What is happening with 360 DigiTech?
Today, August 9, 360 DigiTech (QFIN) from China announced plans to restore its 360 Jietiao app to online app stores, making the app available for download again. During the extended hours of trading this morning, QFIN stock rose 6.55%, to $ 21.30 per share.
What does this mean for QFIN?
During the first part of July of this year, 360 DigiTech removed its 360 Jietiao app – one of its flagship products – from online app stores. This removal may have been linked to a reform request issued by the People’s Bank of China (PBOC) in April 2021, as well as other financial regulatory agencies, which affected 13 different internet financial platforms in China.
According to the official statement of 360 DigiTech on this subject, “In order to optimize the design of the product and provide better protection of the privacy of user data, the application has been temporarily taken offline by the administration. cyberspace in July, and new downloads of the app were suspended at the same time. ” 360 DigiTech also pointed out that the temporary suspension of its 360 Jietiao application “has not had a significant negative impact” on the company’s operations.
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360 DigiTech Inc is a digital platform driven by data and technology. Through its platform, the company enables financial institutions to deliver products and services to a broader consumer base. The company also offers a standardized risk management service in the form of SaaS modules to institutional clients.