ICBC has recently launched online micro-credit -- an inclusive financial product using big data through which even small businesses with incomplete credibility records and light assets can be granted credit by ICBC by virtue of various data generated on their own to get credit at a lower cost. The number of the first small and micro enterprises granting by ICBC is nearly 10,000 with a credit line of around RMB 6 billion, which has the potential of benefiting tens of thousands of small and micro enterprises in the future.

General Manager of ICBC Network Financing Center Mr. Li Xinbin said as an inclusive financial product, ICBC online microcredit integrates the strength of ICBC on financial expertise and financial technology, further decreasing service tiers, improving financing efficiency and reducing financing cost of small and micro enterprises. Firstly, the credit is built with data. ICBC established a customer credit scoring model through fitting in multiple dimensions such as settlement, transaction, taxation, hydropower and asset by mining massive data of small and micro enterprises scattered in systems like banking, administration, public service, e-commerce platform and so on. Small and micro enterprises can obtain credit up to RMB 2 million without security and mortgage. Secondly, proactive credit granting is combined with automatic approval. For qualified businesses, ICBC proactively sends information on credit line through Corporate Internet Banking, ICBC Mall, ICBC Link and other channels. Customers may complete online application, which is automatically approved by the system model. The fund will be transferred into customers’ accounts on real-time basis. Thirdly, the credit line can be used flexibly featuring borrowing and repaying at any time within the credit line, which can save the loan occupation time of small business customers and reduce financing costs.