"Lexin is trying to provide financial services to customers by predicting their futures, which in this case is assessing the repayment prospects of customers who don't have a credit history," Zeng said.

"The basis of fintech is that we can help you prepare for the future. As such, it's more important that we know your future than your past."

Zeng noted that Hawkeye manages 98 percent of loan applications, and as such data evolves over time, the company can even create in real-time a lender's latest credit profile and engage in predictive analytics to understand how this profile may change over time.

With artificial intelligence and big data at play, Lexin is able to streamline the traditional process of loan applications, making it possible for its customers to complete a credit application within just a few minutes without having to submit a bundle of paperwork or wade through red tape.

This has largely improved the operating efficiency of the company. Lexin saw the percentage of its operating expenditure as a percentage of its debt balance steadily drop from 17.3 percent in 2015 to 8.9 percent in 2016 and 5.8 percent in 2017. In the first half of 2018, that number narrowed again to 4.7 percent, hence further boosting the firm's profitability.

Looking ahead, Zeng said the company will continue to diversifying its services to meet the growing needs of customers. It is also eyeing potential investment opportunities in Southeast Asia and the US.

"China is absolutely a world leader of fintech that the rest of the world can learn from," said Professor Cohen, who teaches Business Administration at Harvard University. "The country will continue to be an innovation hub (of different technologies) and I think fintech is just the beginning."