China CITIC Bank is touting the effectiveness of its Internet-driven supply chain financing products in improving financial inclusion for Chinese small businesses.
As of the end of October 2021 China CITIC Bank’s supply chain finance products had provided 724.9 billion yuan in financing since the start of the year, for an increase of 31% compared to the end of 2020.
Over 20,000 enterprises made use of China CITIC supply chain financing products, of whom over half are micro-and small enterprises.
According to CITIC the outstanding financing balance was 434 billion yuan as of the end of October, for an increase of 45% compared to the end of last year, while the non-performing loan ratio stands at 0.2%.
China CITIC has launched a slew of online supply chain finance products since 2019, including Xin eChi (信e池) and Xin eLian (信e链), which it says have “formed a supply chain product system based on core enterprises, that runs the full length of the supply chain and has asset pools at its core.”