China Ceramics Co., Ltd., a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced that its newly-formed wholly-owned subsidiary which focuses on software development, Antelope Holdings (Chengdu) Co., Ltd., has entered into a licensing contract with Chengdu Baishengtong Business Consulting Co., Inc. (“Baishengtong Consulting”), a firm that provides consulting services associated with non-performing assets for asset management firms. The total fee to be paid to the Company under this contract is RMB 6.0 million (approximately $0.9 million), of which 40% or RMB 2.4 million (approximately $347,000) is to be paid within six months of the contract’s execution and the remaining balance between six months and twelve months of the one-year contract term. Most of the non-performing assets consist of credit and consumer loans that were extended by financial institutions via the Internet and have been defaulted on by borrowers, and these small loans are typically aggregated and sold to asset management companies since they are too small for financial institutions to process individually for collection. China Ceramics’ subsidiary’s software system will enable Baishengtong Consulting to work with asset management companies to identify and digitally batch process these non-performing assets and send them to mediation centers of the court system for resolution, and digitally engage legal enforcement if necessary. The software is intended to facilitate the communication bottleneck among financial institutions, asset management companies and the court system through specialized batch processing.
Read More: AssetMark Launches eService Team and Expands Digital Servicing Tools
“We are very pleased that our new software development subsidiary has continued its strong momentum in creating a software product for a fintech consultancy to help to facilitate the resolution of non-performing loans,” said Ms. Meishuang Huang, Chief Executive Officer of China Ceramics. “With this latest contract, we have now made inroads into important constituents of the fintech ecosystem including financial institutions, asset management firms, law firms and fintech consultancies. We intend to continue to make additional inroads as our new software team develops additional fintech products.”
Read More: Biz2Credit Partners with Sage to Expand Clients’ Access to Small Business Loans and Financing
