CITIC aiBank Says over 60% of Employees are from Tech Backgrounds

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Over half of staff at Baidu-backed CITIC aiBank are tech-related according to the private online lender’s latest annual report.

According to CITIC aiBank’s last annual report its total staff numbers were 691 as of the end of the reporting period, of whom over 60% were in tech. The average age of CITIC aiBank’s staff team was just 31 years old.

CITIC aiBank also recently issued its 2020 college recruitment drive, looking specifically for developers, algorithm engineers and data analysts, while most of the 37 available positions that it’s currently publicly advertising are in the areas of big data, financial applications frameworks and fraud prevention.

In 2019 CITIC aiBank extended over 120 billion yuan in loans while bank customers totalled 32.15 million, for an increase of 167.54% compared to the start of the year.

The direct lender provided 56.827 billion yuan in credit to 1.5602 million customers who were individual industrial and commercial registrants or micro-and-small enterprises. As of the end of 2019 its cost-revenue ratio had dropped significantly to 39.41%.

Operating revenues were 2.373 billion yuan in 2019, for a YoY rise of 83.23%, while net profits were 20 million yuan, reversing losses sustained in 2018. CITIC aiBank’s net interest spread of 4.91% was higher than the industry average.

As a direct lender all of CITIC aiBank’s services are provided online, while around 50% of customers are situated in third-tier Chinese cities or smaller.

The bank said that in 2019 it had already created a “B+B2C” differentiated development model for open banking, while its “350+ API” interface had connected with over 80 scenarios, permitting rapid accumulation of customers and “upgrades ecosystem expansion capability and market influence.”

CITIC aiBank was founded in 5 September 2017 and is China’s first independent legal person direct bank. The lender is a joint venture between China CITIC Bank and tech giant Baidu, who hold 70% and 30% of equity respectively.

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