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Yiren Digital Reports Third Quarter 2024 Financial Results

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BEIJING, Nov. 20, 2024 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced its unaudited financial results for the quarter ended September 30, 2024. 

Third Quarter 2024 Operational Highlights

Financial Services Business

Total loans facilitated in the third quarter of 2024 reached RMB13.4 billion (US$1.9 billion), representing an increase of 3.5% from RMB12.9 billion in the second quarter of 2024 and compared to RMB9.8 billion in the same period of 2023.Cumulative number of borrowers served reached 11,611,899 as of September 30, 2024, representing an increase of 7.4% from 10,807,497 as of June 30, 2024, and compared to 8,595,780 as of September 30, 2023.Number of borrowers served in the third quarter of 2024 was 1,498,020, representing an increase of 0.4% from 1,491,756 in the second quarter of 2024 and compared to 1,204,012 in the same period of 2023. As our efforts to upgrade the customer mix reach a milestone success, we are now shifting our focus to increasing the repeat rate of existing high-quality borrowers.Outstanding balance of performing loans facilitated reached RMB22.8 billion (US$3.2 billion) as of September 30, 2024, representing an increase of 4.3% from RMB21.8 billion as of June 30, 2024 and compared to RMB15.1 billion as of September 30, 2023.

Insurance Brokerage Business

Cumulative number of insurance clients served reached 1,470,738 as of September 30, 2024, representing an increase of 4.3% from 1,410,158 as of June 30, 2024, and compared to 1,256,762 as of September 30, 2023.Number of insurance clients served in the third quarter of 2024 was 82,291, representing a decrease of 7.3% from 88,766 in the second quarter of 2024, and compared to 123,693 in the same period of 2023. The decrease was due to the decline in new sales of our insurance products amid regulatory changes.Gross written premiums in the third quarter of 2024 were RMB1,351.3 million (US$192.6 million), representing an increase of 27.4% from RMB1,060.9 million in the second quarter of 2024 and compared to RMB1,428.5 million in the same period of 2023. The quarterly increase was attributed to the gradual recovery of our life insurance business following product changes made in response to new regulations, along with the continued rise in renewed life insurance premiums.

Consumption and Lifestyle Business

Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB507.6 million (US$72.3 million) in the third quarter of 2024, representing a decrease of 8.5% from RMB554.6 million in the second quarter of 2024, and compared to RMB563.2 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back of product offerings as we shift our focus to upgrading customer segmentation.

“I’m pleased to report a stable and healthy quarter with concrete business development and strategic exploration, driven by our ‘quality over quantity’ strategy, which underscores our consistent focus on sustainable, high-quality growth.” said Mr. Ning Tang, Chairman and Chief Executive Officer. 

“Our financial services business has improved asset quality through strong risk management and borrower optimization. We’ve also made progress in exploring new online business models for our insurance division. As a tech-powered platform, Yiren Digital prioritizes the use of technology and digital capabilities to enhance our business model. Furthermore, our AI investments are driving operational efficiency and enhancing the customer experience. These efforts lay the foundation for higher-quality growth and long-term value for our stakeholders.”

“In the third quarter of this year, our total revenue reached RMB 1.5 billion, up 13% year-over-year.” Mr.Yuning Feng, Chief Financial Officer commented. “On the balance sheet side, as we continued to make strategic long-term investments this quarter, cash and cash equivalents decreased compared to the end of the previous quarter, bringing the total to RMB3.7 billion. Despite this, our cash position remains strong and competitive within the industry. Meanwhile, we are continuing share buybacks and executing cash dividends to enhance returns for our shareholders.”

Third Quarter 2024 Financial Results

Total net revenue in the third quarter of 2024 was RMB1,479.1 million (US$210.8 million), representing an increase of 12.8% from RMB1,310.8 million in the third quarter of 2023. Particularly, in the third quarter of 2024, revenue from financial services business was RMB836.2 million (US$119.2 million), representing an increase of 25.2% from RMB668.0 million in the same period of 2023.The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB85.5 million (US$12.2 million), representing a decrease of 67.7% from RMB264.6 million in the third quarter of 2023. The decrease was primarily driven by a decline in life insurance sales, resulting from product modifications mandated by new regulations, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB557.4 million (US$79.4 million), representing an increase of 47.4% from RMB378.2 million in the third quarter of 2023. The annual increase was primarily attributed to the continuous growth of the service and product penetration in the expanding base of paying customers. As the penetration rate reached a substantial level in the third quarter of 2024, the growth rate is expected to moderate.

Sales and marketing expenses in the third quarter of 2024 were RMB335.6 million (US$47.8 million), compared to RMB195.7 million in the same period of 2023. The increase was primarily driven by the swift growth of our financial services segment and enhanced marketing endeavors aimed at attracting new, high-caliber customers while optimizing our customer composition.

Origination, servicing and other operating costs in the third quarter of 2024 were RMB205.9million (US$29.3 million), compared to RMB245.4 million in the same period of 2023. The decrease was mainly due to the decline in insurance brokerage services.

