Hexindai Launches Consumer Financing Platform

The company said the new platform will become a preferred payment method for young consumers.

Author: CapitalWatch Staff   

Hexindai Inc. (Nasdaq: HX), an online consumer lending marketplace in China, announced that it launched a new e-commerce installment financing platform, "Hexin Installments," Monday evening in New York.

The Beijing-based company said the new financing platform will be operated by Hexin Digital Technology. 

Hexindai said it will cooperate with institutional partners as funding sources to provide installment financing for consumers, including electronic products, education, and travel products and services.

The company said in a statement that it will use a powerful risk management system and technology infrastructure on the existing and effective online channels to attract users.

Xiaobo An, the chief executive officer of Hexindai, said, "With the upgrade of consumption in China, the use of installment payments has been gaining momentum in recent years, and it has become the preferred payment method for more and more young consumers. Our new installment financing platform will leverage our rich experience in consumer financing and strong technology advantage in matching borrowers and lenders in large scale to meet the growing financing demand from the new generation consumers. It will also help further diversify our businesses and drive our future growth."

Shares in Hexindai closed nearly 3 percent higher Monday, at $2.45 apiece.