Industrial and Commercial Bank of China (ICBC) has started online financing service by opening its ‘ICBC Online Financing Service Center’ in Hangzhou, Zhejiang. The center can be viewed as an online financing platform for small-and-medium enterprises (SME) in Zhejiang and in the whole country as well.
This new ICBC online financing service uses electronic means. Companies who wish to get a loan from ICBC can complete all the steps from application, approval and drawdown to repayment online without reaching the bank. The ‘Easy Finance Link Joint-Guarantee Loan’ is a case of online finance where financing is offered to small-and-medium enterprises under joint-guarantee. This is likely to solve the mortgage issue that SME face and enables them to apply revolving loan via internet banking. Through this service, loans can be easily applied and repaid as required, convenient, and drastically lower the financial cost of the company.
The service is targeted to offer a suite of products and services to companies who involve in online business, covering a range of online-based financing services from joint-guarantee loan, credit loan, guarantee loan, mortgage/pledge loan and trade finance. Meanwhile, ICBC offers a full range of integrated financial services to all company clients including loan, trade finance, electronic banking, settlement and cash management under a newly formulated company rating system and credit management scheme and newly designed service flows.
Some of the tools that include in ICBC Online Financing Product are ‘online loan link corporate revolving loan’, a one-time revolving loan contract signed between ICBC and small corporate client. ‘easy finance link – e-commerce online financing product series, a platform set up by ICBC to accept loan applications from online merchants.
ICBC said that the launch of ICBC online financing services in Zhejiang will boost the network economy of Zhejiang or even the whole country, make easier for small-and-medium enterprises to obtain bank loans and promote Zhejiang as the nationwide large logistics transshipment base.
