GlobeNewswire Inc | Aug 29, 2020 07:20AM EDT

August 29, 2020

SHENZHEN, China, Aug. 29, 2020 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ("Lexin") (NASDAQ:LX), a leading online consumption and consumer finance platform for educated young professionals in China, has been awarded the Best AI and Innovation Lab Award inChinaby The Asian Banker, whose awards are seen as an undisputed benchmark measuring the performance of the best banks and fintech companies in Asia.

Lexins AI Lab significantly enhanced the companys operating efficiency and increased its profitability by providing automated artificial intelligence services throughout every step of its transaction processes. Both of its research and development (R&D) expense and R&D personnel as a percentage of total employee headcount have been maintained at levels that lead the industry, The Asian Banker commented.

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Lexin's R&D expenses in 2019 reached RMB416 million, a 30% increase as compared to a year earlier and accounted for 18% of the companys total operating expenses, representing one of the highest percentages in the industry. Oneout of three employees at Lexin works for the company's R&D and risk management teams.

Lexins continued commitment to technological innovations has notably enhanced the companys technological competitiveness. Lexins AI operation system, Lingxi, can solve 97% of its customer enquiries without the need for any manual intervention, significantly improving its user experience the efficiency of customer service.

Lexins proprietary risk management system, Hawkeye, can automatically process 99.8% of new customers loan applications with more than 4,700 decision rules and over 15,900 data variables, making it possible for Lexins customers to complete a credit application on the company's APP within minutes, and avoiding the need to submit significant amounts of paperwork.

Lexins fund matching system, Wormhole, can then match the approved loan requests with more than 100 institutional funding partners in real time with a success rate of 95%, allowing the company to handle nearly a million transactions a day.

AI innovations and advancements have enabled accelerated growth for Lexins consumption ecosystem, which includes installment e-commerce platform Fenqile, membership consumption platform Le Card, and Lehua Card, a product enabling Lexins customers to use their credit lines in numerous online and offline consumption scenarios.

Lexin also provides financial institutions with fintech services and retail merchants with consumer finance tools and customer management services. With these tools and services, the company combines consumer finance, membership services, and fintech services into a single ecosystem.

As part of its loan facilitation business, Lexins revenue from profit sharing credit business, which does not require the company to take on any financial risk and has no leverage limit thus allowing a fintech platform to fully unleash its loan originations capacity, surged by 171% to $394 million and is expected to account for 50% of the companys business volume by the end of the year.

This is the second time Lexin has won anAsian Banker Award. The company was also awarded the Best Lending Technology Initiative, Application or Program inChina in 2019.

The Asian Banker awards are generally viewed by executives as one of the most rigorous, prestigious and transparent financial awards in Asia. Lexin was one of nearly400 applicantsthat The Asian Banker's research team spent over 3 months reviewing and investigating before makingthe final decision.Previous winners of the award include world-renowned financial institutions such as Citigroup, Ant Financial and ICBC.

About LexinFintech Holdings Ltd.

LexinFintech is a leading online consumption and consumer finance platform for educated young professionals in China. It provides a range of services including financial technology services, membership benefits, and a point redemption system through Fenqileecommerce platform andLe Cardmembership platform. The company works with financial institutions and both online and offline brands and retailers to provide a comprehensive consumption ecosystem catering to the needs of young professionals in China. It utilizes advanced technologies such as big data, cloud computing and artificial intelligence throughout its services and operations to better serve its customers.

For more information, please visit http://ir.lexin.com.To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

For media inquiries, please contact: Limin Chen Tel: +86 (755) 3637-8888 ext. 6993 E-mail:liminchen@lexin.comSOURCE LexinFintech Holdings Ltd.

Related Links http://ir.lexin.com