(Yicai Global) Dec. 19 -- Shanghai Pudong Development Bank Co. [SHA:600000] and CreditEase Group, the parent of the fintech firm Yirendai Ltd. [NYSE:YRD], said they will fully cooperate with each other and sign a memorandum on further collaboration. Their agreement is one of many between banks and fintech groups this year.
The pair will leverage CreditEase's strength in fintech, Big Data and private equity to provide multi-dimensional solutions combining industry with finance and equity investment with bank lending for startups and private equity fund managers via SPDB's technological and financial services platform to promote technological advancement.
Leading state-owned Chinese banks formed partnerships with Baidu Inc. [NASDAQ:BIDU], Alibaba Group Holding Ltd. [NYSE:BABA], Tencent Holdings Ltd. [HK:0700] and JD.Com Inc. [NASDAQ:JD] earlier this year.
SPDB's Beijing branch recently held its first technological and financial innovation meeting in that city, where it introduced its tech and financial services platform.
The platform can help technology startups get in touch with equity investors and lenders. After tech firms release information about their financing needs, the platform will use algorithms to match them with investors. Investment institutions and listed companies can use the platform's screening function to efficiently search for quality projects. This improves the chance of tech firms pairing up with investors.
CreditEase and SPDB have been working together closely since 2013, and CreditEase's private funds in accounts managed by that bank are worth more than CNY10 billion (USD1.51 billion).