Mak­ing Mak­ing P2P P2P firm firm glob­ally glob­ally re­spected re­spected

Led by founder Tang Ning, Chi­nese mi­cro­fi­nance pi­o­neer Cred­itEase is boost­ing over­seas in­vest­ments

China Daily (USA) - - BUSINESS - By CAI XIAO caix­iao@chi­nadaily.com.cn

At the time of this in­ter­view, Tang Ning, founder and CEO of Cred­itEase Corp, one of China’s lead­ing peer-to-peer or P2P lend­ing and wealth man­age­ment firms, was busy with his prepa­ra­tions to at­tend the Asia-Pa­cific Eco­nomic Co­op­er­a­tion or APEC Eco­nomic Lead­ers’ Meet­ing in Lima, Peru, this month.

“I will share the Chi­nese prac­tice of fi­nan­cial in­no­va­tion with some rep­re­sen­ta­tives of lead­ing fin­tech (fi­nan­cial tech­nol­ogy) com­pa­nies from other coun­tries,” said Tang.

He be­came the pi­o­neer of P2P lend­ing in China when he founded Cred­itEast in 2006. Un­der his stew­ard­ship, Cred­itEase has grown rapidly and has 100 bil­lion yuan ($14.7 bil­lion) in as­sets un­der man­age­ment now.

Yirendai, a P2P lend­ing unit un­der the aegis of Cred­itEase, listed on the New York Stock Ex­change on Dec 18, 2015.

“We are step­ping up our pace of in­vest­ing abroad and bring­ing in global tal­ents to be­come a glob­ally re­spected P2P and wealth man­age­ment com­pany,” said Tang.

His de­ter­mi­na­tion to take Cred­itEase global stems from his ed­u­ca­tion and work­ing back­ground.

In 1995, Tang stud­ied in Pek­ing Univer­sity in Bei­jing and then went to the Univer­sity of the South in the US to study eco­nomics.

Cred­itEase also man­aged funds of funds to­tal­ing more than 20 bil­lion yuan in pri­vate eq­uity, real es­tate and stock mar­kets.

Th­ese FoFs are co­op­er­at­ing with about 100 global part­ners in­clud­ing Black­stone, Mor­gan Stan­ley, Kleiner Perkins Cau­field & By­ers and IDG Cap­i­tal.

“We choose funds at home and abroad with sound in­vest­ment per­for­mance and they should cover high­growth in­vest­ments ar­eas, such as the in­ter­net, health­care, ed­u­ca­tion and con­sump­tion up­grad­ing,” said Tang.

Tang said his firm aims to give FoF in­vestors dou­ble-digit re­turns on in­vest­ment an­nu­ally over a long pe­riod of time.

Tang be­lieves in hir­ing tal­ent from across the globe. In Au­gust, Cred­itEase ap­pointed Stan­dard Char­tered Bank’s Global Chief In­no­va­tion of­fi­cer Anju Pat­ward­han as ven­ture part­ner for its Fin­tech In­vest­ment Fund.

Yirendai in Jan­uary ap­pointed Chen Chaomei, for­mer chief risk of­fi­cer of Lend­ingClub, as a mem­ber of the Yirendai Ad­vi­sory Com­mit­tee. Yirendai’s CEO Fang Yi­han was also en­cour­aged by Tang to join the Credit Ease.

In 2011, then 39-year-old Fang de­cided to re­turn from the US and set up a busi­ness in China. In Novem­ber that year, she met Tang, who was a ris­ing star on the Chi­nese in­ter­net fi­nance fir­ma­ment.

“Tang is a very trust­wor­thy per­son and when he told me he wanted to set up a credit sys­tem for Chi­nese peo­ple, I felt it’s a great ca­reer and I wanted to join,” said Fang.

Cred­itEase launched a ro­bot fi­nan­cial ad­vi­sor this year to serve small and medium-sized in­vestors.

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