China’s first blockchain-based SME financing platform launched
OneConnect, China’s blockchain based SME lending platform, has launched its new portal in Guangdong. Under this, small to mid-sized Chinese companies will be able to get financing on a faster basis. OneConnect will use the government’s data resources “digital government” as well as its own blockchain technology and AI to provide loans to SMEs.
The company has access to 213 categories of data from 26 government departments, which help the firm to collect information and create a corporate profile which will ultimately help them to risk evaluate more than 11 million companies. This will help to verify and safeguard data via distributed ledger technology.
“The prominent technical advantage of the SME platform is the blockchain technology it uses and its information sharing, privacy protection and mutual trust mechanism, which not only assures the accuracy and security of the corporate profile, but also enables financial institutions to acquire company information in accordance with laws and regulations” said OneConnect CEO Wangchun Ye.