Regional lender Bank of Chongqing has garnered one of China’s leading awards for innovation in fintech.
Bank of Chongqing’s “Fengling Smart Assessment Industry Smart Chain System” (风铃智评产业慧链系统) won the “Full Honours Award” at the 2021 China Finance Digital Technology Innovation Awards (2021中国金融数字科技创新大赛).
The Awards are jointly determined by the China Financial Certification Authority (CFCA) in cooperation with close to 100 of China’s banking sector financial institutions.
The Fengling Smart Assessment system is a key part of Bank of Chongqing’s ongoing digitisation of its sales and risk control procedures.
“Over the past four years we have collectively brought online and launched over 200 digitised innovation applications, that have obtained more than 20 major accolades and awards,” said a Bank of Chongqing spokesperson.
“Over ten projects have been included in the innovation project database of Chongqing’s state-owned assets committee, and as innovation projects for Chongqing’s fintech regulatory sandbox.”
Bank of Chongqing pointed in particular to its pursuit of loan digitisation via its “Hao Qi Dai” (好企贷) (Good Enterprise Loan) product line, that employs big data analysis, electronic seals and other technology to expedite the provision of online micro-loans, as well as reduce enterprise financing costs and bank client management costs.
The product line has extended over 18 billion yuan in credit to more than 30,000 micro and small-enterprise clients in the Chongqing region.
Bank of Chongqing said it was also seeking to digitise its sales and risk control processes, as well as improve data quality and create big data platforms, data management platforms, smart data analysis platforms and historical data inquiry platforms.