Yirendai signs an agreement of intent on performance bond with PICC P&C

Yirendai signs an agreement of intent on performance bond with PICC P&C
30.03.2017 07:15 am

Yirendai signs an agreement of intent on performance bond with PICC P&C


Today Yirendai Ltd., a major online consumer finance marketplace in China, announced that it has entered into an agreement of intent with the Beijing branch of PICC Property and Casualty Company Limited, the biggest property and casualty insurance company in China.

Under the terms of the Agreement, PICC P&C will provide Yirendai with performance bond for certain loans facilitated through the Company's online marketplace. PICC P&C will reimburse lenders within the agreed scope should any losses incur due to the Company's failure to perform adequate due diligence during the credit underwriting process. 

"We are pleased to begin working with PICC P&C on performance bond," said Ms. Yihan Fang, Chief Executive Officer of Yirendai. "We believe a strong alliance between our two industry-leading companies will enable us to provide higher quality products and services to our customers to better serve the large demand for personal finance."

Related News

Shaping the New Normal for Tech Post COVID-19

C-suite Fortune 500 technologists set to unite on 30th July to delve into what the recent pandemic means for the future of customer behavior, new digital offerings, and the... Read more »

Singapore homegrown SME Neo & Partners Global wins Best Infrastructure Provider at the WatersTechnology Asia Awards 2020

Neo & Partners Global, a finance & technology group serving the capital markets sector buy-side community of commodity... Read more »

Nine in 10 Financial IT Leaders Say The Very Survival of Their Firms Depends on Digitalisation in the Next Two Years

 Mendix, a Siemens business and the global leader in enterprise low-code, released a survey showing that, despite being one... Read more »

ConsenSys Codefi Announces Ethereum 2.0 Staking Pilot Program with Six Members

ConsenSys Codefi is launching an Ethereum 2.0 staking-as-a-service platform with institutional functionality for... Read more »

Banking Circle adds USD Amazon collections for its marketplace customers

Banking Circle, the innovative financial infrastructure provider, has enhanced the tools available to Payments businesses for their marketplace customers. Payments businesses... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel