Making Making P2P P2P firm firm globally globally respected respected
Led by founder Tang Ning, Chinese microfinance pioneer CreditEase is boosting overseas investments
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.