360 DigiTech

About 360 DigiTech

360 DigiTech, which now operates under the name Qifu Technology, functions as a credit-technology platform in China, connecting financial institutions with consumers and small to medium-sized enterprises (SMEs). The company was established in July 2016, originally incubated by the internet security firm 360 Group, and began independent operations in September 2018. A significant milestone was its initial public offering on the NASDAQ stock exchange in December 2018, followed by a secondary listing on the Hong Kong Stock Exchange in November 2022. To better reflect its core focus on technology-driven financial services, the company rebranded from 360 Finance to 360 DigiTech in August 2020, and subsequently to Qifu Technology in early 2023.

The firm's business model is centered on providing a suite of technology services that cover the entire loan lifecycle. This includes borrower acquisition, preliminary credit assessment, fund matching, and post-facilitation services. Revenue is generated primarily through service fees charged to its financial institution partners for technology solutions. A key strategic shift for the company has been the transition to a "capital-light" model, first introduced in 2018. Under this approach, 360 DigiTech facilitates loans that are funded directly by its partners, thereby minimizing its own credit risk and focusing on providing technology services rather than acting as a direct lender. This model is contrasted with its "credit-driven" or capital-heavy services, where the company does assume some credit risk.

The company's primary interface is the "360 Jietiao" mobile application, which connects a large user base with its 143 financial institution partners as of late 2022. The platform leverages artificial intelligence, big data, and cloud computing for its core functions. A key product is its proprietary risk management system, known as the Argus engine, which handles anti-fraud, credit assessment, and risk-alerting functions. For its institutional clients, the company offers standardized risk management services as Software-as-a-Service (SaaS) modules. In late 2020, the company expanded its services to address the credit needs of SMEs with the launch of "360 SME Loans".