360 Finance Takes Leadership Role in Establishing Anti-Fraud Alliance for the China Fintech Industry

360 Finance, Inc. (NASDAQ: QFIN) (“360 Finance” or the “Company”), a leading digital consumer finance platform, announced that it is taking a leadership role in establishing an anti-fraud alliance for fintech companies in China. 360 Finance and the National Internet Finance Association of China (NIFA) made the announcement at a co-sponsored conference on Internet Financial Fraud Risk Prevention and Consumer Rights Protection held in Beijing, China on November 25, 2019.

The conference was attended by senior leaders from the People’s Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission, China Insurance Regulatory Commission and other respected institutions, as well as senior representatives from some of China’s leading fintech companies.

Shuhai Wen, Vice President of 360 Finance, commented, “As a co-sponsor, we are pleased that we are playing an integral role in such an important conference for the industry. In October this year, there was explosive growth in internet financial fraud. In order to deal with this issue, 360 Finance, leveraging the wealth of experience accumulated by 360 Group over the years in the fields of security and big data, established an internet crime threat intelligence monitoring platform. The platform has been instrumental in helping regulatory authorities to crack down on cyber fraud. We have also developed a system that will help educate the public on preventing internet financial fraud and also issues reminders to user before purchasing financial products online.”

“Despite our achievements, it is difficult for just one fintech platform to end internet financial fraud. In China, internet fraud is not just an industry problem, but rather a social problem and so requires a more broad-based approach that gets everyone in the industry involved. China’s fintech companies should work together in combating this problem by joining the anti-fraud alliance. Through this alliance, fintech companies can share and integrate their data through 360 Finance’s internet crime threat intelligence monitoring platform so that everyone can efficiently track and reduce online financial fraud.”

SOURCE 360 Finance, Inc.