Bank Of Suzhou has partnered with Dianrong.com to jointly build an Internet finance platform focusing on serving more than 79 million users in Jiangsu province of China.
Under the agreement, Bank of Suzhou will set up a dedicated P2P department, while Dianrong.com will build the P2P platform to provide the technology and related products and services.
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Bank of Suzhou will leverage Dianrong.com’s P2P technology to cater more customers, and strengthen its footprint outside the province.
Online P2P lending service connects micro-credit lenders and borrowers enabling global donors to lend money to Chinese individuals.
Bank of Suzhou chairwoman Wang Lanfeng said: "We see the potential for combining the most advanced online underwriting technology with a traditional bank’s solid lending experiences. By doing so, we can expand small business’s access to financing and reduce the cost of lending dramatically."
Dianrong.com founder Kevin Guo said: "Together we believe that Bank of Suzhou and Dianrong.com can find a new way to serve small businesses in China."
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