X Financial Engages AIBank as Custodian Bank
X Financial American Depositary Shares, each representing six Class A Ordinary Shares (XYF)
Last x financial american depositary shares, each representing six class a ordinary shares earnings: 3/18 05:20 pm
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Source: PR Newswire
SHENZHEN, China, Jan. 10, 2019 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading technology-driven personal finance company in China, today announced that it has engaged Citic AIBank Corp. ("AIBank") as its custodian bank, a significant step in X Financial's strategy to strengthen trust and security in its platform. AIBank's custodian services are now fully integrated within Xiaoying Wealth Management's systems following two months of stringent testing which involved more than 30 teams of over 270 engineers. AIBank will provide fund custodian services including settlement, accounting, clearing services and safeguarding online lending capital to Xiaoying Wealth Management. To ensure security and remain compliant with recent regulations, all borrower and investor funds will be managed independently by AIBank once the transfer of all custodian funds has been complete and IT systems have been linked. Going forward, each investor and borrower must create a separate custody
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