Commercial lender China Everbright Bank has stepped up its usage of existing online fintech channels to extend loans in the wake of the COVID-19 pandemic.
Everbright announced on 19 August that its “Suixin Dai” (随心贷) financial product had provided over one trillion yuan (USD$144.46 billion) in loans via online channels, to nearly 27 million customers.
In the Hubei province, where the first outbreak of COVID-19 in China first occurred, Everbright has used the product to provide over 16 billion yuan in loans to more than 1.6 million customers.
According to Everbright the product had helped to “effectively driven an expansion and quality increase in consumption, assisted the country’s current pandemic control and economic stabilisation measures, and guaranteed quality of life.”
Everbright first launched Suixin Dai at the start of 2016, as an online loan product that makes use of big data and artificial intelligence to enhance risk control.
The product was made available at retail consumer sites to provide customers with “convenient, quick and smart contact-free online financial services.”