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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS |
13. | RELATED PARTY TRANSACTIONS
The table below sets forth the major related parties and their relationships with the Company, with which the Company entered into transactions during the years ended December 31, 2017, 2018 and December 31, 2019:
Name of related parties |  | Relationship with the Company
Shanghai Jiayin Finance Services Co., Ltd. (“Shanghai Jiayin”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Jiayin (Shanghai) Finance Information Service Co., Ltd. (“Jiayin (Shanghai)”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Shanghai Jiayin Zhuoyue Wealth Management Co., Ltd. (“Jiayin Zhuoyue”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Jiayin Credit Investigation Service Co., Ltd. (“Jiayin Credit”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Geerong Yun (Shanghai) Enterprise Development Co., Ltd. (“Geerong Yun”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Shanghai Shilupan Technology Co., Ltd. (“Shilupan”) |  | Entity influenced by Mr. Yan the Founder and Chairman of the Company
Kailiantong Payment Service Co., Ltd. (“Kailiantong”) |  | Entity influenced by Mr. Yan the Founder and Chairman of the Company
China SmartpayGroup Holdings Ltd. (“China Smartpay”) |  | Entity influenced by Mr. Yan the Founder and Chairman of the Company
GAYANG (Hongkong) Co., Ltd. (“GAYANG”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Shanghai Jiajie Assets Management Co., Ltd. (“Shanghai Jiajie”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
Jiayin Financial Leasing (Shanghai) Co., Ltd. (“Jiayin Financial Leasing”) |  | Entity controlled by Mr. Yan, the Founder and Chairman of the Company
SG Fintech Joint Stock Company (“SG Fintech”) |  | Subsidiary of Company’s equity investee
The Company entered into the following transactions with its related parties:
|  | Year ended December 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | RMB |
Services provided by related parties: |  |  |  |  |  |  |  |  |  |  |  |
Jiayin Zhuoyue (1) |  |  | 106,256 |  |  |  | 77,984 |  |  |  | 81,206 |
Shanghai Jiayin (2) |  |  | — |  |  |  | 13,806 |  |  |  | 8,280 |
Shilupan (3) |  |  | — |  |  |  | 17,202 |  |  |  | 7,863 |
Jiayin (Shanghai) (1) |  |  | 146,446 |  |  |  | 2,459 |  |  |  | 6,548 |
Kailiantong (4) |  |  | — |  |  |  | 8,065 |  |  |  | 2,255 |
Jiayin Credit (5) |  |  | 2,420 |  |  |  | 10,513 |  |  |  | 196 |
Geerong Yun (6) |  |  | — |  |  |  | 3,136 |  |  |  | — |
Total |  |  | 255,122 |  |  |  | 133,165 |  |  |  | 106,348 |
Services provided to related parties |  |  |  |  |  |  |  |  |  |  |  |
Kailiantong (4) |  |  | — |  |  |  | — |  |  |  | 1,761 |
Total |  |  | — |  |  |  | — |  |  |  | 1,761 |
|  | Year ended December 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | RMB |
Loans to related parties: |  |  |  |  |  |  |  |  |  |  |  |
China Smartpay(7) |  |  | — |  |  |  | — |  |  |  | 119,924 |
GAYANG (8) |  |  | — |  |  |  | — |  |  |  | 1,716 |
Shanghai Jiayin (8) |  |  | — |  |  |  | — |  |  |  | 909 |
Shanghai Jiajie (8) |  |  | — |  |  |  | 7,700 |  |  |  | 800 |
SG Fintech (9) |  |  | — |  |  |  | — |  |  |  | 598 |
Geerong Yun (10) |  |  | — |  |  |  | 3,850 |  |  |  | — |
Total |  |  | — |  |  |  | 11,550 |  |  |  | 123,947 |
Loans from related parties |  |  |  |  |  |  |  |  |  |  |  |
Jiayin Financial Leasing(11) |  |  | — |  |  |  | — |  |  |  | 150 |
Jiayin Credit (11) |  |  | 13,876 |  |  |  | 70,765 |  |  |  | 80 |
Total |  |  | 13,876 |  |  |  | 70,765 |  |  |  | 230 |
(1) | Jiayin Zhuoyue and Jiayin (Shanghai) referred investors and borrowers to the Company and charged referral service fees.
(2) | Shanghai Jiayin rent office to the Company and charged lease payment and other related service fee, which is calculated dependent on its usage of underlying office.
(3) | Shilupan provided credit analysis service for the Company and charged corresponding service fees.
(4) | Kailiantong provided cash payment service to the Company charged transaction processing fees. The Company provided referral service to Kailiantong and charged loan facilitation fees, which resulted in the 2019 balance of amount due from related parties.
(5) | Jiayin Credit provided credit service to the Company and charged credit service fees.
(6) | Geerong Yun was acquired by the Company in 2019. The service provided in 2018 was referral service. See Note 1.
(7) | The amount represents loans to related party in 2019. The Company entered into a loan contract with China Smartpay of RMB 119,924 (US$ 17, 225) with fixed annual interest rate of 8%. The loan balance includes principal of RMB 119, 924 and interest of RMB 4,938 was recorded for year 2019. The total amount of RMB124,862 had not been repaid by the year end of 2019.
(8) | The amount represents loans to related parties in 2019 for the daily operation, which are non-interest bearing, unsecured, and due on demand.
(9) | The amount represents loans to related parties in 2019, which results in the balance of amount due from related parties shown as below. The Company entered into a loan contract with SG Fintech of RMB 598 (US$ 86) with fixed interest rate 0.5%. The loan balance includes principal RMB 598 and interest receivable RMB 1.
(10) | The amount represents loans to related parties in 2018, which was subsequently collected in the same year.
(11) | The amounts represent loans from related parties in the years of 2017, 2018 and 2019 for the daily operation.
The following table present amounts due from and due to related parties as of December 31, 2018 and 2019:
|  | As of December 31, |
|  | 2018 |  |  | 2019 |
|  | RMB |  |  | RMB |
Amounts due from related parties |  |  |  |  |  |  |  |
China Smartpay |  |  | — |  |  |  | 124,862 |
GAYANG |  |  | — |  |  |  | 1,716 |
Shanghai Jiayin |  |  | — |  |  |  | 1,564 |
Kailiantong |  |  | — |  |  |  | 1,050 |
Shanghai Jiajie |  |  | — |  |  |  | 800 |
SG Fintech |  |  | — |  |  |  | 599 |
Jiayin Credit |  |  | — |  |  |  | 131 |
Total |  |  | — |  |  |  | 130,722 |
Amounts due to related parties |  |  |  |  |  |  |  |
Jiayin Zhuoyue |  |  | 8,199 |  |  |  | 722 |
Jiayin Financial Leasing |  |  | — |  |  |  | 150 |
Jiayin Credit |  |  | 70,399 |  |  |  | — |
Kailiantong |  |  | 3,835 |  |  |  | — |
Shilupan |  |  | 2,076 |  |  |  | — |
Total |  |  | 84,509 |  |  |  | 872 |
Amounts due from related parties primarily consist of loans to related parties. Amounts due to related parties primarily consist of the amount of service fees payable to related parties. Balance as of December 31, 2018 for amount due to Jiayin Credit represents the loan received by the Company for daily operation.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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