Research and development expenses in the third quarter of 2024 were RMB150.8 million (US$21.5 million), compared to RMB39.0 million in the same period of 2023. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.

General and administrative expenses in the third quarter of 2024 were RMB80.1 million (US$11.4 million), compared to RMB53.5 million in the same period of 2023. The increase was primarily due to increasing incentive bonus and employee benefits.

Allowance for contract assets, receivables and others in the third quarter of 2024 was RMB94.9 million (US$13.5 million), compared to RMB72.7 million in the same period of 2023. The increase reflects the growing volume of loans facilitated on our platform and the stringent risk estimates in response to the evolving external credit environment.

Provision for contingent liabilities in the third quarter of 2024 was RMB272.4 million (US$38.8 million), compared to RMB11.1 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[1].

Income tax expense in the third quarter of 2024 was RMB44.7 million (US$6.4 million). 

Net income in the third quarter of 2024 was RMB355.4 million (US$50.7 million), as compared to RMB554.4 million in the same period in 2023. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles. 

Adjusted EBITDA[2] (non-GAAP) in the third quarter of 2024 was RMB393.9 million (US$56.1 million), compared to RMB692.7 million in the same period of 2023. 

Basic and diluted income per ADS in the third quarter of 2024 were RMB4.1 (US$0.6) and RMB4.0 (US$0.6) respectively, compared to a basic income per ADS of RMB6.3 and a diluted income per ADS of RMB6.2 in the same period of 2023. 

Net cash generated from operating activities in the third quarter of 2024 was RMB50.4 million (US$7.2 million), compared to RMB645.4 million in the same period of 2023. 

Net cash used in investing activities in the third quarter of 2024 was RMB1,859.6 million (US$265.0 million), compared to RMB393.9 million in the same period of 2023.

Net cash used in financing activities in the third quarter of 2024 was RMB22.2 million (US$3.2 million), compared to RMB502.6 million in the same period of 2023. 

The changes in cash flows reflect strategic decisions aimed at driving the company’s growth and long-term development. This includes a cash infusion to support broader collaborations with institutional business partners in our financial services division as our loan balance reaches a considerable size, which is reflected in the decline in net cash generated from operating activities. Changes in net cash used in investing and financing activities were driven by investments in potential acquisitions and business expansion, as well as ongoing share repurchases to enhance shareholder value.

As of September 30, 2024, cash and cash equivalents were RMB3,705.9 million (US$528.1 million), compared to RMB5,496.9 million as of June 30, 2024. The decline is due to our long-term investments in business expansion and potential acquisitions, which are still in the early stages and have not been finalized. As of September 30, 2024, the balance of held-to-maturity investments was RMB5.1 million (US$0.7 million), remained unchanged from June 30, 2024. As of September 30, 2024, the balance of available-for-sale investments was RMB321.6 million (US$45.8 million), compared to RMB329.8 million as of June 30, 2024. As of September 30, 2024, the balance of trading securities was RMB63.3 million (US$9.0 million), compared to RMB83.9 million as of June 30, 2024.

Delinquency rates[3]. As of September 30, 2024, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 1.8%, 1.2% and 1.2%, respectively, compared to 1.9%, 1.4% and 1.5%, respectively, as of June 30, 2024. 

[1] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[2] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.
[3] “Delinquency rates” refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Dividend Policy

Under the Company’s semi-annual dividend policy, the Company distributed cash dividends in October 2024, representing a payout ratio of 14% of earnings for the first half of 2024.

Update on Share Repurchase

In the third quarter of 2024, the Company allocated US$3.0 million to repurchase shares in the public market. As of September 30, 2024, the Company had in aggregate purchased approximately 5.0 million ADSs in the open market for a total amount of approximately US$16.5 million (exclusive of commissions) under the 2022 share repurchase program.

Business Outlook

Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2024 to be between RMB1.3 billion to RMB1.5 billion, with a healthy net profit margin.

This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release. 

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.0176 to US$1.00, the effective noon buying rate on September 30, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 20, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on November 20, 2024).
Participants who wish to join the call should register online in advance of the conference at: 
https://dpregister.com/sreg/10194517/fdfac17402

Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at: 
https://event.choruscall.com/mediaframe/webcast.html?webcastid=MvArF4tV

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers’ financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

 

 

 

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

For the Nine Months Ended 

September 30,
2023

June 30,
2024

September 30,
2024

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2024

RMB

RMB

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

586,883

695,532

600,899

85,627

1,518,401

1,972,726

281,111

Post-origination services

984

1,290

1,421

203

12,573

4,483

639

Insurance brokerage services

264,611

91,526

85,530

12,188

865,664

301,982

43,032

Financing services

9,937

19,574

31,448

4,481

47,410

61,688

8,790

Electronic commerce services

350,635

523,641

546,366

77,856

881,218

1,572,943

224,143

Guarantee services

30,173

68,934

136,746

19,486

42,275

222,533

31,711

Others

67,551

96,039

76,678

10,927

253,782

217,353

30,972

Total net revenue

1,310,774

1,496,536

1,479,088

210,768

3,621,323

4,353,708

620,398

Operating costs and expenses:

