PPDai to boost technology investment
PPDai, China's first online peer-to-peer lending platform listed in the US, said today 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 system, 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 1 million yuan each.
Leading local P2P firms have upgraded their technology to deal with the issues. Another local firm, Dianrong, said today it would provide users with blockchain services.
PPDai said in January it would invest 1 billion yuan within three years on AI and other technologies and announced today it would open a Smart Finance University by the end of the year.
China is pushing the development of the AI industry and is aiming for a core market worth more than 150 billion yuan by 2020, according to the State Council, China’s cabinet.