitated in the first quarter of 2020 was RMB 1,839.5 million (US$259.8 million), compared to RMB 10,934.9 million in the same period last year. As of March 31, 2020, the total outstanding principal amount of the performing loans was RMB 42.1 billion (US$5.9 billion), decreased by 17.8% from RMB 51.2 billion as of December 31 2019.
Total net revenue in the first quarter of 2020 was RMB 1,023.7 million (US$144.6 million), compared to RMB 1,980.4 million in the same period last year. Revenue from Yiren Credit reached RMB 607.8 million (US$ 85.8 million), representing a decrease of 58.3% from RMB 1,459.0 million in the first quarter of 2019. Revenue from Yiren Wealth reached RMB 415.9 million (US$58.7 million), representing a decrease of 20.2% from RMB 521.4 million in the first quarter of 2019.
Sales and marketing expenses in the first quarter of 2020 were RMB 616.4 million (US$87.1 million), compared to RMB 1,127.9 million in the same period last year. Sales and marketing expenses in the first quarter of 2020 accounted for 33.5% of the total amount of loans facilitated, as compared to 10.3% in the same period last year mainly due to the decline of loan volume.
Origination and servicing costs in the first quarter of 2020 were RMB 102.9 million (US$14.5 million), compared to RMB 172.1 million in the same period last year. Origination and servicing costs in the first quarter of 2020 accounted for 5.6% of the total amount of loans facilitated, compared to 1.6% in the same period last year due to the decline of loan volume.
General and administrative expenses in the first quarter of 2020 were RMB 149.0 million (US$21.0 million), compared to RMB 257.7 million in the same period last year. General and administrative expenses in the first quarter of 2020 accounted for 14.6% of the total net revenue, compared to 13.0% in the same period last year.
Allowance for contract assets and receivables in the first quarter of 2020 were RMB 143.4 million (US$20.3 million), compared to RMB 191.1 million in the same period last year.
Income tax expense in the first quarter of 2020 was RMB 3.9 million (US$0.6 million).
Net income in the first quarter of 2020 was RMB 19.2 million (US$2.7 million), compared to RMB 369.1 million in the same period last year.
Adjusted EBITDA (non-GAAP) in the first quarter of 2020 was RMB 29.8 million (US$4.2 million), compared to an adjusted EBITDA of RMB 469.0 million in the same period last year. Adjusted EBITDA margin[1] (non-GAAP) in the first quarter of 2020 was 2.9%, compared to 23.7% in the same period last year.
Basic income per ADS in the first quarter of 2020 was RMB 0.21(US$0.03), compared to a basic income per ADS of RMB 3.99 in the same period last year.
Diluted income per ADS in the first quarter of 2020 was RMB 0.21(US$0.03), compared to a diluted income per ADS of RMB 3.96 in the same period last year.
Net cash generated from operating activities in the first quarter of 2020 was RMB 557.8 million (US$78.8 million), compared to net cash used in operating activities of RMB 658.4 million in the same period last year.
Net cash used in investing activities in the first quarter of 2020 was RMB 524.5 million (US$74.1 million), compared to RMB 249.9 million in the same period last year.
As of March 31, 2020, cash and cash equivalents was RMB 3,195.0 million (US$451.2 million), compared to RMB 3,198.1 million as of December 31, 2019. As of March 31, 2020, the balance of held-to-maturity investments was RMB 4.4 million (US$0.6 million), compared to RMB 6.6 million as of December 31, 2019. As of March 31, 2020, the balance of available-for-sale investments was RMB 456.1 million (US$64.4 million), compared to RMB 461.0 million as of December 31, 2019.
Delinquency rates. As of March 31, 2020, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.6%, 4.1%, and 3.2%, respectively compared to 1.2%, 2.0%, and 1.7%,as of December 31, 2019.
Cumulative M3+ net charge–off rates. As of March 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2017 was 16.5%, compared to 16.0% as of December 31, 2019. As of March 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2018 was 15.8%, compared to 13.8% as of December 31, 2019. As of March 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2019 was 5.2%, compared to 3.1% as of December 31, 2019.
[1] Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.
Accounting Policy Change
Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance replaces the existing “incurred loss” methodology, and introduces a forward-looking expected loss approach referred to as a current expected credit losses (“CECL”) methodology. Under the incurred loss methodology, credit losses are recognized only when the losses are probable of having been incurred. The CECL methodology requires that the full amount of expected credit losses for the lifetime be recorded at the time the financial asset is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses.