Sales and marketing

195,714

285,101

335,647

47,829

450,873

897,971

127,960

Origination,servicing and other operating costs

245,360

246,542

205,913

29,342

791,472

685,725

97,715

Research and development

38,981

55,812

150,840

21,495

101,168

247,173

35,222

General and administrative

53,519

68,670

80,097

11,413

180,623

232,441

33,123

Allowance for contract assets, receivables and others

72,652

123,285

94,913

13,525

160,923

320,532

45,675

Provision for contingent liabilities

11,104

278,925

272,406

38,818

28,578

618,589

88,148

Total operating costs and expenses

617,330

1,058,335

1,139,816

162,422

1,713,637

3,002,431

427,843

Other income/(expenses):

Interest income, net

25,815

24,668

21,877

3,117

50,869

74,258

10,582

Fair value adjustments related to Consolidated ABFE

(8,104)

38,706

36,423

5,190

(36,777)

90,597

12,910

Others, net

5,177

(11)

2,535

362

11,496

3,201

456

Total other income/(expenses)

22,888

63,363

60,835

8,669

25,588

168,056

23,948

Income before provision for income taxes

716,332

501,564

400,107

57,015

1,933,274

1,519,333

216,503

Income tax expense

161,917

92,036

44,665

6,365

424,345

268,480

38,258

Net income

554,415

409,528

355,442

50,650

1,508,929

1,250,853

178,245

Weighted average number of ordinary shares outstanding,
basic

176,866,653

172,831,722

175,018,644

175,018,644

177,189,206

173,557,082

173,557,082

Basic income per share

3.1346

2.3695

2.0309

0.2894

8.5159

7.2072

1.0270

Basic income per ADS

6.2692

4.7390

4.0618

0.5788

17.0318

14.4144

2.0540

Weighted average number of ordinary shares outstanding,
diluted

178,366,565

174,711,554

176,035,324

176,035,324

179,220,434

175,457,062

175,457,062

Diluted income per share

3.1083

2.3440

2.0192

0.2877

8.4194

7.1291

1.0159

Diluted income per ADS

6.2166

4.6880

4.0384

0.5754

16.8388

14.2582

2.0318

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from operating activities

645,416

368,908

50,393

7,181

1,753,781

1,051,044

149,773

Net cash  (used in)/provided by investing activities

(393,919)

(536,883)

(1,859,587)

(264,989)

360,376

(3,080,167)

(438,920)

Net cash used in financing activities

(502,636)

(125,884)

(22,227)

(3,167)

(901,587)

(162,885)

(23,211)

Effect of foreign exchange rate changes

2,395

(896)

(6,252)

(891)

2,543

(5,808)

(828)

Net (decrease)/increase in cash, cash equivalents and
restricted cash

(248,744)

(294,755)

(1,837,673)

(261,866)

1,215,113

(2,197,816)

(313,186)

Cash, cash equivalents and restricted cash, beginning of period

5,824,552

5,993,216

5,698,461

812,024

4,360,695

6,058,604

863,344

Cash, cash equivalents and restricted cash, end of period

5,575,808

5,698,461

3,860,788

550,158

5,575,808

3,860,788

550,158

 

 

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2023

June 30,
2024

September 30,
2024

September 30,
2024

RMB

RMB

RMB

USD

        Cash and cash equivalents

5,791,333

5,496,932

3,705,866

528,082

        Restricted cash

267,271

201,529

154,922

22,076

        Trading securities

76,053

83,889

63,276

9,017

        Accounts receivable

499,027

654,698

668,757

95,297

        Guarantee receivable

2,890

260,759

391,547

55,795

        Contract assets, net

978,051

962,482

916,543

130,606

        Contract cost

32

206

279

40

        Prepaid expenses and other assets

423,621

1,662,654

2,291,397

326,521

        Loans at fair value

677,835

473,311

414,803

59,109

        Financing receivables

116,164

30,501

28,672

4,086

        Amounts due from related parties

820,181

1,509,651

3,338,868

475,785

        Held-to-maturity investments

10,420

5,087

5,087

725

        Available-for-sale investments

438,084

329,829

321,550

45,820

        Equity investments

–

2,500

7,105

1,012

        Property, equipment and software, net

79,158

77,970

80,224

11,432

        Deferred tax assets

73,414

44,309

54,595

7,780

        Right-of-use assets

23,382

19,462

14,454

2,060

Total assets

10,276,916

11,815,769

12,457,945

1,775,243

        Accounts payable

30,902

43,710

42,712

6,085

        Amounts due to related parties

14,414

2,485

96,498

13,751

        Guarantee liabilities-stand ready

8,802

278,656

449,759

64,090

        Guarantee liabilities-contingent

28,351

336,190

512,004

72,960

        Deferred revenue

54,044

38,843

18,348

2,615

        Payable to investors at fair value

445,762

350,000

350,000

49,875

        Accrued expenses and other liabilities

1,463,369

1,727,182

1,672,111

238,274

        Deferred tax liabilities

122,075

55,520

16,434

2,342

        Lease liabilities

23,648

19,280

15,226

2,170

Total liabilities

2,191,367

2,851,866

3,173,092

452,162

        Ordinary shares

130

130

132

19

        Additional paid-in capital

5,171,232

5,175,653

5,198,271

740,748

        Treasury stock

(94,851)

