China-based lending platform CreditEase is expanding its financial services offering.
Reports on Wednesday (Aug. 31) said the company has rolled out a new FinTech platform, YiQiFin, to provide supply chain financing and other services to small businesses in the nation. Introduced at the China SME Investment & Financing Expo last month, YiQiFin follows CreditEase's collaboration with the China Association of Small and Medium Enterprises.
In its announcement, CreditEase described the market for SME financial services as a "blue ocean," with ample opportunity to provide underserved SMEs in China with financial tools.
The platform will provide a single portal for SMEs to access financial tools and support for their supply chains. Supply chain finance will be provided based on credit analysis and working capital gap calculations, the firm explained.
The platform will also provide a wealth management tool customized to small business users. It will also offer its Cash Compass solution, enabling users to manage their finances across multiple bank accounts for cash flow and budgeting.
China has taken steps to improve small business financial health in recent months. Late last year, the government introduced additional tax breaks for small businesses in the nation, as China's Finance Ministry announced the goal of a 7 percent economic growth rate. That goal would need to include supporting SMEs, officials said at the time.
Government officials have also advised banks to increase lending volumes to small businesses as part of economic growth efforts.