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Credit China Eyes Online Payments and P2P

Credit China FinTech Holdings Ltd is planning more investments as it aggressively expands beyond its original loans and lease-financing businesses into online payments and peer-to-peer lending.

The company, part of a consortium that offered to buy a stake in Ping An Securities Group Holdings Ltd last month, is in talks with “multiple” financial-services companies based in Asia outside China, said its CEO Phang Yew Kiat in Hong Kong on Feb 1. The Hong Kong-based firm is targeting at least one more acquisition by the end of the first quarter, he said.

“In order to support my bigger growth, I need to add new things,” Phang said. “What’s important is we need to have multiple revenue streams.  The firm’s acquisition strategy-which is now focused outside China-has been driven by HK$4.3 billion ($554 million) of funds that it raised over the past three years, Phang said.

In January alone, Credit China unveiled a $30 million investment in San Francisco-based blockchain technology firm BitFury Group Ltd and is part of a group that offered HK$664 million for a stake in Ping An Securities.

Since 2013, Credit China’s investments have focused on financial technology-related markets such as third-party payments and peer-to-peer lending, a strategy that boosted transactions on its online platforms to 92.6 million last year from 1.8 million in 2014, data provided by the company show.

In January 2017, CCF was appointed as a founding member of the Global Blockchain Business Council (GBBC).  During 2016 Credit China expanded into China’smobile payment space through 35% strategic acquisition of Shanghai Jifu, a leading mobile POS services provider.  Acquired 48% of Weshare, a leading big data-driven consumer lending provider in China; and 51% of Qiyuan Tianxia, a social and gaming platform.

In August 2016, the Company was renamed as Credit China FinTech Holdings Limited. In November 2016, expanded into Southeast Asia through 51% acquisition of Amigo Technologies, a third party payment and financial services technology provider in Vietnam.   In December 2016, led the establishment of the RMB 10 billion Asia FinTech Merger and Acquisition Fund of Funds.

Source: China Daily

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