Bairong Inc (“Bairong” or “the Company”, 6608.HK), a leading independent AI-powered technology platform in China, is providing digital solutions, which include anti-fraud and loan monitoring systems, for China Bohai Bank to protect and scale its business. The solutions are powered by Bairong’s Cloud-Native SaaS platform, which is created to accelerate the digital transformation of financial institutions by helping them swiftly deploy online businesses.
A middle platform plays a vital role in digitalizing the internal and external operations of banks. By upgrading the middle environment so it can share, integrate, and make better use of the core business prowess of both front and back offices, banks can create an intelligent and interconnected space to boost overall operational efficiency and provide better services for customers.
To help more financial institutions achieve this goal, Bairong developed a Cloud-Native SaaS platform, an intelligent middle platform that can significantly improve the responsiveness of the front office while enhancing the agility of the back office by integrating the back-end resources. For banks, it can break down the barriers to collaborations between isolated systems and brings down the costs of front-end business, boosting their innovation ability and organizational effectiveness.
“The cooperation with China Bohai bank opens up a new starting point for Bairong, with which we will continue to explore the application of AI and Big Data in the financial sector in the future. The digital transformation in the financial sector is an ongoing and long-term shift in both technology and business models. To empower more financial initiations during this process, Bairong will build on our advantages in technology and ecosystem resources to continue optimizing our Cloud-Native SaaS platform and ramping up R&D in the emerging technologies,” said Zhao Hongqiang, CFO of Bairong.
With the financial sector becoming increasingly complex in a data-rich and technology-intensive environment, a new strategy is needed to help financial institutions scale up their IT infrastructure and lock in potential for business innovation. An established fintech powerhouse named in KPMG’s “China Leading Fintech 50” list for five years in a row, Bairong has cooperated with multiple financial institutions to address those challenges and upgrade their business models with digital tools. This year, Bairong’s digital solutions based on its Cloud-Native SaaS platform has aided China Minsheng Bank, Ping An Bank, Industrial Bank and Beijing Zhongguancun Bank in strengthening their anti-fraud management systems and enhance overall business efficiency.
“In the post-pandemic era, digital adoption and automation in financial services are no longer an option for the financial sector. Instead, they have become a necessity and growth imperatives. Meanwhile, the need for digital and intelligent transformation in the financial industry is also widely recognized. Lying at the core of digital transformation is technology, while business transformation is the cornerstone underpinning the foundation of digital transformation,” Zhao said.
By the end of June 30 2021, Bairong has served over 5,100 financial institutions like China Bohai Bank, drove strong financial growth to reach total revenue of RMB791 million in the first half of 2021, representing a year-on-year increase of 67%, and the non-IFRS net profit grew by 2,612% to RMB99 million. The Company stressed in an exchange filing that it will further buy shares on the open market from time to time with confidence in its own business outlook and prospects.
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