Bairong (Beijing) Financial Information Services Co.Ltd, an intelligent technology application platform in China, has changed its name to Bairong Yunchuang Technology Co., Ltd.( 百融云创科技股份有限公司, short for Bairong Yunchuang) last Wednesday.
The company's new name further highlights the technological attributes and innovative spirit of Bairong Yunchuang, and fully demonstrates the company's technological advantages in the fields of artificial intelligence, big data and cloud computing.
On the occasion of the fifth anniversary of its founding in March 2019, the company also released a new brand LOGO, emphasizing the company's vision to help the development of the financial industry through intelligent technology.
Founded in March 2014, Bairong Yunchaung is a company that uses advanced technologies mentioned above to provide customers with full lifecycle management services for financial institutions and recommend appropriate financial products and services for individuals and small and micro enterprises (SMEs).
At present, it has provided a variety of services and products for thousands of financial institutions including Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank of China.
Bairong Yunchuang obtained the corporate credit license issued by the People's Bank of China in 2014. It completed its Series C round of funding in April 2018, the financing scale reached CNY 1.7 billion. The well-known investors include China Reform Holdings Corporation, CICC-QIANHAI, Hillhouse Capital, IDG Capital and Sequoia Capital.
In Bairong Yunchuang’s newly launched website, it divides its product and services into three categories, credit risk control, precision marketing and big data on insurance.
Credit risk control, the core business of Bairong Yunchuang, can be further divided into big data risk control, corporate credit, artificial intelligence and system platforms. These services will provide solutions to banks, consumer finance company, auto finance company, microfinance and insurance companies.
In less than two years, Bairong Yunchuang's clients have increased from 600 financial institutions to more than 3,500, assisting credit institutions in approval of 3.5 to 4 million applications for loans and credit cards every day. Moreover, it has accumulated nearly 700 million real-name user data and more than 20 million SMEs’ data.
From the perspective of the business model and data magnitude, Bairong Yunchuang has some similarities with Experian, which is the world's largest credit reporting agency. According to Experian's 2017 annual report, Experian already has credit data of 989 million people and 111 million companies. The marketing data of 700 million people generates 5.5 million credit reports every day to help financial institutions such as banks make business decisions.
Unlike Experian, Bairong Yunchuang still facing personal credit license issues in the future. Though being one of the largest fintech companies in intelligence risk control in China, Bairong Yunchuang cannot launch its personal credit business without a license.
Therefore, we can expect the company to focus more on its corporate credit businesses and cooperate more with financial institutions.