Note from the Publisher: Many press releases can be a bit of a yawn, but today we saw one that we just had to report. It comes from China’s Credex Fintech. The firm offers a mobile app for loans, with mobile internet risk control and participation by four of the country’s state owned banks, and to date boasts over 3 million customersa and growing. The firm’s president Zeng Xuhui,referenced Elon Musk in a presentation in Silicon Valley last week and stated that the high profile entrepreneur has said that “overturning traditional finance via the internet” is one of his dreams. A prominent Chinese economist has also stated that CredEx Fintech is likely to be the next jumbo enterprise in China. So this is one to watch from across the big pond.
“Has the Dream of Elon Musk come true? Chinese CredEx Fintech Has Resolved the World’s Problem of Mobile Internet Credit
On September 30, the 2016 Silicon Valley Innovation & Entrepreneurship Forum (SVIEF) was held at the Santa Clara Convention Center. Entrepreneurs, developers and venture capitalists from all over the world gathered here to present high-tech innovation achievements in various fields. CredEx Fintech, the world’s very first mobile app for loans brought about by a Chinese financial technology company, set off a lively discussion among experts and media from various countries.
“Overturning traditional finance via the internet” is one of the three dreams referred to by Elon Musk in Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. Unfortunately, the dream has not been realized, which is a pity for both the fields of global financial and internet technology. The technological revolution for mobile internet credit is much more difficult than that for internet wealth management and internet payment, because the former’s essence is finance and at its core is risk control. The credit information system in China is underdeveloped and its data sources are separated, so it is much harder for China to combine risk a control system with the internet than it is for developed countries such as the United States. However, this Chinese company has managed to successfully resolve the worldwide problem of internet risk control without any previous references around the world.