-----Eastlending and Guangxi Zhifutong signed the agreement for strategic cooperation 

On April 2nd, Eastlending, the P2P platform under Oriental Bangxin, signed the agreement for strategic cooperation with a third party payment service provider Guangxi Zhifutong, which made Eastlending the first state-funded P2P platform expanding business in the third party payment segment. Vice president Chen Jianxiong, and chairman of the board of Zhifutong Liu Feng were present in the signing ceremony. Ms. Zhang Yanyan (the general manager of Oriental Bangxin), Mr. Sun Yang (deputy general manager of Oriental Bangxin and the chairman of board of Orient Financial Tech), and Ms. Liu Yi (general manager of Zhifutong) also attended the ceremony.

Oriental Bangxin focuses on micro-financial services. By the end of 2014, with a registered capital of RMB 5.67 billion, it had 24 micro-loan companies and 2 subsidiaries namely Orient Bangxin Capital Management Company and Orient Bangxin Financial Technology Company. With the largest micro-loan network in China, its business covers 20 provinces and reaches suburban and rural areas through 64 distant service spots. Since its incorporation 3 years ago, Oriental Bangxin and its micro-loan companies have made over 30,000 loans with a total principal amount of over RMB 30 billion to more than 26,000 customers. It has created 500,000 jobs indirectly and contributed RMB 479 million to the government revenue through tax. Its significance to the economic development has been widely recognized.

Eastlending is the P2P platform set up by Orient Financial Tech which is a subsidiary of Oriental Bangxin. It mainly provides O2O lending supported by its prudent risk control system, plenty of professionals with their excellent business performance, which has earned it good market reputation. Since the beginning of its online operation in June 2014, Eastlending has enrolled nearly 10,000 registered customers with a transaction value of RMB 1.1 billion, a success rate of 100% and no bad debt has been reported.

Guangxin Zhifutong Business Service Co., Ltd. (hereinafter referred to as “Zhifutong”) was incorporated in November 2007. It got the PBoC Payment Business Permit in 2012. Now Zhifutong mainly focuses on the issuance and undertaking of prepaid cards and is now applying for the license for online payment business. It now has over 1.5 million customers in the non-real name system and 600,000 in the real-name system served by a safe and convenient third party payment network that covers the whole area.

After signing the agreement, Eastlending and Zhifutong will work together both at the business level and the equity level for mutual benefit and win-win results. At the business level, both sides will share quality customer resources and channel resources. They would also draw upon the geographic advantages of the ASEAN Free Trade Area to carry out cross-border payment cooperation. At the equity level, Eastlending will make timely investment in Zhifutong to boost the business of both parties.