China Rapid Finance Limited announced the signing of a cooperation agreement with Hongkong Outjoy Education Technology Co. Ltd. (OET) to form a new operating subsidiary of the Company (the Project Company), which will operate an institutionally-funded Lend Aid platform intended to become the Company's core business going forward. The key terms of the Cooperation Agreement include: Mr. Russell Krauss will resign from his positions as co-CEO and Vice Chairman, but will remain on the Board of Directors of the Company, Dr. Po Wang, co-CEO of OET will be appointed as co-CEO of the Company. Following the earlier of the completion of OETs full RMB 100 million investment into the Company or the achievement of the initial $3.7 million EBITA target for the Project Company, the Company's current co-CEO and Chairman, Dr. Zane Wang will resign as co-CEO and Dr. Po Wang will become sole CEO of the Company.

Dr. Zane Wang will continue to serve as the Chairman of the Company, and will supervise the repayments and recoveries for the existing lenders on the Company's marketplace lending platform, as well as the value sharing mechanism through an SPV and/or LPs.