Jiuding Holdings Launches Jiedaibao in Pushing Inclusive Finance
After nearly half a year’s R&D, Renrenxing Science and Technology Co., Ltd, a wholly-owned subsidiary of Jiuding Holdings, recently launched a financial hit product Jiedaibao and held a large-scale online marketing activity on August 8, which has drawn a large amount of users’' attention.
Jiedaibao serves as a lending platform for anonymous and profitable one-way lending between acquaintances. As an Internet lending product for acquaintances, Jiedaibao realizes direct financial transactions through Internet as a connection approaches. It can significantly decrease and even eliminate the information asymmetry; besides, the reputation mechanism and convenient information collection among acquaintances also impose restrictions on vicious debtors and effectively call in overdue debts.
Users can borrow and lend money, as well as earn interest-rate spread through Jiedaibao. Under this model, Jiedaibao also realizes its dream that “everyone owns a bank, everyone is the banker, everyone works on finance, and everyone is the financier”. Users are not only passive participators in the financial system, but also founders of it. Everyone can own his/her financial institution. The simple but great inclusive financing concept is the very mission that always spurs on Jiedaibao.
The online marketing activity on August 8 is an important performance for Jiedaibao. However, some rumors have been spread and led to many users’ misunderstandings of Jiedaibao and the activity, which has inflicted Jiedaibao’s reputation. We hereby make solemn declaration and clarification as follows:
1. About the TV news footage pictures
Reply: Since the low-key launching of Jiedaibao, no senior manager of our company has been interviewed by any TV station or talked about Jiedaibao in any report, and no media has reported Jiedaibao. The pictures of TV news footage online are fabricated in Photoshop to spread rumors. We have reported the case to the security authority. The rumormongers will be investigated for legal responsibility.
2. About the rumor that “Jiedaibao is a kind of pyramid sale”
Reply: The activity “inviting friends and snatching cash” is a legalized and common marketing mode, which is also adopted by many Internet financial platforms. This marketing activity is totally nothing like pyramid sale. Jiedaibao users invite friends to register an account and bind credit cards to it; then they get cash as reward. Users can earn money without the need to invest or pay. Is pyramid sale for free? Does pyramid sale give money for nothing? Surely not. Thus, this marketing activity is anything but pyramid sale. Actually, it is a “transmission”.
3. About the rumor that “Jiedaibao defrauds and illegally withdraws users’ money”
Reply: A rumor is spread online that 80,000 yuan in a user’s credit card bound to Jiedaibao was illegally withdrawn. It is made out of whole cloth. It is false information fabricated by “Mr. X”, an account of We media. We have reported the case to the security authority and operators of the account will be investigated for legal responsibility. As a mobile Internet financial firm owned by Jiuding Holdings, Jiedaibao provides powerful guarantee for users’ account and payment security. Meanwhile, People’s Insurance Company of China underwrites for the security.
4. About the rumor that “Jiedaibao’s requirement for credit cards binding and password entering is a malicious act to extract the information of users’ cards and privacy”
Reply: In order to meet the requirements of payment security and legal compliance, Jiedaibao users need to provide “five elements” for identification, one more than the general online financial payment platform, which is “password entry”. This element can effectively reduce the risk that lawbreakers illegally use user accounts to do financial deals with others. To ensure user information security, password entry and verification are performed in banks’ websites. Jiedaibao is not able or allowed to preserve the password. As a subsidiary Internet financial company of Jiuding Holdings, there is no possibility that Jiedaibao preserves the password.
Jiuding Holdings is a top comprehensive financial holding group in China. JD Capital (430719), a leading comprehensive assets management institution owned by Jiuding Holdings, is the first PE stock in China with a market capitalization exceeding 100 billion yuan. Jiuding Holdings also owns, among others, Kunwu JD Investment Management Co., Ltd. dealing in equity investment, JT Asset Management Co., Ltd. engaging in publicly offered funds, and JZ Securities Co., Ltd. working on securities business. In addition, the establishment of a private bank and a life-insurance company is under preparation.
As a crucial step in strategic layout, Jiedaibao is a result with strenuous efforts of Jiuding Holdings in practicing inclusive finance. Jiuding Holdings first increased investment in the cloud computing platform to strengthen backstage technical skills of Jiedaibao; then it acquired Kingpass Company with payment license to guarantee users’ payment experience; at the same time, it created an “all-round debt collection system” to ensure safe usage. When Jiedaibao is put into use, it will strategically collaborate and supplement with other brands within Jiuding system, making joint efforts to realize the idea of “everyone works on finance”..