PPDai to boost capital
Print Edition
PPDAI, China’s first online peer-to-peer lending platform listed in the US, said yesterday it would increase its registered capital to 1 billion yuan (US$149 million) and expand its artificial intelligence applications to hedge risks and improve investor confidence amid concerns over P2P lending.
The Shanghai-based company, which has about 71 million users, employs AI, Big Data and blockchain to fight against risk and fraud.
Fintech, or smart finance, has become a “necessary tool” in the industry to better serve investors, meet regulatory requirements and improve efficiency, the company said.
Technologies include facial recognition, intelligent anti-fraud systems, natural language processing and computerized processing of applications.
Several dozen Chinese P2P platforms have recently failed to repay investors on time, with some investors reportedly losing up to 1 million yuan each.
Leading local P2P firms have upgraded technology to deal with the issues. Another local firm, Dianrong, said yesterday it would give users blockchain services.
PPDai said in January that it would invest 1 billion yuan within three years on AI and other technologies and announced yesterday it would luanch a Smart Finance University by the end of the year. China is aiming for a core AI market worth more than 150 billion yuan by 2020.
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