Beijing Launches China’s First Province-level Prepayment Funds Supervisory Platform, Oversees Nearly 7.3B Yuan

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Fund overseen by China’s first province-level prepayment funds supervisory platform have approached 7.3 billion yuan in the near year-long period since its launch in Beijing.

Beijing Financial Holdings Group (BFHG) reports that its Beijing Municipal Prepayment Funds Information Management Platform (北京市预付资金信息管理平台) has integrated the regulatory data of 23 banks, and currently conducts supervision of the prepayment funds of more than 1,700 vendors.

The balance of funds under supervision is currently close to 7.3 billion yuan.

The platform commenced trial operation on 18 May 2021, before official operation kicked off on 18 June 2021.

Beijing Micro-and-Small Enterprise Finance Comprehensive Financial Services Co., Ltd. (北京小微企业金融综合服务有限公司), a BFHG subsidiary, is responsible for operation of the platform, which employs a bank deposit management model to conduct supervision of the repayment funds of consumers.

BFHG has touted the integration of standardised data protocols between the platform and the depository banks that cooperate in the provision of information.