BEIJING, Aug.15, 2017 /PRNewswire/ -- Recently, the Finance Office of Ningbo City Government approved a subsidiary of Fox Financial Technology Group Limited ("Fox Fintech Group" or "the Company"), an affiliate of Sohu.com Limited (NASDAQ: SOHU), to obtain the city's first internet micro-credit license. This is a milestone that shows Ningbo City Government's positive stance towards leading internet companies to set up fintech-related businesses in the city.
Alex Ho, Fox Fintech Group's Founder and CEO, commented, "We are applying advanced technologies in big data, facial recognition, machine learning and self-developed algorithms to bring efficient, convenient and inclusive credit service to China. Our credit service helps individuals and small businesses fund needed purchases and provide capital support for their operations."
In March of this year, Fox Fintech Group kicked off a global investment strategy in support of China's "One Belt, One Road" initiative. Shortly after, in May, the Company joined China Minsheng Investment Group and several other investment houses to establish an overseas investment fund focused on "One Belt, One Road" business opportunities. The Company was also a supporter of recent government initiatives to develop Ningbo Free Trade Zone into a major hub and service center for China's new economy. This free trade zone will focus on big data, artificial intelligence and the provision of services supporting "One Belt, One Road". Together, the Ningbo city government and Fox Fintech Group are pushing forward the development of new economies along the "One Belt, One Road". The issuance of the internet micro-credit license is another step in the parties' cooperation.
Unlike a traditional micro-credit license which restricts credit service to a certain province or region of China, an internet micro-credit license allows the license holder to provide credit services nationwide via the internet. This license allows Fox Fintech Group to tap into the fast-growing and massive online consumer loans and small business loans market in China. Fox Fintech Group can offer individuals at various life stages credit products targeting their different consumption needs, such as education, travel, shopping, renting accommodation, or even cosmetic surgery. Through the Company's website or mobile app, individuals gain convenient access to credit services for making purchases in their daily lives. Through our proprietary data and third-party data collected in the Company's database and big data analysis, the Company will also extend its credit services from individuals to entrepreneurs of small businesses to provide needed capital to help small businesses fund operations and grow their business. The Company will start with standardized credit services and eventually move towards a round-the-clock personalized credit service and product recommendation system that presents real-time credit recommendations to users based on their individual preferences, point of sale location and purchase behavior.
Aside from this internet micro-credit service, Fox Fintech Group already operates a set of comprehensive financial services that consists of its smart integrated financial services platform "Huli Huizhuan" (literal translation is "Fox Wise Investing"), its online alternative lending marketplace "Souyidai", a consumer financing business under the brand "Little Fox", and its self-built credit scoring system and proprietary credit risk management system known as "Wind Blade system".
One industry analyst commented, "Being a reputable internet company in China, Sohu has strong technology capabilities and its online properties attract substantial user traffic daily. As its fintech arm, Fox Fintech Group is using its technology strength and product innovations to successfully establish itself as a reliable and fast-growing leader in the fintech space."
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