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China's central bank, CCB cooperate on account receivable financing

Xinhua, December 24, 2015 Adjust font size:

China's credit reference authority under the central bank signed a memorandum with China Construction Bank (CCB) Thursday to enhance cooperation on account receivable financing to companies.

To provide loans to small companies using accounts receivable as collateral, it is often hard to check the authenticity of the account receivable information, said Liu Shouping, head of CCB's department of small enterprise businesses.

The account receivable financing platform set up by the Credit Reference Center of the People's Bank of China facilitates commercial banks' verification and screening of clients, Liu said.

Set up in late 2013, the platform now has 77,195 clients and has contributed to 26,489 cases, with total volume of 1.33 trillion yuan (about 206 billion U.S. dollars). Endi