Baidu-backed digital lender CITIC aiBank (百信银行) and Suning Finance have just launched a cooperative supply chain financing project in the Jiangsu province capital of Nanjing.
On 14 August CITIC aiBank, the Nanjing branch of China CITIC Bank and Sunning Finance successfully launched the “Suning Ecosystem Supply Chain Project” (苏宁生态供应链项目), as well as oversaw the completion of its first financial transaction.
According to its developers the project will be of assistance to “raising the efficiency and competitiveness of product supply in the Suning ecosystem, and injecting vitality and vigour into the resumption of work and production by micro and small-enterprises (MSE) in the Suning ecosystem.”
The supply chain finance project is based upon Suning’s “full process online operations cooperative model,” and claims to provide “quick, safe and inclusive financial services to supply chain MSE’s, resolving the urgent difficulties of MSE’s in the supply chain system.”
CITIC aiBank said that as a financially inclusive digital bank, it had used its core “artificial intelligence + big data” model and big data risk control capability to improve financial inclusion for MSE’s.
CITIC aiBank, China CITIC Bank and Suning Finance committed to further in-depth cooperation in the areas of financial inclusion, payments and settlement and wealth management.