Both parties will use their collective expertise and resources in fintech, asset allocation and digital wealth management to develop customized investment products and solutions
Yiren Digital and Principal Financial Group enter into strategic cooperation to expand into retirement market. (Credit: Shutterbug75 from Pixabay)
Yiren Digital (NYSE: YRD) (“Yiren Digital” or the “Company”) announced today that its wealth management platform Yiren Wealth has entered into a strategic cooperation agreement with Principal Global Investors (Hong Kong) Limited., a subsidiary of Principal Financial Group (NASDAQ: PFG) (The Principal), a global investment management leader offering asset management, retirement services and insurance solutions to institutional clients, businesses and individuals. The partnership will open up a comprehensive strategic business deployment in China’s retirement financial service market, helping China’s mass affluent population better prepare for retirement.
To meet the growing demand for retirement planning in China, both parties will use their collective expertise and resources in fintech, asset allocation and digital wealth management to develop customized investment products and solutions as well as promote the development of China’s retirement financial service industry. The partnership will also be committed to cultivating talent and Principal will utilize its expertise and experience in helping Yiren Wealth develop a highly professional retirement planning team.
Mr. Ning Tang, CEO of the Company and Executive Chairman of the Board, commented: “As a leading digital wealth management platform in China, Yiren Wealth provides one-stop wealth management solutions to the mass affluent, helping them to achieve their key life goals. Retirement planning is becoming increasingly important for Chinese population amidst China’s rising pension system challenge. Principal is a global leading financial services firm with world-class expertise in customizing retirement solutions for clients with all income and portfolio sizes. Through this partnership, Yiren Wealth and Principal will be better positioned to fill this market gap. We look forward to working together to help Chinese investors better prepare for retirement.”
Source: Company Press Release