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SINGAPORE, Aug. 26, 2024 /PRNewswire/ -- FinVolution Group (NYSE: FINV), a leading fintech company, was honored with the "LendTech of the Year" award at the Asia FinTech Awards 2024, recognizing the company's leadership in the LendTech sector and its commitment to advancing financial inclusion through innovative solutions.
FinVolution Group Was Announced as the Winner of 'LendTech of the Year' at the Asia FinTech Awards Ceremony
The Asia FinTech Awards 2024 stands as a fiercely competitive program that recognizes the remarkable achievements and contributions of the region's most exceptional fintech companies. This year, FinVolution Group distinguished itself among numerous competitors to secure the "LendTech of the Year" award.
During the announcement, the judges credited FinVolution's success to several factors, including its pioneering role in China's consumer finance industry, strong international presence, and cutting-edge technological solutions.
FinVolution Group Secures the 'LendTech of the Year' Trophy at the Asia FinTech Awards Ceremony
Joseph Ruan, Vice President and Head of Philippines Operations at FinVolution, accepted the award at the ceremony. "We are honored to receive this recognition from the Asia FinTech Award. This award not only underscores the strength of our global strategy and technological expertise but also reflects our unwavering commitment to financial inclusion. This achievement inspires us to continue leading the way in fintech excellence. "
Comprehensive Tech Safeguards Every Credit Step
FinVolution's proprietary technology enhances intelligence, efficiency, and security across the entire credit process. This end-to-end solution spans intelligent marketing, customer service, risk management, and post-loan management, enabling the company to quickly establish innovative fintech services in diverse markets.
The Company's industry-leading risk control and anti-fraud technologies also further bolster its competitive edge. Its advanced systems can effectively counter a wide range of fraud threats, including those generated by artificial intelligence. In 2023, FinVolution's anti-fraud solutions intervened in over 4,000 suspected cases daily. This technology has been tailored to meet the unique challenges of different markets, with notable success in its Asian markets, where deepfake detection technology has significantly reduced fraud involving deepfake AI.
Local Strategies Fuel Global Expansion
Notably, the Company's credit platforms are at the forefront of addressing financial inclusion challenges in China, Indonesia and the Philippines. These platforms bridge the gap between financial institutions and underserved borrowers, ensuring secure, technology-driven credit services. As of the second quarter (Q2) of 2024, FinVolution has served over 31.5 million borrowers globally, with a cumulative transaction volume of about US$127 billion, according to its latest earnings report. The Company's international revenue for Q2 of 2024 reached US$77.5 million, marking a 12% year-over-year increase.
In addition to establishing leading fintech platforms in various countries, FinVolution's AI product, Blu, a chatbot SaaS platform, now supports over 20 fintech platforms across seven countries in Asia, Latin America, and Africa. With multilingual capabilities covering Chinese, English, Spanish, Indonesian, and Filipino, Blu achieves a speech recognition accuracy rate of over 90%.
This latest accolade adds to FinVolution's growing list of awards. Earlier this year, the Company was honored with "the Best Consumer Lending Technology Implementation in China" award by The Asian Banker.
FinVolution Group remains committed to advancing its product capabilities and technological innovations, ensuring that it continues to deliver superior fintech solutions to customers around the world.
