Fuqin Fintech Limited is a leading online lending marketplace that provides information intermediary service connecting borrowers to lenders. Our online lending platform provides lenders and borrowers an innovative and revolutionary platform that is more efficient than the traditional financing services model. The loans facilitated through our platform are all secured by the security interests in the borrowers’ automobiles. We do a full evaluation of the borrower’s vehicle and credit status, and make an assessment of the risk based on the above factors utilizing big data. Therefore, we can efficiently manage risks and facilitate loan transactions amongst lenders and borrowers.
Our targeted customers are primarily individuals, micro-, small- and medium-sized entities, and sole proprietors in the less developed regions of China. The automobiles they use for collateral are, in many cases, vital to their day-to-day life or business operations. Those borrowers, given their financial condition and size of business, are often underserved by larger financial institutions.
Borrowers and lenders come from a variety of channels, including online sources such as the internet and our mobile applications, and the on-the-ground sales force in our outlets. As of December 2017, we have more than 1,800 full-time and 200 part-time experienced sales representatives in 96 outlets. We also work with 96 third party business referral intermediaries that generate sales leads for us in China.
In addition, lenders have the flexibility to the choose different risk parameters and exit times. Our algorithms will match lenders with the borrowers, which goes beyond the simple one-to-one matching and could be viewed as building a portfolio of investments to diversify the risk. Furthermore, we have developed an industry leading professional asset protection team, consisting of experienced mechanics and specialists who are able to recover automobiles using efficient and safe methods. Our auto risk management system (ARMS), enables us to cut down on risk assessment time, reduce fraud, and prevent malicious behavior.