China-based fintech OneConnect has announced that it has granted the first loan on its blockchain based financing platform for SMEs.
OneConnect leveraged Guangdong region's "digital government" data resources, as well as its own financial technologies in blockchain, artificial intelligence and big data, to build a platform that furnishes financing to SMEs, while resolving the issue of information asymmetry. This was accomplished by providing comprehensive commercial credit profiles for businesses, as well as solutions for supply chain financing, trade financing and intellectual property financing, with the result that financial institutions can strengthen their risk management capabilities and improve the efficiency of their financial services.
The SME financing platform currently has access to data in 213 categories from 26 government departments, collecting information and creating a corporate profile alongside a risk evaluation for more than 11 million companies. In addition, the platform has successfully connected with 129 financial institutions in the province, including ICBC, China Construction Bank and Ping An Bank, in addition to launching 319 financial products.
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