China-based Yirendai has signed a framework agreement with China Zheshang Bank and CreditEase Pucheng Credit Assessment and Management to cooperate on microloan and consumer financing services.

Using its online lending and risk management skills, Yirendai will assist the Chinese lenders on offering financing services to individual consumers.

Yirendai executive chairman Ning Tang said: "This cooperation illustrates Zheshang Bank’s recognition of our strong online operation capabilities. It will provide the opportunity for individual borrowers to receive lower cost funding."

Zheshang Bank vice president Chunxiang Chen said: "By leveraging Yirendai’s extraordinary capabilities of online borrower acquisition, credit scoring and risk management, we are confident to quickly expand our scale of microloan and consumer financing, and capture the enormous business opportunities ahead."

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