In late 2013, the Credit Reference Center, the People’s Bank of China (CCRC) established the Accounts Receivable Financing Service Platform (Financing Service Platform), aiming at providing fundamental information services for accounts receivable financing, fully leveraging movable assets like accounts receivable, and addressing financing difficulties faced by micro, small, and medium-sized enterprises (MSMEs) due to insufficient traditional collateral. Meanwhile, as a policy instrument of the PBC and relevant government departments to alleviate MSME financing constraints, the Financing Service Platform publicizes the concept of digitalized accounts receivable financing and promotes accounts receivable financing.

Development Timeline:

December 2013: The Financing Platform was launched, offering services including online confirmation of accounts receivable and communication of financing supply-demand information.

September 2015: PBC and the Ministry of Industry and Information Technology piloted accounts receivable financing through the Financing Service Platform in Mianyang, Sichuan.

February 2016: The State Council affirmed the platform’s achievements, calling for effective experience summarization and continued advancement.

April 2017: Seven ministries including PBC jointly issued the Special Action Plan for Accounts Receivable Financing of Micro and Small Enterprises (2017-2019), requiring coordinated promotion of the Platform to facilitate MSME financing.

September 2017: The Financing Service Platform was incorporated into the newly revised Law on Promotion of Small and Medium-sized Enterprises. Article 20 explicitly states, the State encourages SMEs and payers to confirm creditor-debtor relationships through the Accounts Receivable Financing Service Platform.

July 2018: The Financing Service Platform launched the function of online government procurement.

October 2020: The Financing Service Platform accomplished ahead of schedule the State Council’s task on promoting accounts receivable financing for MSMEs, effectively supporting financial measures to stabilize businesses and safeguard employment.

February 2021: The Financing Service Platform was included in the World Bank’s successful cases of public sector-driven supply chain development, gaining international recognition.

2022: Under the strategic deployment of accelerating a unified national market, the Financing Service Platform continued to play an active role as a policy instrument of PBC in building long-term mechanisms for MSME credit.

Core Functions:

1.Releasing Data Value:

The Financing Service Platform aggregates core enterprises, financial institutions, and government departments on the supply chain. Through system interconnections, it enables direct transmission of supply chain and government procurement data, alleviates MSMEs’ collateral shortages, addresses financial institutions’ challenges in rights verification and risk control, and enhances MSMEs’ financing accessibility.

2.Promoting Product Innovation:

The Financing Service Platform supports financial institutions in developing online financial products based on transaction data. Its government procurement financing function strengthens technical locking mechanisms for repayment accounts, enhances credit risk prevention, and supports financial institutions in developing online automated financing products.

3.Improving Financing Efficiency:

Through online services, the Financing Service Platform enables financial institutions to conduct digital credit granting and loan approvals. It provides MSMEs with one-stop financing services including online communication of financing needs and digital application submission, significantly improving financing efficiency and convenience.

Website: https://www.crcrfsp.com/

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