CzechRepublic-based Home Credit Group intends to invest 6 billion Chinese yuan inits business in China to double its size by the end of 2017, China Daily reported March 29, citingHome Credit CEO Jirí Šmejc.

The executivereportedly said that the company wants to diversify its Chinese operations in2016 by increasing the number of available loan products and accelerating thedevelopment of its online business, with a research and development center openedby the company in Shenzhen in 2015 to support these plans.

Withlending expected to revolve around smartphones, the immediate goal of HomeCredit is to set up an independent online lending platform in China that willbe at least as robust as its physical sales network in the country, theexecutive was reportedly cited as saying.

As of March 28, US$1 wasequivalent to 6.48 Chinese yuan.