Dianrong.com and Hanwha S&C have signed a Memorandum of Understanding (MOU) to together pursue a Fintech solution business and other businesses related to internet finance.
The sub heading on the announcement was ‘Sign MOU to Start Global Expansion Journey’, but let’s not go there at the moment.
Dianrong.com is a Chinese peer-to-peer (P2P) lending platform and Hanwha S&C is part of the Hanwha Group, Korea’s ninth largest conglomerate.
The MOU says that the two parties will create a joint venture company which will target internet finance solutions and marketplace lending business in South East Asia. It will begin operations during the first half of 2016.
At the signing of the MOU were the CEOs of Dianrong.com (Soul Htite) and the CEO of Hanwha (couldn’t find name in announcement). Also there were Dianrong.com executives COO and CFO Xuxia Kuang, CTO Ling Kong, CMO Jing Pan and Senior Vice President for banking solutions department Eddie Zhu.
Htite said: “Dianrong always looks for high quality partners. A good partner for Dianrong is one that truly believes that internet finance is the future. The partner should also be very large and have a good understanding of local traditions of finance in the location where we are considering. We like Hanwha a lot because they have been doing business in Korea for a very long time. The company is at a stage where its management believes that the next step is about to happen. We would like to be part of the next step.”
CMO of Hanwha S&C Moonho AHN added: “Dianrong is the most qualified marketplace lending platform due in part to it boasting the latest internet finance technology and also being led by an accomplished and diverse team. We’re hopeful that Dianrong and Hanwha will achieve synergy and growth by integrating Hanwha Group’s strength in financial services and ITO, and Dianrong’s expertise in marketplace lending.”