According to XYD.CN, an online loan company based in Chongqing, it has become the latest member of the Global SME Finance Forum, which will establish and strengthen partnerships with 170 financial institutions around the world to explore new paths for solving financing issues of global small and medium-sized enterprises (SMEs) together.
XYD.CN is the first enterprise, based in Chongqing to join the Global SME Finance Forum.
The Global SME Finance Forum, established by the G20 in 2012, aims to address issues related to SMEs such as difficulty in the financing, expand financing channels of SMEs and promote innovation and SMEs' development.
It is owing to its outstanding performance and constant innovation in the fintech sector, XYD.CN is the first enterprise, based in Chongqing to join the Global SME Finance Forum. In China, there are another eight other members of the forum, including CreditEase, Mybank, and Yillion Bank.
XYD.CN is specialized in supply chain finance, agricultural finance, and consumer finance as well as comprehensive personal credit and inter-enterprise strategic cooperation, a person-in-charge of the company said. Since its establishment in 2016, this company has been committed to providing SMEs with financing services and finding new ways to solve issues of SMEs, such as difficult, expensive, and slow financing. As of now, XYD.CN has offered financing services to nearly 5,000 SMEs.
As a domestic pioneer applying blockchain technology, it also applies the blockchain technology to the supply chain finance, creating its financial platform, which combines blockchain with the supply chain. It is also the first financial blockchain platform that has got filed at the national level. This platform is able to convert receivables into digital assets, reduce the financing costs of micro, small and medium-sized enterprises, and raise the capital efficiency of supply chain finance.