In recent years, Industrial and Commercial Bank of China (“ICBC”) has advanced digital inclusive finance by building online financing product systems for small and micro enterprises according to their needs in their whole life cycles, and improving the financial supply to them with new technologies and in new patterns. As of the end of May, ICBC reported its online financing balance for small and micro enterprises over RMB150 billion, an increase of nearly RMB60 billion from the beginning of the year, accounting for 70% of the Bank’s incremental inclusive loans.

According to an official of the Bank, ICBC focused on building online financing product systems for small and micro enterprises such as “Quick Loan for Operation, Online Revolving Loan, and Online Supply Chain Financing”, and improved financial services for them both online and offline through internal and external data cross-validation and full-process risk management, so as to help them reduce financing costs, effectively control risks, and achieve sustainable development.

Taking the innovative product of “e-Mortgage Quick Loan” as an example, ICBC transforms the traditional real estate mortgage loan online, which not only greatly enhances the service efficiency for small and micro enterprises, but also expands customer scope and reduces their financing costs. The legal person, legal representative and individual shareholders of small and micro enterprises can borrow and return by mortgaging their houses, making online evaluation and obtaining instant approval on their mobile phones, with the maximum financing amount up to RMB10 million and the longest maturity period of 10 years. As of the end of May, ICBC had launched “e-Mortgage Quick Loan” in more than 140 Chinese cities, and financed for 24,000 small and micro enterprises totaling more than RMB44 billion in half a year.

In order to reduce the financing cost for small and micro enterprises, ICBC actively integrates their needs with the resources of large enterprises, and provides those in the industry chain with credit financing services at favorable rate through collaborating with core enterprises in the industry chain. In addition, ICBC uses big data and Internet technologies to actively connect with government departments, large enterprises, e-commerce platforms, data companies, and build favorable scenarios for small and micro enterprises to get credit enhancement and financing by integrating internal and external information related to industry and commerce administration, taxation, credit reporting, and transactions. It took the lead to launch quick lending products featuring “pure credit, credit granting in seconds, and preferential price”, which better meet the short-term, frequent, fast and urgent financing demands of small and micro enterprises.