China Rapid Finance Announces Strategic Transaction with Hongkong Outjoy Education Technology Co., Ltd.
CHINA RAPID FINANCE LTD (XRF)
Last china rapid finance ltd earnings: 11/20 07:21 pm
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chinarapidfinance.investorroom.com
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Source: PR Newswire
SHANGHAI, June 17, 2019 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) ("XRF" or the "Company") today announced the signing of a cooperation agreement (the "Cooperation Agreement") with Hongkong Outjoy Education Technology Co., Ltd. ("OET") to form a new operating subsidiary of the Company (the "Project Company"), which will operate an institutionally-funded Lend Aid platform intended to become the Company's core business going forward. The new business will operate separately from the Company's existing marketplace lending business. No retail funding will be used for this new business. This new business will leverage the Company's existing borrower base and technology and facilitate a range of products for institutional investors, from short-term to long-term installment loans. The Company's management believes that the Project Company will be the engine of transformation and future growth of the Company. The Project Company's management team will be nominated by OET, inc
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