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Challenges and trends of supply chain financial technology development

Time : 12/03/2022 Author : 8odp9i Click : + -
        Supply chain finance plays an important role in broadening the financing channels of small and medium-sized enterprises and improving the competitiveness of the industrial chain. It is of great significance to accelerate the construction of a new development pattern and help achieve common prosperity. While the supply chain finance has made development achievements in the past 30 years, it has also exposed problems such as high dependence on core enterprises, weak integration of industry and finance, and insufficient application capacity of science and technology. How to use digital technology to optimize the efficiency of supply chain financial services and improve the institutional and business model constraints of small and micro enterprises' financial services is a major practical problem that the entire industry is exploring and thinking about. (1) The state has always encouraged and supported the development of supply chain finance. In September 2020, the people's Bank of China issued the opinions on standardizing the development of supply chain finance to support the stable circulation and optimization and upgrading of the supply chain industry chain, with emphasis on "improving the overall financial service level of the industry chain".
        In March 2021, the national development and Reform Commission and other 13 ministries and commissions jointly issued the opinions on accelerating the high-quality development of the manufacturing service industry, which clearly required "innovative development of supply chain finance and development of financial products suitable for the characteristics of the manufacturing service industry". In November 2021, the CBRC held a special meeting to study and deploy the deepening of supply chain financing reform in the banking and insurance industries. The meeting proposed: "exploring and expanding the supply chain financing business is conducive to improving the stability and competitiveness of China's industrial chain and supply chain." In December 2021, the Ministry of industry and information technology and other 19 departments jointly issued the "14th five year plan" to promote the development of small and medium-sized enterprises, requiring "to improve the digital level of supply chain finance and strengthen the information coordination of all parties in the supply chain".
        In December 2021, the central economic work conference clearly proposed: "strengthen the dominant position of enterprises in innovation and realize a virtuous circle of science, technology, industry and finance." This series of policies shows that the state has always attached great importance to the development of the supply chain financial industry and encouraged the use of financial technology to solve the financial service difficulties of small and medium-sized enterprises. (2) Supply chain finance has broad market space and realistic demand. According to the calculation of the global SME Finance Forum proposed by the group of 20 (G20), the financing gap of China's small, medium and micro enterprises will reach US $1.89 trillion (about 13 trillion yuan) in 2020, and more than 40% of them will face financing restrictions.
        The supply chain finance committee of China Association for trade in services pointed out that the scale of China's supply chain financial market in 2020 will be about 15.86 trillion yuan, and will further increase to 19.19 trillion yuan in 2022, based on the calculation of three supply chain business scenarios of listed companies, namely accounts receivable, prepayment and inventory. It can be seen that China's supply chain financial market has a very large growth space. (3) It is an inevitable trend for the development of supply chain finance industry that science and technology enables supply chain finance. With the continuous innovation of big data, artificial intelligence, blockchain, cloud computing and other technologies, it has become the consensus of the industry and regulatory authorities to use technology to improve the financial service ability of small, medium and micro enterprises.
        From the policy perspective, the regulatory authorities encourage financial institutions to use science and technology to empower small and medium-sized enterprises with financial services, and put more emphasis on improving the digital level of supply chain finance. From the perspective of industry practice, many Internet technology companies and financial institutions have begun to explore the use of financial technology to more accurately describe the credit risk status of customers, so that financial products and services are more intelligent, scenarios are more closely integrated, data values are more prominent, and customers are more accurate, and new products and service models are constantly emerging. (1) Highly dependent on the property rights, creditor's rights and credit of core enterprises. Core enterprises have always occupied an absolutely dominant position in the supply chain. The existing business development models of supply chain finance are all based on the property rights, creditor's rights and credit of core enterprises. As a result, most core enterprises will, by virtue of their dominant position in the industrial chain, This has directly aggravated the financing difficulties of small and medium-sized enterprises.
        However, to reduce the dependence on the core enterprise's property rights, creditor's rights and subject's credit is essentially to "redistribute" the core enterprise's unfair interests, and even to redistribute the core enterprise's property rights, creditor's rights and credit. This is tantamount to "seeking the skin of a tiger", which brings great difficulties to the survival of small and medium-sized enterprises in the supply chain. (2) The synergy between financial services and industrial chain optimization is weak. Under the traditional credit service, most financial institutions lack in-depth understanding and understanding of the industry, and still treat the supply chain financial business according to the traditional credit risk standards (credit and mortgage). To a certain extent, the core of supply chain finance is supply chain, not finance. Its essence is to serve supply chain and industrial chain, rather than simple capital credit.
