By combining credit assessments driven by artificial intelligence (AI) and big data with cutting edge digital infrastructure, FinVolution Group plans to empower financial institutions and advance financial inclusion across Asia, explains Joseph Ruan, chief operating officer of the fintech firm’s Philippines business.
China is shifting towards manufacturing abroad as opposed to natural resources; on the other hand, Chinese overseas lending has weakened due to domestic economic concerns.
For these new lenders, making a splash with attractive rates was just the first step. The real challenge begins now as they confront a crowded marketplace and deal with complex issues such as risk management and data protection.
Ant Financial’s expected IPO a key moment for China’s financial reforms as it shows how fintech is upending the competitive landscape for traditional lenders, both private and state-owned.
Charlene Chu, Beijing-based senior director for financial institutions at Fitch Ratings, talks to FinanceAsia about the risks presented when loans are repackaged into wealth management products.