(139,380)

(160,534)

(22,876)

        Accumulated other comprehensive
income

23,669

47,798

21,226

3,024

        Retained earnings

2,985,369

3,879,702

4,225,758

602,166

Total equity

8,085,549

8,963,903

9,284,853

1,323,081

Total liabilities and equity

10,276,916

11,815,769

12,457,945

1,775,243

 

 

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

For the Three Months Ended 

For the Nine Months Ended 

September 30,
2023

June 30,
2024

September 30,
2024

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2024

RMB

RMB

RMB

USD

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

9,814,359

12,936,017

13,392,676

1,908,441

24,390,773

38,239,060

5,449,022

Number of borrowers

1,204,012

1,491,756

1,498,020

1,498,020

2,128,924

3,365,960

3,365,960

Remaining principal of performing loans 

15,090,800

21,827,634

22,768,555

3,244,493

15,090,800

22,768,555

3,244,493

Cumulative number of insurance clients

1,256,762

1,410,158

1,470,738

1,470,738

1,256,762

1,470,738

1,470,738

Number of insurance clients

123,693

88,766

82,291

82,291

293,254

226,191

226,191

Gross written premiums

1,428,484

1,060,885

1,351,311

192,560

3,684,325

3,324,627

473,756

First year premium

914,839

577,387

511,377

72,871

2,644,082

1,602,905

228,412

Renewal premium

513,645

483,498

839,934

119,689

1,040,243

1,721,722

245,344

Gross merchandise volume 

563,224

554,574

507,585

72,330

1,267,611

1,687,280

240,435

Segment Information

Financial services business:

Revenue

667,966

851,031

836,193

119,157

1,733,813

2,425,341

345,608

Sales and marketing expenses

146,369

253,103

307,459

43,812

311,751

812,484

115,778

Origination, servicing and other operating
costs

59,300

113,234

119,706

17,058

145,870

318,727

45,418

Allowance for contract assets, receivables and
others

77,135

124,765

93,248

13,288

163,111

319,140

45,477

Provision for contingent liabilities

11,104

278,925

272,406

38,818

28,578

618,589

88,148

Insurance brokerage business:

Revenue

264,611

91,526

85,530

12,188

865,664

301,982

43,032

Sales and marketing expenses

3,175

4,263

3,545

505

9,309

11,373

1,621

Origination, servicing and other operating
costs

176,182

122,358

78,466

11,181

599,650

337,707

48,123

Allowance for contract assets, receivables and
others

(3,981)

(1,502)

(414)

(59)

(355)

(904)

(129)

Consumption & lifestyle business and others:

Revenue

378,197

553,979

557,365

79,423

1,021,846

1,626,385

231,758

Sales and marketing expenses

46,170

27,735

24,643

3,512

129,813

74,114

10,561

Origination, servicing and other operating
costs

9,878

10,950

7,741

1,103

45,952

29,291

4,174

Allowance for contract assets, receivables and
others

(313)

(11)

1,666

237

(1,545)

1,664

237

Reconciliation of Adjusted EBITDA

Net income

554,415

409,528

355,442

50,650

1,508,929

1,250,853

178,245

Interest income, net

(25,815)

(24,668)

(21,877)

(3,117)

(50,869)

(74,258)

(10,582)

Income tax expense

161,917

92,036

44,665

6,365

424,345

268,480

38,258

Depreciation and amortization

1,664

2,026

2,401

342

5,310

6,319

901

Share-based compensation

513

2,136

13,235

1,886

5,923

16,578

2,362

Adjusted EBITDA

692,694

481,058

393,866

56,126

1,893,638

1,467,972

209,184

Adjusted EBITDA margin

52.8 %

32.1 %

26.6 %

26.6 %

52.3 %

33.7 %

33.7 %

 

 

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2019

2.1 %

1.2 %

0.9 %

December 31, 2020

1.3 %

0.7 %

0.6 %

December 31, 2021

2.0 %

1.5 %

1.2 %

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

March 31, 2024

2.1 %

1.6 %

1.4 %

June 30, 2024

1.9 %

1.4 %

1.5 %

September 30, 2024

1.8 %

1.2 %

1.2 %

 

 

30+ Days Delinquency Rates by Vintage[1]

