Chongqing, China, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Recently, SimpleCredit Micro-Lending Company Limited (hereinafter referred to as SimpleCredit) has entered a cooperative relation with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). IFC will provide SimpleCredit fund of 150 million yuan in support of its previous digitized financial consulting project financing agricultural or agriculture-related small and micro businesses.

IFC's decision is based on SimpleCredit's technology-driven strategy and extensive engagement in inclusive financing, and its achievement generated from continuous innovation in inclusive financing. SimpleCredit focused on agricultural financing services at the beginning of its establishment, and assembled a team focusing on agricultural finance business. In order to facilitate the modernization of agricultural sector, the company worked with some of the leading figures in the field, such as Chia Tai Group and Alpha Feed, so as to develop a new model to benefit the farmers by using technology and financing. 
The new model has been deployed on the SimpleCredit Agricultural Loan, an App developed independently by SimpleCredit. Farmers can apply for loans online independently without providing guaranty. The whole process, from application to receiving funds, can be as short as 10 minutes. Using the industrial chain data accumulated by leading companies, SimpleCredit is utilizing multiple cutting-edge technologies to collect, analyze, mine and cross-certify data; based on authentic logistics flow, information flow and capital flow information of upstream and downstream customers of the industrial chain, whitelisted customer acquisition is achieved, on the basis of which tailored online financial services based on real transactions for its upstream and downstream companies while effectively mitigating fraud risks in the agricultural sector.

Mr. Xie Libin, Chairman of Guosheng Financial Holding and Chongqing SimpleCredit said: "I am very pleased that SimpleCredit's exploration of digital finance in rural areas is supported by IFC. With their professional and financial power, we are confident that China's market for rural finance will grow even bigger. I also believe that the model with digitized rural finance service can help the development other developing economies. "

The International Finance Corporation (IFC) is a sister organization of the World Bank and a member of the WBG. As the world's largest international development agency focusing on private sectors in emerging markets, IFC operates in more than 100 countries around the world, utilizing its capital, expertise and influence to create markets and opportunities in developing countries. In the fiscal year of 2019, its investment in private companies and financial institutions in developing countries exceeded US$19 billion, which has effectively mobilized the power of private sectors to participate in poverty eradication and promote common prosperity.

Henry Lam Ph.D., CEO of SimpleCredit, said: "As a peer in agricultural finance, SimpleCredit is highly recognized by IFC for its technological and innovative strength. We’ll collaborate in multiple aspects including financial resource, technology R&D, global experience and innovative thinking, promoting the development of inclusive finance.”

According to the data of the People's Bank of China in the first quarter of 2020, among the 160.21 trillion yuan of RMB loans of financial institutions, the balance of rural household loans was only 10.7 trillion yuan, accounting for 6.68%. The development of information technology and the popularization of mobile Internet have lowered the threshold further for obtaining financial services, and significantly enhanced people's sense of access to financial services. Reaching the “last mile” of financial services through technological means is a major drive for the boom of inclusive financing, flashing as a beacon for SimpleCredit.

Mr. Meng Weihuan, chief financial officer of Guosheng Financial Holding and director of SimpleCredit, told reporters: "the cooperation with IFC is far more important for SimpleCredit than just a financial operation. It means that in terms of environmental protection, social responsibility, inclusive financing and other aspects of values, we have completed docking with developmental financial institutions, showing us higher standards that we can look up to. This is of great significance to further spur and encourage SimpleCredit to truly grow into an international company.”


Media Details – 
Company: SimpleCredit Micro-Lending Company Limited
CEO: Henry Lam
Contact: jacqueline@xyd.cn
Website: https://www.xyd.cn/ 
Phone Number: 0086 15213249077