A wholly-owned subsidiary of 9F Inc. (NASDAQ: JFU), a digital financial account platform integrating and personalizing financial services in China, acquired a strategic stake in Hubei Consumer Finance Company, a licensed consumer finance company headquartered in Wuhan, Hubei Province.
The amount of the deal was not disclosed.
9F will leverage its technological experience to assist Hubei Consumer Finance Company in acquiring traffic and deploying AI technology across its consumer finance business.
9F will also strategically deploy a team to work on empowering Hubei’s consumer finance platform with technology.
Established in April 2015, Hubei Consumer Finance Company was the eighth nationwide consumer finance company in China approved by the China Banking Regulatory Commission and the first one located in Central China.
Led by Mr. Lei Sun, Chairman and Chief Executive Officer, 9F is a digital financial account platform integrating and personalizing financial services in China with the footprint expanding overseas. The company provide a comprehensive range of financial products and services across loan products, online wealth management products, and payment facilitation, all integrated under a single digital financial account.