Yillion Bank has grabbed the “2020 Fintech Innovation Award” (2020年度金融科技创新奖) at the 18th China Financial Annual Champion Awards (十八届财经风云榜银行峰会) held in Beijing on 16 December by Caijing.
Founded in the province of Jilin in May 2017, Yillion Bank is the first private lender to be established in the north-east of China, as well as one of only four licensed online banks operating in the country.
The digital bank was founded by a consortium of seven private enterprises, including Meituan Dianping’s local tech subsidiary and Zhongfa Financial Holdings investment Management Co., Ltd. (中发金控投资管理有限公司).
Yillion says that it “relies upon innovative technologies such as big data, artificial intelligence and cloud computing to connect with multiple cooperating parties, establish multiple platforms, and integrate with multiple scenarios, to make finance easy to obtain, quick and convenient.”
As of the end of June 2020 Yillion had made 120.8 billion yuan in loans via its “Yillion Yidai” online consumer finance product to over 20 million customers, as well as over 330 million yuan in loans to more than 75 million rural customers via its rural lending product.
Yillion has also worked with Meituan to lend over 2.8 billion yuan to nearly 60,000 small vendors on the Meituan platform.