Benzinga | Jun 22, 2021 10:42AM EDT

LexinFintech Says Signs Partnership With Huawei To Further Tap The Chinese Consumer Market

LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ:LX), a leading online consumption and finance platform for new generation consumers and users in China, today announced its partnership with Huawei, in a number of areas to jointly tap the opportunities in the Chinese consumer market.

The two companies will collaborate in membership services, joint marketing, fintech product development, and buy-now-pay-later services to provide enhanced consumption solutions for the Chinese consumers, leveraging on Lexin's expertise in financial technology, product development and operations, and on Huawei's advantages in its business ecosystem, public cloud, big data, 5G technology, and artificial intelligence.

"Lexin's multi-level strategic partnership with Huawei will enable us to reach a wider group of quality users, whom we'll provide an array of services for, including consumer finance and consumption services," said Mr. Jay Wenjie Xiao, Lexin's chief executive officer. "In the meantime, Lexin hopes to enhance users' experience and product offerings together with Huawei, and help Huawei connect with more financial institutions by offering diversified consumer products and services."

About LexinFintech Holdings Ltd.

LexinFintech Holdings Ltd. is a leading online consumption and finance platform for new generation consumers and users in China. The Company provides a comprehensive range of consumption, financial and business services including financial technology services, "buy now pay later" ("BNPL") services, and membership benefits through its ecommerce platform Fenqile, BNPL product Maiya, and membership platform Le Card. The Company works with financial institutions and brands both online and offline to provide a comprehensive consumption ecosystem catering to the needs of young professionals in China. Lexin utilizes advanced technologies such as big data, cloud computing and artificial intelligence throughout the Company's services and operations, which include risk management, loan facilitation, and the near-instantaneous matching of users' funding requests with offers from the Company's many funding partners, and other consumption and financial services.