The CECL methodology is applicable to estimation of credit losses of financial assets measured at amortized cost, primarily including accounts receivable, contract assets, financing receivables and other receivables. As a result, the Company recognized the cumulative effect as a decrease of approximately RMB 26.1 million to the opening balances of accumulated deficit on January 1, 2020.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 7.0808 to US$1.00, the effective noon buying rate on March 31, 2020, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital’s management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on June 23, 2020 (or 8:00 a.m. Beijing/Hong Kong Time on June 24, 2020).
Participants who wish to join the call should register online in advance of the conference at:
Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
A replay of the conference call may be accessed by phone at the following numbers until July 1, 2020:
International
+61 2-8199-0299
U.S.
+1 646-254-3697
Replay Access Code:
2773237
Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.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 Yiren Digital’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 Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, 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 Yiren Digital’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 Yiren Digital 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 Yiren Digital
Yiren Digital Ltd. (NYSE: YRD) is a leading fintech company in China, providing both credit and wealth management services. For its credit business, the Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yiren Digital deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yiren Digital’s marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For its wealth management business, the Company targets China’s mass affluent population and strives to provide customized wealth management services, with a combination of long-term and short-term targets as well as different types of investments, ranging from cash and fixed-income assets, to funds and insurance. For more information, please visit ir.Yirendai.com.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
For the Three Months Ended
March 31, 2019
March 31, 2020
March 31, 2020
RMB
RMB
USD
Net revenue:
Loan facilitation services
1,055,046
358,541
50,636
Post-origination services
296,279
146,520
20,693
Account management services
488,340
413,166
58,350
Others
140,743
105,433
14,890
Total net revenue
1,980,408
1,023,660
144,569
Operating costs and expenses:
Sales and marketing
1,127,945
616,441
87,058
Origination and servicing
172,123
102,918
14,535
General and administrative
257,707
149,041
21,049
Allowance for contract assets and receivables
191,104
143,385
20,250
Total operating costs and expenses
1,748,879
1,011,785
142,892
Other income/(expenses):
Interest income, net
23,875
25,116
3,547
Fair value adjustments related to Consolidated ABFE
34,998
(26,020)
(3,675)
Others, net
160,223
12,184
1,721
Total other income/(expenses)
219,096
11,280
1,593
Income before provision for income taxes
450,625
23,155
3,270
Share of results of equity investees
(4,957)
–
–
Income tax expense
76,534
3,936
556
Net income
369,134
19,219
2,714
Weighted average number of ordinary shares outstanding, basic
185,126,457
185,600,961
185,600,961
Basic income per share
1.9940
0.1036
0.0146
Basic income per ADS
3.9880
0.2072
0.0292
Weighted average number of ordinary shares outstanding, diluted
186,578,885
186,166,429
186,166,429
Diluted income per share
1.9784
0.1032
0.0146
Diluted income per ADS
3.9568
0.2064
0.0292
Unaudited Condensed Consolidated Cash Flow Data
Net cash (used in)/ generated from operating activities
(658,435)
557,762
78,771
Net cash used in investing activities
(249,931)
(524,479)
(74,070)
Net cash provided by/ (used in) financing activities
493,389
(65,637)
(9,270)
Effect of foreign exchange rate changes
(2,196)
1,206
170
Net decrease in cash, cash equivalents and restricted cash
(417,173)
(31,148)
(4,399)
Cash, cash equivalents and restricted cash, beginning of period
3,034,484
3,269,142
461,691
Cash, cash equivalents and restricted cash, end of period
2,617,311
