Challenges

(1) Risk control challenges: the transfer of the traditional offline due diligence to an online full-process approach; the automation improvement of credit and lending efficiency.
(2) Data mapping challenge: The core enterprise provides data support for the dealer credit application, then the data structure analysis and data mapping are carried out through data analysis platform independently developed by SimpleCredit.
(3) Promotion challenges: based on the cooperation with the core enterprises to promote in the vertical industry chain; exploration and implementation of the 100% online customer acquisition business model.
(4) External environmental challenges: impact of the epidemic on loan performance; development of differentiated pathways to address peer challenges.

Primary target

Which group does your product/service primarily target?

Description of Innovation

1) On-line operation: 100% on-line operation process.
(2) Risk control model combined with business data: mapping of core business data.
(3)Marketing approach: customer acquisition model through core business channels.
(4) Risk control: Trusted payment based on verified transactions and designated funds.
(5) total process service.
Industry-focused online supply chain financial services - Low-speed vehicle industry as an example

Results

The low-speed vehicle industry holds great market potential in both China and Southeast Asia, and is also an environmentally friendly green industry, so in 2018 SimpleCredit started to provide green and inclusive financial services for the low-speed vehicle industry.By cooperating with the leading enterprises in the low-speed vehicle industry, SimpleCredit provides financial services to the upstream and downstream MSMEs of the core enterprises. The service adopts the model of " orderer applies, manufacturer gets paid, orderer repays", combining credit products with order scenarios, ensuring credit funds enter the supply chain and " transfusing blood" for supply chain turnover operation. At the same time, with its leading technological strength, SimpleCredit has independently developed a set of anti-fraud system and established a strong risk control model, which reduces risks and improves audit efficiency, and thus has been widely recognized by its partners.
As of May 20, SimpleCredit has partnered with nearly 70 leading companies in the low-speed vehicle industry; the cumulative lending volume in this sector is over RMB 3.25 billion; the business reaches 30 provinces, 310 cities and 2003 districts in mainland China.

Lessons Learnt

(1) Technology capability: technical support for automation and intelligent business is the foundation.
(2) Industry selection: focusing on industry, focusing on scenarios, focusing on customers is the key.
(3) Organizational structure: efficient and organic team member structure, effective collaboration and cooperation is the guarantee.

The current regulatory environment we face facilitates our business
(1) License compliance support.
(2) Strong regulatory-driven peer-to-peer regulation, more orderly competition, instead of disorder.
(3)Green-finance, financial products related to green industry is encouraged by the regulation.