How This Chinese Fintech Company Is Innovating by Leasing Cows
While global investors have often honed in on China’s booming urban centers, Chinese financial tech firms are beginning to look at the middle kingdom’s increasingly affluent rural, farming-based consumers.
Particularly, Ning Tang, CEO of fintech firm CreditEase, is lending consumers cows in a bid to reach those living in rural areas who might have limited access to credit and financing.
“We several years ago, we invented something called micro-leasing. Leasing is usually for aircrafts and so on—very big things, but rural Chinese borrowers need small money for equipment purchases, like tractors or heating machines and so on,” Tang said during Fortune’s Brainstorm Tech International forum in Guangzhou, China this week.
Photo courtesy of Global Water Forum.