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ICBC Releases New Online Financing Products
 

On September 27, ICBC held a release conference for new online financing products- the bid data finance series and the industrial chain finance series. President Gu Shu attended the event.

Gu Shu said at the press conference that as an innovation-driven state-owned large bank, ICBC has embraced financial technology and used data technology to dig multi-dimensional corporate information, depict their credit portrait, and precisely identify customers’ financing needs. By granting credit and pushing credit limit online, ICBC provided customers with full online financing services. In addition, it has launched several online loan products in a number of forms including mortgage, pledge, and credit. As of the date of publication, the balance of big data financing has exceeded RMB 166 billion.

Gu Shu said that ICBC’s big data financing products have three features-valuable data, monetized credit and high financing efficiency. Customers leaving footprints in settlement, trading, tax, assets and charge payment may accumulate credit in ICBC and increase the availability of finance. Once the credit of an individual or company reaches the threshold, ICBC would proactively grant the credit and the customers can apply for financing online. The system would complete approval automatically and the funds would be available on real-time basis. In July 2017, ICBC’s first pure online, credit-based enterprise financing product Small Online Loan was officially launched, using big data, cloud computing and other cutting-edge technologies to provide small and micro enterprises with small credit loans, with a credit of RMB 11.5 billion granted to over 20,000 enterprises.

At the conference, ICBC also announced the key enterprise supply chain finance alliance with six leading companies. In future, with the credit enhanced for the core enterprises in the supply chain, upstream and downstream customers would be provided with online credit-based financing services that have a lower threshold and more favorable interest rates, improving the value of the industry chain. ICBC’s industrial chain financing services are scenario-driven with intelligent risk control throughout the chain. By introducing specific industrial trade scenarios, accurate information in the industrial chain can be obtained including trading, funds and logistics, providing automatic recommendation of optimal financing product and credit limit for production and trading. Also by directly connecting with the systems of the key enterprises, the trade background can be verified online, preventing offline financing operational risk and moral risks. In addition, based on core enterprises, financing services can be extended to the ends of the industrial chain, linking financing needs of suppliers, distributors and end customers. Therefore, the industrial finance and consumer finance are integrated to create a closed B2b2c financial ecosystem. Currently ICBC’s industrial chain financing services have covered high-end equipment manufacturing, modern agriculture, clean energy, information and communications and other key industries. As at the end of this August, ICBC has built 3,200 chains, granting over RMB 800 billion to 11,000 upstream and downstream customers.


(2017-10-18)
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