Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) recently announced it has launched an upgraded version of its new form of social e-commerce platform Xiaobai Maimai, offering high-quality and affordable branded products.
According to Hexindai, Xiaobai Maimai uses its cooperation with domestic e-commerce platforms and services marketplaces as part of its integrated buyer resources to select and source goods and services. Hexindai revealed that the upgraded version of Xiaobai Maimai offers a wider variety of products covering food and beverage, wine and cigarettes, cosmetic products, fashion and apparel, entertainment, houseware, home appliances, and cost-saving promotions at petrol gas stations nationwide.
While sharing details about the platform, Xiaobo An, Founder, Chairman and CEO of Hexindai, stated:
“As of July 31, 2020, Xiaobai Maimai had approximately 160,000 active users on the app. Recently, the operating entity of Xiaobai Maimai successfully joined the Social e-Commerce Branch of China Association of Trade in Services (CATIS) and became one of its Deputy Presidents. As the country’s only national non-profit social organization of trade in services established by the Ministry of Commerce of China, CATIS has more than 300 members representing various leading companies and industries nationwide.”
Hexindai then added that Xiaobai Maimai currently deploys a membership rating system that rewards users with a small commission for every purchase, share, or recommendation of a product made to friends.