360 Finance Receives App Security and Information Security Certifications from China’s CVERC

SHANGHAI, China, June 02, 2020 (GLOBE NEWSWIRE) -- 360 Finance, Inc. (NASDAQ: QFIN) (“360 Finance” or the “Company”), a leading digital consumer finance platform, today announced that its fintech services application, 360 Jietiao, has received both the App Security Certification and the App Information Security Certification from China’s National Computer Virus Emergency Response Center (“CVERC”). Specifically, 360 Jietiao received a level 3 rating for both app privacy and data security, the highest level granted by the agency. CVERC is the official agency for anti-virus internet security and designated testing body for the “Special Crackdown on the Illegal Collection and Misuse of Personal Information by Apps” initiative by China’s Ministry of Public Security.

360 Finance has placed the upmost importance on protecting user information and data since its establishment and is widely recognized for its cyber security capabilities which are part of its core DNA. 360 Jietiao incorporates a comprehensive security system for user privacy protection leveraging artificial intelligence to eliminate non-essential human intervention and enable staff authorized access and external supplier management. In addition, 360 Finance set up a Privacy Protection and Secure Computing Institute in 2019. The Institute conducts research on data privacy protection using cutting-edge technologies including federated learning, a machine learning technique that trains an algorithm across multiple decentralized edge devices or servers without exchanging local data samples.

In recent years, personal data security has been increasingly scrutinized by national regulatory bodies in China. Since 2019, Chinese authorities have cracked down on illegal collection and misuse of personal information by internet-related companies. As a result, hundreds of app operators have been fined, issued rectification orders, or warned for their lack of privacy protections and failure to explicitly outline the scope of personal information use or excessive data collection in their apps, among other practices. Given the ongoing regulatory environment, the certifications granted to 360 Finance recognize the Company’s core competency in data privacy and security technology and further consolidate the Company’s competitive advantage in terms of regulatory compliance.