On November 21st, Xinye Technology released its unaudited financial report for the third quarter of 2023. According to the financial report, Xinye Technology continued its growth trend in the domestic and international markets in the third quarter, achieving a quarterly revenue of 3.198 billion yuan (RMB, the same below), an increase of 7.6% compared to the same period last year; The transaction volume achieved in the current quarter was 51.3 billion yuan, a year-on-year increase of 12.7%; The loan balance at the end of the quarter was 65.9 billion yuan, an increase of 9.3% year-on-year.
As of the end of the third quarter of 2023, Xinye Technology has provided digital services to 88 domestic financial institutions and connected nearly 25 million users to provide credit technology services.
According to financial reports, Xinye Technology has maintained a steady increase in its coverage of inclusive financial services in both domestic and international markets: in the domestic market, the trading volume for the quarter was 49.1 billion yuan, a year-on-year increase of 10.6%; In the international market, the trading volume for the quarter was 2.21 billion yuan, a year-on-year increase of 99.1%.
Xinye Technology stated that due to the continuous deepening of the customer group floating strategy and robust risk control strategy, the company continues to target high-quality customer groups and maintain low risk indicators. According to the financial report, Xinye Technology's high-quality users accounted for over 80% of the quarter and remained stable; The average loan interest rate is 22.1%, a decrease of 0.2 percentage points compared to the previous quarter; The overdue rate of over 90 days is 1.67%, a decrease of 0.01 percentage points compared to the previous quarter, continuously surpassing the industry level.
In the third quarter, Xinye Technology continued to increase its strategic investment in small and micro financial services, resulting in a total of 12.3 billion yuan in loans for small and micro enterprises and individual businesses, a year-on-year increase of 9% and a month on month increase of 7%.
Li Tiezheng, CEO of Xinye Technology, stated that Xinye Technology's long-term and steady development business approach has demonstrated special advantages in the face of the complex and ever-changing macro environment. In the third quarter, we continued a healthy growth trend in both domestic and international markets. We also actively respond to the call of regulatory agencies and are committed to providing high-quality digital services to financial institutions; Simultaneously optimizing customer interest rates, continuously improving the level of small and micro businesses, and promoting the development of inclusive finance.
In terms of international revenue, Xinye Technology's international business continued to perform well in the third quarter: the international business revenue contributed 585 million yuan, a year-on-year increase of 67.3%, accounting for 18.3% of the group's total revenue. It is understood that Xinye Technology has started the process of globalization since 2018. Currently, it has deployed deeply localized financial technology platforms in Southeast Asian countries, and is also exploring new avenues for overseas services of technology products.
Xinye Technology continues to comprehensively and multi-channel promote the construction of the consumer protection system, and has made the latest progress in the academic field. Recently, the group collaborated with the China Internet Finance Association to conduct a research proposal on "Education and Rights Protection of Chinese Financial Consumers", which is expected to release its final academic results in 2024.
Resisting black and gray production is a key issue in the current financial technology industry. Xinye Technology disclosed that in the third quarter, it continued to optimize the entire process of handling customer complaints. The group's self-developed anti fraud matrix risk control system intervened in suspected fraudulent behavior more than 4000 times a day, blocking fraud more than 7000 times, and helping users and institutions avoid losses of nearly 130 million yuan.