Loan Issued Period

Month on Book

2

4

6

8

10

12

14

16

18

20

22

24

2019Q1

0.0 %

0.5 %

1.6 %

2.3 %

3.3 %

4.4 %

5.9 %

6.1 %

6.4 %

6.9 %

6.9 %

6.9 %

2019Q2

0.3 %

1.4 %

2.8 %

5.0 %

7.8 %

8.9 %

9.5 %

10.0 %

10.3 %

10.7 %

10.9 %

11.2 %

2019Q3

0.3 %

2.0 %

5.1 %

7.6 %

9.1 %

10.4 %

11.3 %

12.4 %

13.3 %

14.1 %

14.7 %

15.2 %

2019Q4

0.7 %

3.0 %

4.4 %

5.7 %

6.6 %

7.3 %

8.1 %

8.5 %

9.0 %

9.4 %

9.7 %

10.3 %

2020Q1

0.8 %

2.0 %

3.4 %

4.5 %

5.4 %

5.9 %

6.5 %

6.8 %

7.1 %

7.5 %

8.1 %

8.5 %

2020Q2

0.6 %

2.0 %

3.3 %

4.5 %

5.3 %

6.0 %

6.4 %

6.9 %

7.4 %

8.0 %

8.6 %

8.8 %

2020Q3

1.3 %

2.8 %

4.3 %

5.4 %

6.3 %

6.9 %

7.5 %

8.2 %

8.9 %

9.3 %

9.5 %

9.5 %

2020Q4

0.3 %

1.4 %

2.4 %

3.4 %

4.3 %

5.4 %

6.4 %

7.3 %

7.7 %

8.0 %

8.2 %

8.3 %

2021Q1

0.5 %

1.8 %

3.0 %

4.2 %

5.3 %

6.3 %

7.1 %

7.3 %

7.5 %

7.7 %

7.8 %

7.9 %

2021Q2

0.5 %

2.1 %

3.8 %

5.5 %

6.8 %

7.5 %

7.7 %

7.9 %

8.1 %

8.3 %

8.2 %

8.2 %

2021Q3

0.6 %

2.5 %

4.2 %

5.4 %

6.1 %

6.5 %

6.7 %

6.9 %

6.9 %

6.9 %

6.9 %

6.8 %

2021Q4

0.8 %

2.7 %

4.1 %

4.9 %

5.4 %

5.8 %

5.8 %

5.8 %

5.7 %

5.6 %

5.6 %

5.5 %

2022Q1

0.7 %

2.1 %

3.2 %

4.0 %

4.6 %

4.8 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.8 %

2.9 %

3.8 %

4.3 %

4.5 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.6 %

2.2 %

3.5 %

4.3 %

4.8 %

5.0 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.9 %

4.9 %

5.6 %

5.9 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

2023Q1

0.6 %

2.4 %

4.0 %

5.2 %

5.9 %

6.2 %

6.1 %

6.0 %

5.9 %

5.5 %

2023Q2

0.7 %

3.0 %

4.9 %

6.3 %

7.0 %

7.3 %

7.2 %

6.9 %

2023Q3

0.9 %

3.7 %

5.8 %

7.1 %

7.9 %

8.1 %

7.8 %

2023Q4

0.8 %

3.6 %

5.8 %

7.0 %

7.6 %

2024Q1

0.7 %

3.2 %

5.0 %

6.4 %

2024Q2

0.6 %

2.7 %

2024Q3

0.6 %

[1]The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 days past due, 

as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

 

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Wenge AI Launches ScienceOra on Tencent WorkBuddy, Making Specialized Research AI More Accessible

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BEIJING, Oct. 27, 2026 /PRNewswire/ — Wenge AI launched ScienceOra, its research and decision-support platform, on Tencent WorkBuddy, making more than 30 specialist research agents and skills available to users. The initial offering supports literature analysis, hypothesis development, study design, modeling and simulation, validation, and research communication. Users can access ScienceOra through WorkBuddy’s app discovery section for support across the research process, from exploring a new field to conducting advanced research and making informed scientific decisions.

ScienceOra is powered by the ScienceOne Scientific Foundation Model, which was developed as part of a Chinese Academy of Sciences (CAS)-coordinated initiative. Building on that foundation and on Wenge AI’s long-standing work in scientific data, research tools, and decision AI, ScienceOra brings specialized research knowledge, tools, and agent capabilities into one system, extending AI from knowledge retrieval and content generation to the execution of complex research tasks and support for scientific decision-making.

Covering core scenarios across disciplines

Scientific research involves a great deal of specialized work at every stage, from reviewing the literature and formulating hypotheses to designing experiments, analyzing data, validating findings, and publishing papers. Researchers everywhere face the same questions: how to spot valuable leads in a vast body of literature, how to synthesize scientific evidence and carry complex projects forward, and how to make sound scientific judgments between competing options. ScienceOra on WorkBuddy addresses both general research needs and discipline-specific work, organized around three levels of support — getting started, advanced research, and expert decision-making — for users across disciplines and at different stages of their work.

Getting started in research

At the first level, ScienceOra helps researchers turn a mass of information into a structured understanding of a field. Its agents cover academic literature research, comparative literature analysis, in-depth paper analysis, and literature review mapping; its skills cover literature search, multi-paper comparison, and structured close reading. Together they help researchers trace how a field has developed, compare the core arguments and methods of different studies, and identify research gaps. Beyond finding and summarizing literature, the AI can examine the evidence, conclusions, and limitations of different studies around a specific scientific question, offering reference points for further work.