3,237,994
457,292
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
As of
December 31, 2019
March 31, 2020
March 31, 2020
RMB
RMB
USD
Cash and cash equivalents
3,198,086
3,194,993
451,219
Restricted cash
71,056
43,001
6,073
Accounts receivable
3,398
33,902
4,788
Contract assets, net
2,398,685
1,873,548
264,596
Contract cost
160,003
149,917
21,172
Prepaid expenses and other assets
1,333,221
868,462
122,651
Loans at fair value
418,492
313,267
44,242
Financing receivables
29,612
33,381
4,714
Amounts due from related parties
988,853
1,583,859
223,684
Held-to-maturity investments
6,627
4,399
621
Available-for-sale investments
460,991
456,061
64,408
Property, equipment and software, net
195,855
188,880
26,675
Deferred tax assets
45,407
42,084
5,943
Right-of-use assets
334,134
291,028
41,101
Total assets
9,644,420
9,076,782
1,281,887
Accounts payable
43,583
39,068
5,517
Amounts due to related parties
106,645
112,034
15,822
Liabilities from quality assurance program and guarantee
4,397
3,487
492
Deferred revenue
358,203
254,933
36,003
Accrued expenses and other liabilities
2,338,745
1,946,205
274,858
Refund liability
1,801,535
1,760,942
248,692
Deferred tax liabilities
218,888
216,304
30,549
Lease liabilities
282,334
259,197
36,606
Total liabilities
5,154,330
4,592,170
648,539
Ordinary shares
121
121
17
Additional paid-in capital
5,038,691
5,045,268
712,528
Treasury stock
(37,097)
(37,097)
(5,239)
Accumulated other comprehensive income
21,855
18,671
2,637
Accumulated deficit
(533,480)
(542,351)
(76,595)
Total (deficit)/ equity
4,490,090
4,484,612
633,348
Total liabilities and equity
9,644,420
9,076,782
1,281,887
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of investors and percentages)
For the Three Months Ended
March 31, 2019
March 31, 2020
March 31, 2020
RMB
RMB
USD
Operating Highlights
Amount of p2p investment
11,435,588
5,203,747
734,909
Number of p2p investors
200,780
78,256
78,256
Amount of non-p2p investment
328,708
2,163,313
305,518
Number of non-p2p investors
14,022
18,809
18,809
Amount of loans facilitated
10,934,923
1,839,454
259,781
Number of borrowers
149,715
115,420
115,420
Remaining principal of performing loans
63,213,843
42,063,039
5,940,436
Segment Information
Wealth management:
Revenue
521,434
415,876
58,733
Sales and marketing expenses
143,904
67,326
9,508
Consumer credit:
Revenue
1,458,974
607,784
85,836
Sales and marketing expenses
984,041
549,115
77,550
Reconciliation of Adjusted EBITDA
Net income
369,134
19,219
2,714
Interest income, net
(23,875)
(25,116)
(3,547)
Income tax expense
76,534
3,936
556
Depreciation and amortization
32,502
27,171
3,837
Share-based compensation
14,699
4,541
641
Adjusted EBITDA
468,994
29,751
4,201
Adjusted EBITDA margin
23.7%
2.9%
2.9%
Delinquency Rates
Delinquent for
15-29 days
30-59 days
60-89 days
All Loans
December 31, 2015
0.7%
1.2%
0.9%
December 31, 2016
0.6%
0.9%
0.8%
December 31, 2017
0.8%
1.0%
0.8%
December 31, 2018
1.0%
1.8%
1.7%
December 31, 2019
1.2%
2.0%
1.7%
March 31, 2020
1.6%
4.1%
3.2%
Online Channels
December 31, 2015
0.5%
0.8%
0.6%
December 31, 2016
0.5%
0.9%
0.8%
December 31, 2017
1.1%
1.1%
0.9%
December 31, 2018
1.2%
2.3%
2.2%
December 31, 2019
1.6%
2.9%
2.5%
March 31, 2020
1.9%
5.2%
3.8%
Offline Channels
December 31, 2015
0.7%
1.2%
1.0%
December 31, 2016
0.6%
0.9%
0.8%
December 31, 2017
0.6%
0.9%
0.7%
December 31, 2018
0.9%
1.6%
1.5%
December 31, 2019
1.0%
1.7%
1.5%
March 31, 2020
1.6%
3.7%
3.1%
M3+ Net Charge-Off Rate
Loan Issued Period
Amount of Loans Facilitated During the Period
Accumulated M3+ Net Charge-Off as of March 31, 2020
Delivers 10x performance with the new Matching Engine, paving the way for margin and derivative features rollout
HONG KONG, June 18, 2020 — Crypto.com today announced it has rolled out significant infrastructure upgrades to its Exchange, including a revamped Matching Engine, OMS (Order Management System), and unified REST and Websocket API. The revamp will lead to a 10x increase in performance and throughput, paving the way for an aggressive product roadmap for the rest of 2020, which includes the launch of margin and derivatives trading.
Crypto.com completes key exchange infrastructure upgrades, announces new promotional incentives for users.
