Wuhan, capital of central Hubei province, on Dec 27 officially launched a financing services platform – called Hanrongtong – aimed at streamlining funding and information flows between companies and financial institutions and developing a financing services chain, according to the Changjiang Daily.
Financial institutions that joined in the first phase on the platform comprised 22 commercial banks in the city.
During trial operations, 116 financial products were introduced, while some 227 bank sub-branches accepted online financing applications from businesses, with a total of 256 million yuan ($36.67 million) of funds provided.
Officials said the platform will provide businesses with a full range of services.
In addition to displaying financing support policies, it also intelligently matches financial products based on corporate financing conditions and effectively expands corporate financing channels.
In addition, online monitoring of the financing process and results from financial institutions and companies is conducted in real time to ensure that the financing needs of enterprises are responded to in a timely manner and the financial business environment is actively improved.
Officials said the platform collects a company’s data according to the legal authorization of the enterprise, and recommends creditworthy enterprises to financial institutions through preliminary evaluations to improve the efficiency of the corporate financing.
Next, the platform will also provide government guaranteed support for corporate financing based on the company’s credit status and financing capabilities.
Officials said it will continue to launch new funding products such as small loans, finance guarantees, financial leasing, guaranteed insurance, and equity investment.
