The "Cross-border E Loan" Product From Industrial Bank was Launched

To help small and medium-sized enterprises stabilize their foreign trade, Industrial Bank's "Cross-border E Loan" product was launched.

On July 1, the "Cross-border E Loan" product of Industrial Bank was officially launched, and on the first day of launch, it provided a credit of 1.18 million yuan to foreign trade micro and small enterprise in Fujian Province, helping the enterprise to quickly solve its financing problems.

Difficult financing and expensive financing have always been the problems plaguing the development of small and micro enterprises, and this problem has become more prominent under the impact of the epidemic. Relying on the online digital risk control model of Industrial Bank and taking the "single window" of Customs and the "cross-border financial service platform" of the State Administration of Foreign Exchange as the scenario, Industrial Bank has given full play to its advantages in financial technology to further implement the decision and deployment of the State Council of the Party Central Committee to stabilize foreign trade. With the "Single Window" of Customs and the "Cross-border Financial Services Platform" of the State Administration of Foreign Exchange as the entry point, we innovatively launched the "Cross-border E Loan" online export financing product.

According to the introduction, Societe Generale's "Cross-border E Loan" is based on the data analysis model, breaking the information barriers between government, bank, and enterprise, and the system automatically approves the credit limit for enterprises, providing trade financing and exchange rate hedging services to small and micro enterprises through the whole process of online credit approval. For enterprises, through the online service mode of "online application, risk determination and self-service withdrawal" created by Industrial Bank, enterprises only need to submit export customs declarations, invoices, contracts, and other trade background materials online, and they can withdraw funds online on the same day after examination by Industrial Bank, realizing the funds in real-time.