The Crypto.com Exchange launched in Beta last November, which has been one of the key drivers of the company’s rapid overall growth in the past six months, as traders increasingly turn towards cryptocurrencies amidst broader market uncertainties. The new infrastructure significantly improves the overall performance, including:
Revamped Matching Engine, Order Management System leading to a 10x increase in performance and throughput
Unified REST and Websocket API providing ease of adoption for both API platforms, with Websockets allowing clients to create a persistent connection to place orders and trades for high-frequency trading
Redesigned architecture, improving scalability, security and latency, which paves the way for a powerful and robust risk engine and high leverage margin and derivatives trading
Addition of high-availability and resilience to every component, increasing stability and eliminating single points of failure
Kris Marszalek, Co-founder and CEO of Crypto.com said: “We launched the Crypto.com Exchange last Fall with a goal of creating a trading platform so secure, liquid and user-friendly that it becomes a natural choice for both institutional and retail customers. We have already seen tremendous traction in the first six months of Beta and will continue rapidly improving our offering to drive continued growth.’
Crypto.com also announced promotional incentives on the Exchange including:
0% trading fee for the first 90 days for new users (new)
Up to 50% trading fee reduction on all trades for existing users (new)
2% bonus deposit interest rate, applicable to all deposits made to the exchange wallet in the first 30 days after the successful sign-up
A Special Syndicate BTC 50% off event celebrating Crypto.com’s fourth anniversary on June 30
The Crypto.com Exchange is powered by the CRO token and features deep liquidity, low fees and best execution prices. It offers traders what’s lacking in the market: competitive pricing, seamless connectivity with the Crypto.com App to access the full suite of crypto offerings from Earn, Credit to Payment and the confidence they are trading with one of the most trusted brands in crypto. The Exchange will see ambitious enhancements throughout the remainder of 2020, including launching margin and derivative trading, lending, localized product and support in multiple languages as well as a revamped rewards program.
Crypto.com’s “Defense in Depth” approach ensures maximum levels of security and privacy across the entire ecosystem, giving users and trades the peace of mind their assets and data is protected. Crypto.com holds $360M in insurance coverage, and recently became the first crypto company to achieve ISO/IEC 27701:2019 certification for privacy.
About Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 2 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 350+ strong team. Find out more by visiting https://crypto.com.
0% trading fee for the first 90 days for new users.
Up to 50% trading fee reduction on all trades for existing users.
PETALING JAYA, Malaysia, June 18, 2020 /PRNewswire/ — OMC Group Sdn Bhd (“OMC Group” or “Company”), the blockchain arm of AIO Synergy Holdings Berhad (“AIO Synergy”), is set to offer more blockchain solutions to businesses, government and the community to help them operate in a world that is increasingly going digital.
OMC Group offers solutions through the Company’s own patented decentralised ledger technology (“DLT”) known as Authorised Proof of Capacity (“APoC”), which is the consensus mechanism used to run the OMChain for trust and verification purposes.
Jack Lee, CEO of OMC Group
Jack Lee, CEO of the company said: “We are in the midst of witnessing how technology has evolved and how businesses are conducted differently from the way it was. The move to doing business digitally paves the way for the business we are in as blockchain strongly encourages transparency and immutability.”
“We are offering our blockchain solutions to serve merchants, which includes a decentralised ledger that is secure, trustworthy and transparent together with a community and ecosystem that we support through our hybrid Point of Sales (“POS”) devices that includes a mining feature rewarding users with points that can be used for transactions”.
The second version of OMC Group’s hybrid POS device together with hot wallet was launched in Malaysia in the second quarter of 2020 (“Q2 2020”) following sales of the devices in China in Q3 2019. The devices are now available in 11 countries in East and Southeast Asia. In total, over 29,000 POS devices have been sold together with the hot wallet.
In the pipeline is the launch of the Asia Blockchain Centre in Q3 2020, a hub supporting blockchain startups through education, providing solutions for businesses, government and the community as well as offering solutions on the applications of blockchain technology. A debit card will be launched in Q4 2020 while a series of awareness campaigns on blockchain will be held.
The OMC ecosystem comprises OmniChat, a text/video/picture messaging platform that has 20 million users worldwide; Omnipay, a peer-to-peer payment network with third-party payment license in China as well as more than 10,000 merchants on-boarded and; Omnity, a smart community management application that can securely store customer information and collect management fees with more than 48,000 daily active users.
The Company’s long-term plans include obtaining a license in Malaysia to operate financial services in 2021 including cross-border payment services and offering its own patented DLT technology, APoC.
