According to reports in Chinese local media, 360 Finance's important relevant party 360 Group announced to invest in Tianjin KCB Bank.
With this investment, Tianjin KCB Bank will become China's third Internet inclusive bank whose largest shareholder is an Internet company.
Prior to this, 360 Finance and KCB Bank already signed a strategic cooperation agreement and the two parties will implement long-term in-depth cooperation in technology empowerment, joint product development, and user service sectors.
Public files show that 360 Finance is a technology platform which connects users who want to borrow money with licensed financial institutions, including banks. It mainly provides comprehensive technological services like AI marketing and intelligent risk control to those licensed financial institutions. As one of the first five private banks in China, KCB Bank is a typical business bank that operates deposit, loan, and transfer businesses.
With the cooperation, the two parties will combine their advantages and continue to improve their service abilities targeting small and micro enterprises to better realize their inclusive finance.
In the future, they will continue to explore fintech application realization in banking scenarios to help expand financial service range, improve financial service quality, and better satisfy the diversified multi-level financial needs of individual and enterprise users.