Chinese P2P loans service Dianrong today announced it has raised fresh funding from Hong Kong’s leading financial institution, Sun Hung Kai & Co. Limited (SHK), with a view to expansion in Hong Kong and throughout Asia. In addition to the capital, Dianrong also began long-term strategic cooperation with SHK to facilitate its ambitions.

Established by Lending Club cofounder Soul Htite in 2012, Dianrong is a Shanghai-based online lending platform where members can borrow and lend money among themselves at better interest rates than a bank typically offers. The site lends money to both individuals (P2P) and enterprises (P2B), with enterprise loans accounting for 70% of the total, said Soul in a previous interview with TechNode, adding that Dianrong’s average yield is around 14%.

“The combination of SHK’s 45 years of experience in risk management and operations as well as the technology and cost efficiency offered by Dianrong represents a highly promising model for emerging markets. Following what we have accomplished in mainland China, the model is easily portable to Hong Kong and the rest of Asia”, said Soul.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.