XRF China Rapid Finance Limited

This Amendment No. 1 is being filed jointly by the Reporting Persons and amends the Schedule 13G initially filed by the Reporting Persons with the Securities and Exchange Commission (the “SEC”) on January 19, 2021 (the “Schedule 13G”).

Except as set forth below, all Items of the Schedule 13G remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13G.

Item 1.

(b) Address of Issuer’s Principal Executive Offices

Building 6, East Seaview Park, 298 Haijing Road, Yinzhu Street

West Coast New District, Qingdao City, Shandong Province 266400

People’s Republic of China

Item 4. Ownership.

(a) and (b):

(i) As of the close of business on December 31, 2021, each of Mr. Kopin and Intracoastal may have been deemed to have beneficial ownership of 117,575,000 Ordinary Shares, which consisted of (i) 22,500,000 Ordinary Shares issuable upon exercise of a warrant held by Intracoastal (“Intracoastal Warrant 1”), (ii) 30,000,000 Ordinary Shares issuable upon exercise of a second warrant held by Intracoastal (“Intracoastal Warrant 2”), (iii) 59,200,000 Ordinary Shares issuable upon exercise of a third warrant held by Intracoastal (“Intracoastal Warrant 3”), (iv) 5,875,000 Ordinary Shares issuable upon exercise of a fourth warrant held by Intracoastal (“Intracoastal Warrant 4”), and all such Ordinary Shares in the aggregate represent beneficial ownership of approximately 4.8% of the Ordinary Shares, based on (1) 2,340,462,712 Ordinary Shares outstanding as reported by the Issuer, plus (2) 22,500,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 1, (3) 30,000,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 2, (4) 59,200,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 3 and (5) 5,875,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 4.

(ii) As of the close of business on December 31, 2021, Mr. Asher may have been deemed to have beneficial ownership of 119,829,503 Ordinary Shares, which consisted of (i) 2,254,503 Ordinary Shares held by Mr. Asher, (ii) 22,500,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 1, (iii) 30,000,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 2, (iv) 59,200,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 3 and (v) 5,875,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 4, and all such Ordinary Shares in the aggregate represent beneficial ownership of approximately 4.9% of the Ordinary Shares, based on (1) 2,340,462,712 Ordinary Shares outstanding as reported by the Issuer, plus (2) 22,500,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 1, (3) 30,000,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 2, (4) 59,200,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 3 and (5) 5,875,000 Ordinary Shares issuable upon exercise of Intracoastal Warrant 4.

(c) (i) Number of shares as to which Mr. Kopin and Intracoastal has:

(i) Sole power to vote or to direct the vote: 0.

(ii) Shared power to vote or to direct the vote: 117,575,000.

(iii) Sole power to dispose or to direct the disposition of 0.

(iv) Shared power to dispose or to direct the disposition of 117,575,000.

(ii) Number of shares as to which Mr. Asher has:

(i) Sole power to vote or to direct the vote: 2,254,503.

(ii) Shared power to vote or to direct the vote: 117,575,000.

(iii) Sole power to dispose or to direct the disposition of 2,254,503.

(iv) Shared power to dispose or to direct the disposition of 117,575,000.

Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following þ.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 11, 2022