Advanced research

For advanced research, ScienceOra helps researchers move from analyzing existing knowledge to carrying out specialized tasks. It supports evidence synthesis, study design, and domain-specific data analysis in areas such as systematic reviews and meta-analyses, molecular biology and multi-omics, and drug developability assessment.

In drug development, for example, researchers assessing a candidate molecule’s developability can work with specialist agents to plan experiments, molecular modeling, and simulations, then draw on experimental data to explore validation strategies and opportunities for optimization. ScienceOra also offers manuscript editing, manuscript formatting to meet journal requirements, and research slide deck generation, helping researchers organize, communicate, and present their findings.

Expert decisions

To support expert decision-making, ScienceOra helps researchers weigh scientific evidence and evaluate competing options in rice breeding, materials science, drug development, and research evaluation. Its agents include the Yuandao Siyuan AI breeding scientist, a materials characterization and validation scientist, and an alloy thermodynamics and phase-field simulation scientist.

Yuandao Siyuan is a specialized ScienceOra application for rice breeding. The agent is built on the Yuandao Siyuan intelligent breeding platform, jointly developed by the Hunan Academy of Agricultural Sciences, the Institute of Automation of the Chinese Academy of Sciences, and Wenge AI, and launched this month at the Yuelu Mountain Laboratory in Changsha. The name pays tribute to hybrid-rice pioneer Yuan Longping and evokes the Chinese saying “When drinking water, remember its source.” Drawing on dedicated breeding resources and a knowledge graph, it supports searches for variety approval records and germplasm resources, pedigree tracing, and the tracing of research literature to its sources.

In new materials development, researchers can draw on X-ray diffraction (XRD) phase analysis, structural characterization, and published evidence to compare candidate materials in terms of properties, structural stability, fabrication costs, and potential risks, informing materials selection and subsequent experimental validation.

For research evaluation, a general-purpose reviewer agent and a range of peer-review simulation skills help assess the quality of a study, including its originality, performance against existing benchmarks, methodological rigor, and experimental design. These capabilities help researchers efficiently identify key scientific questions and promising avenues for innovation, supporting the choice of research topics and the evaluation of technical approaches.

Extending decision AI into research workflows

By combining domain knowledge, scientific data, research tools, and agent capabilities, ScienceOra extends research AI beyond question answering and content generation to complex research tasks and decision support. This brings AI into day-to-day research workflows, helping researchers work more efficiently.

This integration with Tencent WorkBuddy is another step in Wenge AI’s effort to make specialized research AI available to more users. Through the WorkBuddy app ecosystem, ScienceOra brings its agents and skills into everyday workflows, giving researchers, university faculty and students, and other learners more convenient access to research AI tools.

Going forward, Wenge AI will continue to expand ScienceOra’s research capabilities and deepen the integration of decision AI into research settings, making scientific knowledge easier to access, research more efficient, and professional decisions better grounded in evidence.

ScienceOra Website: https://www.scienceone.ai/portal/

Website: https://www.wenge.com/

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Visa and Marina Bay Precinct Partners – Marina Bay Sands, UOB and Singapore Tourism Board – Present ‘A Moment to Savour’, Bringing International Restaurant Collaborations to Singapore

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A series of restaurant collaborations across Marina Bay will bring together celebrated culinary talents and restaurants from Singapore and around the world from November 2026 through March 2027

SINGAPORE, Oct. 27, 2026 /PRNewswire/ — Visa and the Marina Bay precinct partners – Marina Bay Sands, UOB and Singapore Tourism Board (STB) – today announced ‘A Moment to Savour’, a new premium dining programme showcasing Singapore’s vibrant culinary scene through an exclusive series of restaurant collaborations. Launching under the Visa Destinations platform, the collaborations will run from November 2026 to March 2027, pairing renowned restaurants and chefs, from both Marina Bay and around the world, to create distinctive, limited-time dining experiences in the Marina Bay area.

The programme aims to showcase Singapore’s position as a leading global gastronomy hub, while creating compelling new culinary experiences for both visitors and locals to savour, reflecting the city’s diverse and world-class food scene. This experience will be offered to Visa cardholders globally, with pre-sales available to all UOB Visa cardholders and Visa Infinite cardholders.

‘A Moment to Savour’ is launching in Marina Bay as the precinct brings together the full spectrum of Singapore’s visitor appeal – from iconic attractions and world-class dining to premium shopping and entertainment, making it a natural setting to showcase distinctive culinary experiences that can be enjoyed as part of a broader destination journey.

The series will make its debut at Marina Bay Sands with an exclusive two-night dinner, underscoring the integrated resort’s position as a leading culinary destination and platform for world-class collaborations. The experience will bring together the team from one-Michelin-starred Waku Ghin and two-Michelin-starred MOSU Seoul, helmed by Chef Anh Sung Jae, who also served as a head judge on Netflix’s Culinary Class Wars.  

