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Supply chain + blockchain, financial technology helps restore production

Time : 07/02/2022 Author : 7rqpk1 Click : + -
        Staff of Zheshang Bank visited a large tractor manufacturing enterprise, which effectively alleviated the capital pressure by relying on Zheshang Bank's all-round Shanghua cooperative loan mode. "At first, there were no workers to return to work, and there were no orders for half a month after returning to work. When there were orders, we were worried about shipping, and when the goods were delivered, we were worried about collecting money. Fortunately, the receivables chain platform of Zheshang Bank helped us a lot in terms of capital turnover." Zhou Shengyan, chief financial officer of Futong Group Co., Ltd. (hereinafter referred to as Futong group), talked about the impact of the epidemic. "When large enterprises catch a cold, small enterprises will be hospitalized.". Prior to this, the CBRC issued the notice on strengthening the financial services for the collaborative resumption of work and production in the industrial chain (hereinafter referred to as the notice), which pointed out the direction for financial institutions from six aspects, including increasing the financial support for core enterprises in the industrial chain and optimizing the financial services of upstream and downstream enterprises in the industrial chain.
        Since the resumption of work and production, Zheshang Bank has vigorously promoted the dual chain integration innovation of "supply chain + blockchain", continuously revitalized the enterprise's accounts receivable, inventory, orders and machinery and equipment, embedded the bank products into the information flow, capital flow and logistics between the core enterprise and the upstream and downstream, and solved the enterprise's financing pain point. During the epidemic period, many enterprises were unable to collect their loans due to work stoppage in the downstream. "No matter how abundant the cash flow is, enterprises can not withstand the pressure of goods." Xu Renyan, President of Zheshang Bank, told the reporter. Where is the "pain" of the enterprise? Statistics show that for a single enterprise, bank financing only accounts for 20% of the financial cost of the enterprise, while the financial cost of accounts receivable, inventory and fixed assets accounts for more than 40%.
        From a national perspective, at present, the annual accounts receivable of enterprises is about 26 trillion. However, the total amount of accounts receivable financing of financial institutions and factoring companies is about 220 billion, less than 1%. Starting from the accounts receivable of enterprises, there is great potential to dredge the key nodes and bring the whole industrial chain alive. In the notice, the China Banking and Insurance Regulatory Commission called for "increasing financial support for core enterprises in the industrial chain", which mentioned that "after supporting core enterprises to raise funds through credit, bonds and other means, we will reduce the capital occupation of upstream and downstream enterprises in an appropriate way, and help small, medium and micro enterprises in the upstream and downstream of the industrial chain to solve the problem of liquidity shortage.". However, the traditional accounts receivable financing is complicated and difficult to flow, and even has operational risk and fraud risk, which leads to the difficulty of enterprise accounts receivable financing.
        Since last year, the blockchain technology officially entered the national policy support level has become a tool to solve the above difficulties. At the end of February this year, the people's Bank of China issued the technical security specification for financial distributed ledger. Although the specification uses the technical term "distributed ledger", it is regarded as the first financial blockchain Standard Specification in China. Zheshang Bank pioneered the industry's "blockchain receivables chain" platform based on blockchain technology, which is used to repay upstream enterprises or self financing. The downstream starts from issuing and accepting blockchain receivables, and seamlessly embeds the capital flow in the transaction process. After the upstream receives it, it can be transferred to the bank online in real time to obtain funds, and the original 2-3-month accounting period can be realized at any time.
        Taking Futong group as an example, Zhou Shengyan told the reporter that in the first quarter, the resumption of work was delayed by more than 10 days compared with the original plan. Meanwhile, the upstream raw materials could not be supplied normally, which affected the resumption of production of the enterprise and lost sales of nearly 1 billion. Generally, Futong's downstream account period is 6 months, but it has to pay to the upstream every 3 months. During the epidemic, the downstream delivery and settlement of goods were delayed for nearly one month, further impacting the cash flow of Futong. At present, the development of new infrastructure is accelerating, and the company's 5g supporting production base in Jiashan is about to be put into production. It is more necessary to cooperate with the upstream of the industrial chain to resume production. After learning about the difficulties of the enterprise, Zheshang Bank not only actively extended its credit for one month, but also creatively designed a "bank rent pass" (rent back mode) solution based on the receivables chain platform to revitalize the existing Precipitation Resources & mdash& mdash; Accounts receivable and high-value machinery and equipment of China Mobile subsidiary.
        At the same time, Zheshang Bank linked with its subsidiary Zheshang leasing to provide after-sales leaseback financing for Futong. The enterprise sold the equipment to Zhejiang bank leasing and obtained a one-time financing of 120 million. It only needs to issue and accept the rent receivable from the blockchain to the leasing company and pay the rent regularly, which greatly alleviated the funding gap during the epidemic period and reduced the financing cost by 40-50 BP compared with the loan. With the support of Zheshang Bank, Fortis timely paid more than 200 million yuan to the upstream, becoming the main source of funds for the upstream enterprises during the epidemic period. Suppliers received funds to purchase raw materials, and Futong resumed full production capacity in mid March. Since the outbreak of the epidemic, the bank has applied the "bank rent link" series model to provide equipment financing of more than 10 billion yuan for more than 300 enterprises nationwide, effectively alleviating the purchasing pressure of downstream customers of equipment manufacturers of core enterprises and helping enterprises to revitalize their existing equipment.
