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SSE approves Didi Chuxing’s £¤10 billion shelf offering of supply chain finance ABS

BEIJING – Didi Chuxing’s (DiDi) program for a ¥10 billion shelf offering of a supply chain finance asset-backed security product received a no-objection letter from the Shanghai Stock Exchange (SSE) on March 19, making it the first asset-backed securities supporting the new transportation supply chain finance economy. The scale of

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Groupe PSA becomes first foreign carmaker to launch a smartphone app for car loans in China

WUHAN – Groupe PSA has become the first foreign carmaker to launch a smartphone app for car loans in China, the French automaker said in a statement on January 25. The Dongfeng PSA Finance app, available for download on Android and iOS, uses different technologies such as electronic signatures, optical character

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Volkswagen Financial Services completes its third Chinese Auto ABS

BRAUNSCHWEIG – Volkswagen Financial Services completed its third Chinese Auto ABS (Asset-Backed Security) transaction with a volume of around ¥3 billion ($484 million), according to a company news release on January 12. Named as Driver China three, this securitization transaction is backed by vehicle financing contracts from Volkswagen Finance China

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VW Financial Services completes first PBOC-registered ABS in China

BEIJING – Volkswagen Financial Services AG completed its second auto loan ABS transaction with a volume of around ¥1.9 billion (€283 million) to further tap into China’s auto financing market, according to a company news release. It is the first auto loan ABS issued by Volkswagen Finance China, a wholly-owned

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Study: Dealer satisfaction with finance providers declines in 2015

SHANGHAI – The failure of finance providers to meet rising demands from auto dealers resulted in lower satisfaction, according to the J.D. Power Asia Pacific 2015 China Dealer Financing Satisfaction (DFS) StudySM released on June 10, 2015. According to the study, the overall satisfaction with retail credit providers is 794 in

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China auto loan over £¤600 billion in 2014

China’s auto financing loan balance reached over ¥600 billion ($96.77 billion) by the end of 2014, according to the China Auto Finance Consumer Behavior Report 2014-2015 recently published jointly by Volkswagen Finance China Co., Ltd. (VWFC) and market research firm Ipsos. The report is based on real auto finance consumers in China. Over 3,500 samples from 19

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China to beef up consumer credit rating

China is to beef up consumer credit rating, according to a circular, “Notice on Preparatory Work to Conduct Consumer Credit Rating,” issued earlier this year by the People’s Bank of China. The country’s Central Bank designated eight credit-rating companies in the Notice to get ready for operation within six months.

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