The full list of dining collaborations over the period include:

November 2026 

Waku Ghin (Marina Bay Sands) and MOSU Seoul, Chef Anh Sung-Jae

December 2026

Jin Ting Wan 金蜓湾 (Marina Bay Sands), Chef Albert Li and Jing Xi Hui (菁禧荟), Chef Du Jianqing

黑珍珠 The Black Pearl (Odeon 333), Chef Dee Chan with seven guest chefs from leading restaurants across China (16-hands collaboration)

Labyrinth (Esplanade Mall), Chef Han Li Guang and Masque, Chef Varun Totlani

 

January 2027

Saint Pierre (One Fullerton), Chef Emmanuel Stroobant and Taian Table, Chef Christiaan Stoop

February 2027

Peach Blossoms (PARKROYAL COLLECTION, Marina Bay, Singapore), Chef Edward Chong with
Nusara, Chef Thitid “Ton” Tassanakajohn and Asia’s Best Pastry Chef 2025, Chef Dej Kewkacha (six-hands collaboration)

March 2027

JAAN by Kirk Westaway (Swissôtel The Stamford Singapore), Chef Kirk Westaway and NOBUO, Chef Nobu Lee

Odette (National Gallery Singapore), Chef Julien Royer and L’air du Temps, Chef San Degeimbre

1887 by André (Raffles Singapore), Chef André Chiang and visiting chef to be confirmed 

UOB Visa cardholders in Singapore and across Southeast Asia will receive exclusive priority presale access to all ‘A Moment to Savour’ dining experiences, followed by a presale for all Visa Infinite cards and general sales for Visa cardholders globally. Bookings for the November and December sessions open from 28 October 2026, with limited seats that are subject to availability.

UOB Reserve and Visa Infinite Presale: 28 October 2026, 10am to 4pmUOB Visa Cards Presale: 28 October 2026, 6pm to 29 October 2026, 10amAll global Visa Infinite Cards Presale: 29 October 2026, 12pm to 30 October 2026, 12pmAll global Visa Cards: From 30 October 2026, 2pm onwards

All timings are in SGT.

With exclusive privileges across hotels, dining and attractions as part of the Marina Bay precinct partnership, UOB cardholders can pair their moments to savour with exceptional entertainment and destination propositions only available in the Bay, extending their adventures beyond the dining table to create unforgettable experiences in the precinct. As Visa’s largest card issuer in Southeast Asia[1], this latest partnership also reinforces UOB’s leadership position in the lifestyle and dining space, while leveraging the Bank’s extensive presence and deep customer base in the region especially among the affluent, to drive inbound tourism into Singapore.

“We recently announced the launch of Visa Destinations Singapore, a platform designed to bring together curated experiences and privileges that help visitors discover more of what the city has to offer,” said Adeline Kim, Group Country Manager for Regional Southeast Asia & SVP, Global Clients, Asia Pacific, Visa. “Presented as part of the initiatives under Visa Destinations, ‘A Moment to Savour’ reflects the importance of creating meaningful experiences around the passions that drive travel. With dining continuing to be a significant area of traveller spend and a powerful reason for people to explore a destination, this programme brings exceptional local and international culinary talent together to celebrate the flavours that make Singapore distinctive and strengthen its appeal as one of the world’s leading culinary destinations.”

“Marina Bay’s potential lies in the collective strength of the partners that contribute to its vibrancy. Through our continued partnership with the Singapore Tourism Board and UOB, and with Visa now joining us to elevate the Bay’s culinary offering, ‘A Moment to Savour’ marks another meaningful step in our shared ambition for the precinct,” said Irene Lin, Senior Vice President and Chief Marketing Officer, Resort Marketing at Marina Bay Sands. “By bringing celebrated local and international culinary talent to the Bay, we hope to create distinctive experiences that inspire visitors to discover Singapore’s dynamic dining scene, while strengthening Marina Bay’s position as a leading lifestyle destination on the global stage.”

“‘A Moment to Savour’ is the latest centrepiece of UOB’s feast of dining propositions, with our cardholders first in line to these eclectic and unprecedented experiences from the pinnacle of the gastronomic world. This collaboration with Visa not only reinforces UOB’s regional leadership in the lifestyle space, it also builds on the longstanding success of the Marina Bay precinct partnership to cement Singapore’s reputation as a seminal tourist destination globally. The programme also showcases our ability to bring together like-minded partners in collaborations that synergise the strengths of all parties to create unique and exceptional experiences for our more than eight million customers that money cannot buy,” said Jacquelyn Tan, Head, Group Personal Financial Services, UOB.

“Singapore has long been celebrated for its extraordinary food culture, and ‘A Moment to Savour’ is a wonderful reflection of what makes our culinary scene truly world-class – the ability to bring together the best of local and international talent in one destination. Programmes like this not only create memorable experiences for visitors and locals but also reinforce Singapore’s position as a destination where the world’s finest culinary experiences converge. We are delighted to partner with Visa, together with our precinct partners Marina Bay Sands and UOB to bring this series to life, and look forward to welcoming food lovers from around the world to the Marina Bay precinct,” said Kenneth Lim, Assistant Chief Executive, Marketing Group, Singapore Tourism Board.

For reservations and more details, visit destinations.visa.com/singapore. Details for the 2027 chef collaborations will be announced at a later date.

