PBOC’s Credit Reference Centre Enters Cooperative Agreement for Accounts Receivable Financing Platform

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The Chinese central bank’s credit agency has announced that it will work with three of China’s leading banks on the operation of its accounts receivable financing platform.

On 5 June 2020 the Credit Reference Centre of the People’s Bank of China (中国人民银行征信中心) entered a strategic cooperative agreement with the Industrial and Commercial Bank of China (ICBC), the Bank of Communications and China Everbright Bank for the operation of the accounts receivable financial services platform (应收账款融资服务平台).

According to a PBOC press release the strategic cooperation will “have major significance for better use of the accounts receivable financial services platform, raise the financing efficiency for micro, small and medium-sized enterprises, resolve the problem of financing being difficult and expensive, and expedite enterprise stability and protect employment.”

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