An Internet financing project cooperated by Wuxi New District (WND) and Shanghai PPDAI Financial Information Service Co, settled in Wuxi (National) Software Park (iPark) on Sept 8.

Cao Jiazhong, the vice mayor of Wuxi, and Hu Honghui, the executive president of PPDAI, took part in the inaugural ceremony. Cao expressed his hope that the program would promote the development of Wuxi's Internet financial industry.

Hu said he appreciates the support the Wuxi government has given to the initiative and that he expects the program to attract more talents and expand business scale.

Founded in 2007, the PPDAI was China's first P2P (peer-to-peer) lending platform and had 2 million registered clients with an accumulated trade volume of 1.6 billion yuan ($250 million) by the end of 2013. It acquired financing and investment from many venture capital firms, such as Sequoia Capital, Lightspeed China Partners and Noah Holdings Ltd.