Affiliate Gets License affiliate Fox Financial Technology Group Ltd said its subsidiary has received an internet micro-credit license from the Ningbo City Government in China. The license is the first of its kind granted in Ningbo.

Unlike a traditional micro-credit license which restricts credit service to a certain province or region of China, an internet micro-credit license allows the holder to provide credit services nationwide via the internet, the company said in a statement. “We are applying advanced technologies in big data, facial recognition, machine learning and self-developed algorithms to bring efficient, convenient and inclusive credit service to China,” CEO Alex Ho said.

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