KUALA LUMPUR, Malaysia, June 18, 2020 /PRNewswire/ — MACROKIOSK and Silverlake join forces to empower the emerging digital banking industry in the Asia Pacific region. This collaboration brings together the proven robust digital solutions and respective capabilities of MACROKIOSK and Silverlake to support virtual banks in the evolving banking industry landscape.
With increasing digital transformation across the banking sector, the arrival of digital banking in the region is certain. As digital banking is set to disrupt traditional banking practices and cater to underserved markets, advanced technology becomes more crucial than ever in driving the success of digital banking in emerging economies. The partnership between MACROKIOSK and Silverlake will play a vital role in pioneering connectivity and facilitating virtual banks with their digital offerings.
As Asia’s leading digital technology company, MACROKIOSK’s key focus is in the areas of Communication, Authentication, Engagement and Payment delivered through its in-house developed BOLD. suite of digital solutions which are scalable, secure and highly adaptable.
“MACROKIOSK powers over 40 financial institutions in 14 countries across Asia Pacific. Our BOLD. solutions are future-ready to meet the demands of virtual banks and together with Silverlake, we are confident we will provide meaningful access, efficiency and convenience for digital banking consumers,” says Dato’ Henry Goh, Co-Founder and Chief Operating Officer, MACROKIOSK Group.
With award-winning financial institutions as its clients and a vision of ‘mobility beyond imagination’, Silverlake has left a rather large footprint for digital banking and enterprise mobility in the Asia Pacific region. Moving forward, Silverlake intends to continue developing digital solutions and improve its customer experience models to simplify banking for individuals and organisations alike. Alongside with MACROKIOSK, it recognises the significance of digital banking. “Our focus is to drive innovation in financial institutions in Asia Pacific countries through various digital financial services,” says Mr. Joseph Yeong, Co-Founder and Executive Director, Silverlake Mobility Ecosystem.
The collaboration between MACROKIOSK and Silverlake is poised to create a strong partner ecosystem across technologies in their respective areas of expertise, which enable virtual banks to leverage advanced solutions to stay ahead of competition and expand their foothold in the digital banking landscape.
ABOUT MACROKIOSK
MACROKIOSK is Asia’s leading digital technology company with a strong global presence. Since 2000, MACROKIOSK has been at the forefront of helping individuals and businesses embrace the digital economy through the delivery of Digitalisation Platform-as-a-Service (DPaaS) solutions.
To date, more than 3000 businesses in 37 countries spanning 24 industries and millions of users experience MACROKIOSK’s scalable, secure and highly-adaptable digital solutions developed in-house. MACROKIOSK is certified to international standards including the Microsoft.NET, PMP certification and ISO27001 ISMS.
Silverlake is a leading Technology Innovations, Banking, Financial and Cyber Security solutions provider in the Asia Pacific region with a global presence. Executing parallel efforts in pursuing technology innovations as well as keeping its more than 30 years of deploying core banking to customer sites at 100% success rate is paramount to the company’s strategy.
BEIJING, June 17, 2020 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading fintech company in China, announced that it plans to release its unaudited financial results for the quarter ended March 31, 2020 after U.S. market closes on Tuesday, June 23, 2020.
Yiren Digital’s management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on June 23, 2020 (or 8:00 a.m. Beijing/Hong Kong Time on June 24, 2020).
Participants who wish to join the call should register online in advance of the conference at:
Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
A replay of the conference call may be accessed by phone at the following numbers until July 1, 2020:
International
+61 2-8199-0299
U.S.
+1 646-254-3697
Replay Access Code:
2773237
Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.com.
About Yiren Digital
Yiren Digital Ltd. (NYSE: YRD) is a leading fintech company in China, providing both credit and wealth management services. For its credit business, the Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yiren Digital deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yiren Digital’s marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For its wealth management business, the Company targets China’s mass affluent population and strives to provide customized wealth management services, with a combination of long-term and short-term targets as well as different types of investments, ranging from cash and fixed-income assets, to funds and insurance. For more information, please visit ir.Yirendai.com.
SHANGHAI, June 12, 2020 /PRNewswire/ — FinVolution Group (“FinVolution”, or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced that its fintech application, PPDAI App, has received both the APP Security Certification and the APP Information Security Certification with level 3 rating, the highest rating level in security evaluation standard, from China National Computer Virus Emergency Response Center (“CVERC”).
