Chinese fintech giant 360 Finance (360金融) is teaming up with Tianjin-based regional lender China Bohai Bank (渤海银) for “comprehensive” cooperation in the field of payments and settlement.
360 Finance and China Bohai Bank executed a strategic cooperative agreement at a ceremony held in the Shaanxi province capital of Xi’an on 4 June.
Under the agreement 360 Finance and China Bohai Bank will “comprehensively upgrade the foundation of past cooperation…providing customers with even more high-quality and comprehensive financial services.”
360 Finance and China Bohai Bank first launched their cooperative relationship three years ago, with future areas of cooperation between the two par set to include payments and settlement, financial inclusion, retail finance and corporate finance.
360 Finance CEO Xu Jun (据徐) said that since its founding the company has entered in-depth cooperative relationships with over 50 licensed financial institutions, including ICBC, China Everbright Bank and China Minsheng Bank.
As of 31 March 2019 79% of 360 Finance’s loan funds were sourced from financial institutions.
Xu said that the scope of cooperation between 360 Finance and financial institutions had expanded to the area of comprehensive fintech services, with the company positioning itself as a big data and artificial intelligence providing.
According to Xu 360 Finance’s AI client acquisition model had helped financial institutions to engage in targeted marketing, reducing client acquisition costs by over 50%.
360 Finance is a spin-off from Qihoo, leveraging the latter’s immense 800 million-strong user base to become one of the largest fintech vehicles in China.
The company was founded in 2015, and bills itself as an artificial intelligence and big data-driven fintech platform, that “strives to become a tech platform connecting customers to financial partners.”