Pagaya presents its expertise in technology based credit asset management to a senior delegation with the bank, discusses trends in marketplace lending.
TEL AVIV, September 4, 2017 –
Pagaya Investments was invited to meet and present to a senior delegation of officials with Zhejiang Tailong Bank of Shanghai, a provider of SME financing to the Chinese market with over 2,000 employees and $23 billion in cumulative loans issued since inception.
With the assistance of real time translation to Mandarin, Pagaya’s Chief Technology Officer Avital Pardo discussed evolving trends in consumer credit, the transition to online lending via the major platforms like Prosper and Lending Club, and the increasingly acute need among institutional investors and wealth managers for new ways to access, evaluate and manage the risks associated with investing in consumer credit based assets. Prior to the advent of big data analytics and machine learning technologies, investing in consumer credit via the construction of a portfolio of consumer loans was neither economically viable nor a scalable opportunity for the institutional markets to consider.
Nili Stein, International Delegations Manager with the Interdisciplinary Center (IDC) of Herzliya noted the increasing thirst amongst Chinese finance professionals for world class education and continued learning, hence their visit to Israel.
Pagaya was happy to share its experiences and business model with Zhejiang Tailong as a leading FinTech company in Israel and looks forward to further exchange of ideas with its counterparts in the China and broader Asian market.
About Zhejiang Tailong Commercial Bank
Zhejiang Tailong Commercial Bank, established in June 1993 and headquartered in Taizhou City of Zhejiang Province, is a commercial bank dedicated to financial services for small enterprises and was transformed into a joint-stock commercial bank in August 2006. Through 17 years’ unremitting efforts, Tailong has about 2000 employees and 25 branch offices with its business covering Taizhou, Lishui, Hangzhou, Ningbo, Jinhua and Shanghai.
About Pagaya Investments – Dedicated asset management for online credit
Pagaya is a high technology driven quantitative asset manager with a dedicated focus on marketplace lending strategies, utilizing state-of-art algorithms and big data analytics to construct consumer loan portfolios originated from the major peer-to-peer lending platforms like Prosper and Lending Club.
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