        If we can not form a systematic and in-depth understanding and understanding of various industries and master the unique operation laws and business models of the industry, we will not be able to truly grasp the risks of the industry and enterprises, let alone help enterprises and industries improve the efficiency of capital and operation and management through financial services, and form a virtuous cycle ecology of "finance leading to live operation". This is also an important reason why the existing supply chain financial development model cannot be scaled up. (3) The phenomenon of "data gap" has not been effectively alleviated. On the one hand, the openness and sharing of enterprise operation data in the supply chain is weak. The dominant position of core enterprises in the industrial chain is not only reflected in their possession of entity interests, but also in the utilization and distribution of data.
        Because of the business secrets involved, the core enterprises are not willing to exchange and transfer their business data with the SMEs in real time, which makes the financial institutions often "numerous available" when making credit portraits of SMEs; On the other hand, the sharing degree of public data such as tax, social security, industry and commerce, customs and so on is poor, and the cross verification mechanism is weak. It is difficult to verify the authenticity of the operation, transaction and pledge of small and medium-sized enterprises in the industrial chain in real time, resulting in the risk of repeated credit financing of financial institutions. (4) The ability level of financial technology application needs to be improved. At present, traditional financial institutions are still the main force of supply chain financial services. Their ability to use financial technology to improve the efficiency of supply chain financial services is directly related to the pace of digital transformation of supply chain financial services.
        For example, local small and medium-sized banks are often constrained by the problems of small scale, insufficient technical strength and high input cost, and it is difficult to independently develop the scientific and technological platform or products of supply chain finance, and can not meet the needs of customers for more efficient and digital financial services. Another example is that although state-owned and joint-stock commercial banks have the ability to develop supply chain fintech platforms or products, they are limited by the management system (technology research and development is under the unified responsibility of the head office's Technology Department), and often have a long development cycle and long approval process, which is difficult to meet the market's innovation demand for supply chain fintech products. (1) Strengthen scientific and technological empowerment and improve the ability of financial institutions to serve the financial supply chain. On the one hand, financial institutions should base themselves on their own reality, increase human and capital investment in financial science and technology, embed technologies such as Internet of things, big data and blockchain in the transaction link, and gradually migrate traditional offline businesses to online; On the other hand, we should make full use of the data and technological advantages of Internet technology enterprises, learn from the excellent experience of Internet technology enterprises in terms of accurate customer acquisition, risk management, post loan operation and customer service, and constantly improve our ability and level to optimize the financial supply chain by using financial technology.
        (2) We will strengthen industrial coordination and strengthen the double chain linkage between the industrial chain and the financial supply chain. The essence and destination of the development of supply chain finance is the integration of industry and finance. Therefore, on the one hand, financial science and technology should be used to digitize, network and intelligentize the industrial chain, and the data transferred in the industrial chain should be materialized as the basis for credit granting by financial institutions, so as to help financial institutions better discover, transfer and monitor credit, and use data and technology to price credit; On the other hand, financial institutions should sink the port of risk management, move the port of risk management forward to the operation and management of the industrial chain and enterprises, be closer to the industrial scene, find out the capital needs in the industrial operation in time, and inject financial "living water" into the optimization of the industrial ecology.
        (3) Focus on data sharing and improve credit risk management by relying on data. The key to the development of supply chain financial science and technology is to strengthen data trust and use data to deepen the efficiency of financial transactions and resource allocation. On the one hand, we will accelerate the open sharing of public government data, promote the sharing of tax, social insurance, housing provident fund payment, water, gas, warehousing and logistics, real estate, intellectual property and other information, and consolidate the role of credit information in promoting the financing of small, medium and micro enterprises; On the other hand, strengthen the protection of data security, strengthen the protection of trade secrets and personal privacy in the process of data use and analysis, and prevent the illegal use of personal and enterprise information.
        (the author is a postdoctoral fellow of Fudan University School of management and works in the international supply chain finance research center.).
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