        In addition to the cycle of accounts receivable, solving the financing problem of small and medium-sized enterprises is also a major task of financial institutions. However, in the traditional supply chain finance, most core enterprises are unwilling to provide guarantees or cooperate with the confirmation of accounts payable due to their lack of risk control capability. According to the survey of China Federation of logistics and procurement, 65.5% of financial institutions believe that the uncertainty of core enterprises is one of the important challenges hindering supply chain finance, resulting in the supply chain finance being hot outside and cold inside. "Everyone prospers and everyone loses". Under the initiative of the central and local governments, the core enterprises have become more active in supply chain financing. Zheshang Bank has captured this change and vigorously promoted the financial innovation of the industrial chain and supply chain.
        Take Futong group as an example. Most of its upstream enterprises are suppliers of silicon materials and metal materials, which are generally small in scale and lack of real estate and other collaterals. It is difficult to obtain bank credit to meet financing needs. After learning about this, Zheshang Bank provided enterprises with a service plan of "H (large enterprises) + H (core enterprises) + m (small and medium-sized enterprises)" supply chain financing mode. Relying on the accounts receivable actually transacted between Futong group and upstream suppliers, under the condition that Futong only needs to recommend suppliers and cooperate with the change of the collection account, it granted a special credit line of 70 million yuan to the upstream enterprises in batch, so that they can resume production at ease. Wu Jun, the customer manager of Zhejiang Commercial Bank Hangzhou branch, introduced to the reporter that the core enterprises seem to have paid the cost by reducing the occupation of funds in the upstream, but in fact, the capital flow and logistics are interlinked, and the industrial chain turns faster, and everyone makes more money.
        It is estimated that the asset turnover of Futong group will be increased once a year, the external financing will be reduced by about 100 million, and the production capacity and equipment utilization rate will also be improved. On March 26, the China Banking and Insurance Regulatory Commission stressed in the notice that it would strengthen credit support for upstream and downstream enterprises of core enterprises. The China Banking and Insurance Regulatory Commission pointed out that financial institutions in the banking industry can solve the problem of capital occupation under the mode of "goods before payment" for upstream enterprises through financing methods such as accounts receivable and bills receivable. The service plan of the supply chain financing mode proposed by Zheshang Bank actually conforms to the requirements of "optimizing the financial services of upstream and downstream enterprises in the industrial chain" proposed in the notice of China Banking and Insurance Regulatory Commission.
        According to the data monitored by the Ministry of industry and information technology, as of the end of April, 92 leading enterprises had driven more than 400000 small and medium-sized enterprises in the upstream and downstream to resume work and production in a coordinated manner, and the average operating rate and return rate of Industrial Enterprises above designated scale nationwide had risen to 99.1% and 95.1% respectively. However, the PMI of the manufacturing industry in the same period was 50.8%, down 1.2 percentage points from the previous month, indicating that the demand is still weak. At present, the problem of sales is more prominent, and "backflow" is upstream. "Only by selling things, the industrial chain system can obtain the overall financial services, and the resumption of work and production can be sustainable." Xu Renyan said to the reporter. In the process of production, operation and trade activities, enterprises have the demand of supply chain finance.
        In order to meet the needs of enterprises, Zheshang Bank exports its credit management capability and provides advance payment financing support for downstream distributors of core enterprises. Based on the receivables chain platform, Zheshang Bank innovates the application of "distribution link". Under this mode, Zheshang Bank gives certain supply chain control quota to core enterprises, and relies on the big data risk control platform and upstream and downstream transaction information to conduct credit "portrait" and online automatic approval for downstream sales enterprises, and provides credit support in batches in a small and decentralized manner to help enterprises expand sales. While supporting the financing of core enterprises, based on the positioning of "platform based service strategy", Zheshang Bank innovated and applied a series of supply chain financial service modes such as "warehouse order link" and "pool chain link" to meet the industrial financing needs of various scenarios and property transactions in accounts receivable and production and operation activities, and leveraged financial technologies such as blockchain and big data to link and facilitate enterprises in the capital relationship chain.
        According to statistics, up to now, the bank has landed more than 2500 accounts receivable chain platforms, helping more than 17000 enterprises to activate accounts receivable. These financial product systems, which have both the upstream and downstream of the supply chain and the depth of the industrial chain, bring rich financial service connotation and the flexibility of bank enterprise cooperation, which play a vital role in opening up the blocking point from money to credit transmission in the process of upstream and downstream integration of enterprises under the influence of the current epidemic.
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