March 30, Bangalore: The
global internet giant LeEco reaches another milestone in building its
disruptive ecosystems. On March 24, Chongqing LeEco Microcredit Co.,
Ltd. (hereinafter referred to as “LeEco Microcredit”) was officially
established in Chongqing, China.
As
one of its seven sub-ecosystems, LeEco’s internet finance arm
previously maintained a low profile. As a pioneer of the industry, LeEco
Microcredit will get LeEco’s first finance license, further expand its
business in internet finance, and lead the industry into a new ecosystem
era.
“LeEco
Microcredit would strictly observe the laws and regulations, strengthen
risk management, and combine supply chain finance, consumer finance,
auto finance and microfinance with different approaches like B2B
(business to business), C2C (customer to customer), online and offline,
internal and external ecosystem,” said Wang Yongli, Senior Vice
President of Le Holdings (Beijing) Co. Ltd and CEO of LeCredit. “LeEco
Microcredit aims to be a leading comprehensive supplier of internet
financial credit assets, and make contributions to Chongqing’s finance
industry and LeEco’s ecosystem business model.”
In
August 2015, LeCredit, the internet finance arm of LeEco, was
officially established after persons in charge were in place. The work
on payment license, microfinance license and LeCredit platform was
conducted first together with the financial information platform, asset
management and other relevant licenses. License applications for private
banks, insurance (property insurance, life insurance and health
insurance) and credit investigation are also being carried out actively.
LeEco
entered an agreement with Chongqing government to cooperate on cloud
computing, big data, intelligent terminal manufacturing, and internet
finance, etc. in September 2015. As an important part of this
cooperation, LeEco invests RMB 300million (approximately 3 billion INR)
to set up LeEco Microcredit, which would vigorously develop industrial
chain finance and consumer finance services with support of Chongqing,
the finance center of the upper reaches of the Yangtze River.
Le
Cloud, the cloud computing and data processing subsidiary of LeEco,
also benefits from this cooperation. At the beginning of March, Le Cloud
has finished round A financing led by Chongqing Strategic Emerging
Industries Equity Investment Fund which holds 16.67% of Le Cloud’s
shares.
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