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ICBC Rolls Out Innovative Bill Products for the Development of Private Enterprises and Small- and Micro-Sized Enterprises

On November 30, ICBC successfully held in Shanghai the release conference for innovative bill products to serve the real economy. During the release, ICBC introduced three innovative bill service products to the market, namely, “ICBC e-discount”, “Bill Link for Payment” and “Online Bill Pool Pledge Financing”, to support the development of private enterprises and small- and micro-sized enterprises. ICBC customer representatives from more than 30 private enterprises and small- and micro-sized enterprises attended the conference, and signed cooperation agreements on the innovative products business with the Bank.

Mr. Tan Jiong, Vice President of ICBC, said during the speech that bill, as a traditional banking product, is one of the fundamental instruments to serve the real economy. The innovative development of bill business, on the basis of sticking to serving the real economy, will help to solve the difficulties in financing and thus support the development of private enterprises and small- and micro-sized enterprises. Under the new situation in which the bill market is undergoing profound transformation, the national unified bill market building is constantly improving and the bill business is becoming increasingly electronized, the bill business, as a sound carrier to serve the real economy, will also play an increasingly essential role. As at the end of October, ICBC’s discount business reached over RMB850 billion, a year-on-year increase of 26%, topping the market in total volume. Specifically, small- and micro-sized enterprises in discount business accounted for 80%, and ICBC accumulatively served more than 20,000 small- and micro-sized enterprises.

According to the introduction, the product “ICBC e-discount”, featuring “online submission + smart verification + instant transfer”, can substantially enhance customer experience in discount business through intelligent risk control, systematic control and self-service with no manual intervention throughout the whole process. As to the product “Bill Link for Payment”, by integrating logistics, information flow and cash flow, it can provide core enterprises in the supply chain as well as upstream and downstream enterprises with online and offline integrated combination products featuring automated acceptance and discount. The product “Online Bill Pool Pledge Financing” can satisfy the demands of enterprises for bill management and speedy financing, thus achieving centralized management and limit sharing for bills within the Group and diversifying the ways of internal and external financing.