Caixin: Some loan facilitation platforms are seeking second growth curves by investing in the cryptocurrency market and expanding overseas.

With the implementation of new regulations on loan facilitation and a slowdown in consumer credit demand, many consumer loan facilitation platforms have experienced a year-on-year decline in revenue and loan volume, as well as a significant drop in net profit. Some platforms are seeking second growth drivers, such as expanding overseas and investing in the cryptocurrency sector. It is understood that platforms like Lexin and Yirendai have already established overseas operations, with Southeast Asia and Latin America as their main battlegrounds. Weixin Fintech has been continuously investing in the blockchain industry in the past two years, indirectly acquiring a 15% stake in cryptocurrency exchange Thousand Whales Technology (BVI) in 2024, and investing HK$2.395 billion last year in EXIO Group, one of the first batch of licensed virtual asset trading platforms issued by the Hong Kong Securities and Futures Commission. (Caixin)