FOTIC Cooperates with Ziroom in Issuing House Rent Amortization ABS

On August 15, 2017, China Foreign Economy and Trade Trust Co., Ltd. (FOTIC), in cooperation with the long-term rental apartment brand Ziroom, successfully issued the first house rent amortization ABS product in the house renting market – “CITIC-Ziroom House Rent Amortization Trust Beneficiary Right Asset Backing Plan I”, with a total issue amount of RMB 500 million and a rating of AAA. The product will be effective for two years (the first year is the circulation period and the second year is the amortization period).

In the project, FOTIC will provide online loan examination, data service, payment scheme, voice outbound, asset monitoring and other services for Ziroom’s house rent amortization, to ensure that loan information is authentic and reliable, credit risk is known and controllable, and receipts and payments are convenient and efficient.

FOTIC established the first consumer finance trust in 2008, while its Micro Finance Business Division was established in late 2013. As a micro finance business pioneer and leader in the industry, its micro finance trust balance had exceeded RMB 45 billion by August 18, 2017, ranking first in the industry in terms of business scale and innovation. With the strategy of “platform + data” and the aim of carrying out scientific operations, it is committed to building an intelligent comprehensive micro finance service platform and becoming a leading micro finance service provider through business innovation and professional lifecycle management.