SHANGHAI :
China's First Collateral Free Blockchain E-Loan Issues on Provincial SME Funding Platform
Liao Shumin
DATE:  Jan 03 2020
/ SOURCE:  yicai
China's First Collateral Free Blockchain E-Loan Issues on Provincial SME Funding Platform China's First Collateral Free Blockchain E-Loan Issues on Provincial SME Funding Platform

(Yicai Global) Jan. 3 -- The small and medium enterprise financing platform of South China's Guangdong province activated yesterday.

The medium issued the first online unsecured loan based on blockchain technology in the country, state broadcaster CCTV reported today.

The platform collected 213 categories of official data from 26 government departments, gathering information on more than 11 million enterprises in the province, performed company risk ratings, and became the nation's first platform to conduct commercial credit analyses and evaluation of SMEs.

Three SMEs got over CNY1.8 million in loans at the launch ceremony from three banks within 10 minutes, skipping the customary intermediary links. The platform automatically chooses financial products and matches them to SMEs, which can secure both direct and indirect financing on it.

The initiative has successfully docked 129 financial institutions in the economic powerhouse province and inaugurated 309 financial products, and 1,207 companies have thus far submitted their financing applications on it.

Editor: Ben Armour

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Keywords:   Guangdong,SMEs