In recent times, the finance sector is luring investments across the globe. Many global conglomerates, especially in the technology and telecom space are now including finance in their portfolio.
Global internet giant LeEco is one such players that has recently forayed into the finance business. LeEco Microcredit was officially established in Chongqing, China. The company will get its first finance license, further expand its business in internet finance, and lead the industry into a new ecosystem era.
“LeEco Microcredit would strictly observe the laws and regulations, strengthen risk management, and combine supply chain finance, consumer finance, auto finance and microfinance with different approaches like B2B (business to business), C2C(customer to customer), online and offline, internal and external ecosystem,” said Wang Yongli, Senior Vice President of Le Holdings (Beijing) and CEO of LeCredit. “LeEco Microcredit aims to be a leading comprehensive supplier of internet financial credit assets, and make contributions to Chongqing’s finance industry and LeEco’s ecosystem business model.”
Le Cloud, the cloud computing and data processing subsidiary of LeEco, also benefits from this cooperation, the company said. Earlier in March, Le Cloud has finished round A-financing led by Chongqing Strategic Emerging Industries Equity Investment Fund which holds 16.67% of Le Cloud’s shares.
SK Telecom, a Korean leading telecom company is also planning to invest venture companies in ICT (Information and communications technology) sector.
The role of the team is corporate venture capital in telecom company, both trying to gain financial profit from diverse exit methods and value-up our existing on-going business within company.
The company is interested in platform areas like lifestyle (O2O, diverse hailing sector, etc), media (MCN, Contents, etc), IoT(Service, network, security, etc). Now SK wants to invest potential start-ups not only well positioned in India but also southeastern countries, even including South Korea.