Hanwha Group, one of the largest business conglomerates in South Korea, signed a deal with Chinese fintech company Dianrong with an aim of boosting its fintech business.
Hanwha said Hanwha S&C's chief Kim Yong-wook and Dianrong's head inked the contract at 63 Building in Seoul on Wednesday for setting up a joint venture.
The two companies are set to complete the establishment of the joint venture early next year and to unveil P2P loan market place service.
Dianrong, founded in 2012 in Shanghai by Lending Club's ex-employee, is currently leading the fintech technologies in the Chinese market.
It has grown into one of the largest P2P lending companies with more than 17,000 employees and 26 branch offices in China.