FinVolution Group, a China-based fintech that connects underserved individual borrows with financial institutions, announced on Monday it received a license for Technology and Information-Based Financial Lending Institution (peer-to-peer lending license) from the Financial Services Authority of Indonesia.
As previously reported, FinVolution claims to be a pioneer in China’s online consumer finance industry and offers services for credit risk assessment, fraud detection, big data, and artificial intelligence. The company’s platform features automated loan transaction processes. As of September 30, 2019, FinVolution has attracted more than 102 million cumulative registered users.
Speaking about the license, Feng Zhang, Co-Chief Executive Officer of FinVolution Group stated:
“The approval of this license by Indonesia’s OJK boosts our confidence in our international expansion. With this license in place, we believe we are able to achieve further success in Indonesia’s rapidly growing consumer finance market by cooperating with our local partners.”
Zhang went on to add:
“We will continue to advance our efforts in enhancing our presence in the region by leveraging our extensive expertise in the consumer finance sector.”