Safeguarding user information and protecting user privacy is paramount in FinVolution Group’s operation since its inception. The Company has established a comprehensive administrative mechanism and standardized employee training system for stringent information security management. FinVolution has also been deploying innovative technologies to promote user data protection. For example, the Company launched a Smart Finance Institute in 2018 for research and development in the field of artificial intelligence that can be applied in various aspects of financial services. In addition, FinVolution is also a member of the National Information Security Standardization Technical Committee and Mobile Application (APP) Security Committee, maintaining up to date knowledge and compliant regarding the latest cyber-security regulatory requirements.
Mr. Feng Zhang, Chief Executive Officer of FinVolution Group, commented, “The receipt of the certifications from CVERC is a clear testament to our efforts and competency in safeguarding user information and protecting their privacy, and further solidify our competitive advantage in terms of regulatory compliance. We remain committed to the highest operational standard and continue to advance our technological capabilities in enhancing cyber security. Meanwhile, we will leverage our cooperation with institutional funding partners to provide secure and convenient services for our users.”
CVERC is the official agency for anti-virus internet security and the designated testing body for the “Special Crackdown on the Illegal Collection and Misuse of Personal Information by Apps” initiative by China’s Ministry of Public Security.
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 March 31, 2020, the Company had over 108.3 million cumulative registered users.
FICO, a global analytics software firm, has released its Consumer Digital BankingSurvey which found Philippine consumers are more comfortable opening bank accounts on their smartphones than consumers in the US and the UK.
The study showed that 26 percent of Filipinos prefer to open a bank account on their phone, compared to 18 percent in the US and 25 percent in the UK.
“Filipino consumers are digital natives,” saidSubhashish Bose, FICO’s lead for fraud, security and compliance in Asia Pacific. “Around 40 percent of Filipinos have a smartphone and according to a recent study they rank in the top 10 mobile internet users globally, spending an average of 4.58 hours a day on their phones.”
The study showed that digital account opening is rapidly becoming the norm in the Philippines, with 76 percent of consumers saying they would open some kind of financial account online.
Of those that would open a financial account online, 40 percent would consider doing so for an everyday transaction account, 38 percent for a credit card and 33 percent for a personal loan.
Bucking expectations, it was older consumers in the Philippines who were more likely to be leading the digital push with the youngest Filipinos being the laggards.
46 percent of those over 55 years of age said they would open a bank account online
40 to 45 percent of 25-34, 35-44 and 45-54 year-olds said they would do the same
While just 28 percent of 18-24-year-olds would open a bank account online
“The truth in the numbers here is far more nuanced,” explainedBose. “Younger Filipinos are adept at using smartphones and computers, however, many do not have the required identification forms to open bank accounts at a young age, don’t have regular income or are presented with bank account options that are not appealing. For example, many bank accounts in the Philippines require a minimum balance to avoid monthly account-keeping fees.
“As consumers’ reliance on online services grows in response to COVID-19, we expect further shifts in adoption and indeed an acceleration and acceptance in opening bank accounts digitally. It is important that banks closely examine any points of friction in their application process to ensure consumers are not abandoning a process or switching to a competitor,” saidBose.
Filipinos expect account opening to be fully digital
The survey found that a large percentage of Filipinos had an expectation that they should be able to complete all aspects of account opening online or on their phone.
Out of the regular identity checks needed to open an account, 67 percent of Filipinos thought they should be able to prove their identity by scanning documents or providing a selfie, 47 percent expected to prove where they live without going offline and 45 percent said they should be able to set up a biometric such as a fingerprint scan at account opening.
If all actions required to complete an account opening cannot be accomplished in-session, only 41 percent of respondents said they would carry out the necessary offline actions as soon as possible.
Around 33 percent thought they would eventually complete offline actions such as taking a phone call, posting documents, or visiting a branch. A further 13 percent said they would try a competitor while 5 percent said they would give up completely. Overall findings demonstrated that financial institutions in the Philippines that don’t facilitate a completely digital account opening experience could lose over 40 percent of their new business.
“There is research to show that only 6 to 9 percent of applicants move through the funnel and complete the process,” said Bose. “Banking executives should review the application completion for authenticated versus non-authenticated applications, as well as how many applicants with saved or abandoned applications return to complete the process.”
FICO’s Consumer Digital BankingSurvey was produced using an online, quantitative poll of 5,000 adults (over 18) across 10 countries carried out on behalf of FICO by an independent research company. The countries surveyed were: Brazil, Canada, Germany, Malaysia, Mexico, Philippines, Sweden, UK and the USA.
About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
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