China's Hexindai Inc. has partnered with Bohai International Trust Co. Ltd. as part of the company's strategy to diversify and expand its funding sources.
Under the partnership, Bohai International Trust will facilitate personal credit loans through a designated trust for an initial aggregate principal amount of 300 million yuan to borrowers referred by Hexindai, according to a Jan. 11 release.
Hexindai will evaluate borrowers before referring them to Bohai International Trust, who will conduct a second credit assessment before funds are distributed.
The initial term of the partnership is five years.
As of Jan. 10, US$1 was equivalent to 6.79 Chinese yuan.