Shenzhen, China: A financing platform for SMEs in Guangdong Province of China was officially launched. The platform is supported by OneConnect, a leading Chinese fintech company newly listed on the New York Stock Exchange. The launch platform with blockchain as a sign of underlying technology key deep integration of government digital and fintech, indicating that the difficulty in obtaining financing, including the high costs associated and the slow pace of completing the process, faced by small and medium enterprises can be solved by following the “model of Guangdong” ,
Governor of Guangdong province Xingrui Ma, chairman of Ping An Group and CEO Ma Mingzhe and OneConnect chairman and CEO Ye Wangchun attend the launch ceremony.
OneConnect “digital government” of data resources of Guangdong, and himself advanced financial technology in blockchain, artificial intelligence and big data leveraged, to build a platform that complements financing for SMEs, while resolving the problem of information asymmetry. This is done by providing a comprehensive profile of commercial loans to businesses, as well as solutions for supply chain financing, trade finance and financing of intellectual property, with the result that financial institutions can strengthen risk management capabilities and increase the efficiency of their financial services.
SME financing platform now have access to data on 213 categories of 26 government departments, to gather information and create a company profile along with a risk evaluation to more than 11 million companies. In addition, the platform has been successfully connected with 129 financial institutions in the province, including ICBC, China Construction Bank and Ping An Bank, in addition to launching 319 financial products.
Technical advantages stand out from the platform of SMEs is technology blockchain use and sharing of information, protection of privacy and the mechanism of mutual trust, which not only ensures accuracy and safety profile, but also allows a financial institution to update the company obtained in accordance with the laws and regulations, said by OneConnect CEO Mr. Ye. Blockchain can play a role in solving the financing problems for SMEs, whether they are involved in manufacturing, foreign trade or the more innovative areas of science and technology.
At the event, the governor of Guangdong province, Mr Ma, officially inaugurated the “Smart Matching” feature of SME financing platform, witnessed the receiving platform and the first online lending unsecured financing technology-based blockchain. Within 10 minutes, Huizhou Shenghua Industry Co., Ltd. received a 1.12 million yuan in financing the supply chain of ICBC, while Guangdong Sunlux IOT Technology Co., Ltd. acquired 500,000 yuan in foreign trade financing of Ping An Bank, and Corehelm Electronic Technology Co. ., Ltd receive 200,000 yuan in financing the intellectual property of China Construction Bank.