[1] Largest card issuer by total billings

 

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About UOB

UOB is a leading Asian bank with a global network in Southeast Asia, Asia Pacific, Europe and North America. Operating through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, we have a global network of about 430 branches and offices in 19 markets.

Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For more than nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of education, children and art, doing right by its communities and stakeholders.

About Marina Bay Sands Pte Ltd

Since its opening in 2010, Marina Bay Sands has stood as an architectural marvel and the crown jewel in Singapore’s skyline. Home to the world’s most spectacular rooftop infinity pool and approximately 1,850 rooms and suites, the integrated resort offers exceptional dining, shopping, meeting and entertainment choices, complete with a year-round calendar of signature events.

Marina Bay Sands is dedicated to being a good corporate citizen to serve its people, communities and environment. It drives social impact through its community engagement programme, Sands Cares, and leads environmental stewardship through its global sustainability programme, Sands ECO360.

For more information, please visit www.marinabaysands.com.

About the Singapore Tourism Board

The Singapore Tourism Board (STB) is the lead development agency for tourism, one of Singapore’s key economic sectors. Together with industry partners and the community, we shape a dynamic Singapore tourism landscape. We bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions.

More: www.stb.gov.sg or www.visitsingapore.com   | Follow us: STB LinkedIn, STB Facebook or STB Instagram

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SOURCE Visa

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KaarTech Introduces KEOS to Help Enterprises Scale AI Across Business Operations

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KEOS combines enterprise intelligence and governed AI execution across four offerings: AI-led Transformation, Enterprise AI, Phygital and AI For Growth.

CHENNAI, India, Oct. 27, 2026 /PRNewswire/ — KaarTech today announced KEOS, an operating layer for enterprise intelligence designed to help organisations move beyond isolated AI initiatives and embed intelligence across their business. KEOS connects enterprise systems, knowledge and operational context to help organisations make informed decisions and deploy governed AI agents at scale.

As AI adoption expands, enterprises face a common challenge: disconnected systems and fragmented business knowledge prevent AI from understanding how the organisation works. KEOS addresses this by building a shared understanding of enterprise processes, data and assets, providing the context AI needs to support decisions and execute actions within defined controls.

KEOS brings together enterprise discovery, an ontology and knowledge graph, and a Context Lake that combines enterprise knowledge with operational memory. Together, these capabilities form an Enterprise Digital Twin, a living representation of how the organisation operates. An Agent Factory and Enterprise Agent OS build on this foundation to create, orchestrate and operate governed AI agents.

Ratnakumar Nagarajan, CAIO, KaarTech, said:

“Each part of the business has different requirements, but all need reliable context and clear controls. KEOS provides a common architecture that teams can extend to their domain. They can start with a defined use case, validate how agents perform and expand as they establish value.”

KEOS delivers this vision through four offerings:

AI-led Transformation: Embeds specialised AI agents across the SAP Activate lifecycle, from landscape discovery and AI readiness assessment to migration, testing and ongoing operations. The offering helps organisations accelerate transformation while maintaining visibility and control over agent activity.Enterprise AI: Brings enterprise data, AI infrastructure, security and governance together to support contextual AI across applications and operations. It helps organisations establish AI foundations aligned with their sovereignty, deployment and data requirements.Phygital: Connects physical assets and field operations with AI through sensor, operational and enterprise data. Applications include predictive maintenance, digital twins and connected-worker copilots that support maintenance and safety decisions.AI For Growth: Applies AI across marketing, sales and commercial operations, including forecasting, pricing, customer expansion and aftermarket services. It helps organisations connect fragmented workflows and use business intelligence to identify revenue opportunities and improve execution.

KaarTech supports KEOS adoption through its Forward Deployed Engineer (FDE) model, with more than 500 FDEs as of October 2026. The company plans to transition 100% of its employees into FDE roles by March 2027, extending this delivery model across its workforce.

Across these offerings, KEOS connects information from enterprise applications such as ERP, CRM and supply chain systems with operational technology, engineering models, documents and external intelligence. This shared business context allows organisations to extend AI across use cases without rebuilding enterprise understanding for each application.

Governance forms part of the KEOS architecture through a common control plane covering identity, access policies, data privacy, auditability and human approval. Evaluation and observability capabilities support oversight of AI behaviour and operating costs, helping organisations define what AI can access, which actions it can take and when people must remain involved.

Organisations can adopt KEOS within one business domain, establish enterprise understanding and initial governed agents, and then expand across additional workflows. Deployment options include customer-cloud environments, isolated air-gapped environments and region-pinned SaaS, selected according to customer policies and data requirements.

About KaarTech

KaarTech is a global AI-led enterprise transformation firm with more than two decades of experience helping organisations modernise their businesses. With over 3,000 professionals across 15 global locations, KaarTech has delivered more than 3,300 projects for 450+ customers across North America, Europe, APAC and the Middle East. The company helps enterprises embed AI into business processes, improve operations and unlock new growth opportunities, combining enterprise expertise, AI innovation and proven delivery capabilities.

For more information, visit www.kaartech.com.

Contact Details: Shrilaxmi N M | Email: nshrilaxmi@kaartech.com

 

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