China to launch information platform for supply chain finance

BEIJING - China will launch a platform for supply chain finance to facilitate information disclosure of medium-sized, small and micro enterprises, data from an industry association showed.

The platform will collect, organize and process information of these firms comprehensively from related supply chains and industry chains to depict such firms at different levels in a complete business network, the National Internet Finance Association of China (NIFA) said.

Operational and financial data of such firms will become accessible to decrease their difficulties of borrowing from financial institutions due to lack of information.

The platform will provide such firms with low-cost and sustainable financial services while enabling financial institutions to identify clients accurately to control risks of lending, said Yang Bin with NIFA.

It will also help major enterprises optimize the supply chain and improve the service quality of fintech companies, Yang said.

Some of these firms' business, tax, receipt and judicial information, as well as operational data including peer-to-peer lending, supply and marketing, storage and logistics, will be accessible in the near future.