Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Tuesday it is set to launch a new consumer installment financing platform, called “Hexin Installments.” According to Hexindai, the platform will offer carefully curated categories for installment financing, such as electronic products, education, and travel products and services. With convenient installment payments, consumers can easily purchase competitively priced products and services on the platform.
“Hexindai will cooperate with institutional partners as funding sources to provide installment financing for consumers on the platform. The company will attract and acquire users through its existing and effective online channels. Hexindai’s powerful risk management system and technology infrastructure will provide a solid footing for the new platform to grow.”
While sharing more details about the platform, Xiaobo An, Hexindai’s Founder, Chairman and CEO, stated:
“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.”
An went on to add that the platform will also help further diversify its businesses and drive its future growth.