(BEIJING) – A Czech finance lender has become the first such company to operate in China, according to the Financial Times.
Home Credit Group beat out several of the world’s largest financial groups to become the first foreign company allowed to provide consumer loans in the country.
China granted the company a license to provide small loans in the eastern city of Tianjin.
The company has actually operated in China since 2008, but it was previously required to partner with a local institution to offer credit products. Loans offered by the group will target Chinese families earning under $500 a month who may have little or no credit history.
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