Industrial Bank’s “Financial Delegate” Builds a Bridge of Connection for Inclusive Finance

Currently, as the year-end approaches, it is a busy season for the “East China’s Top Fruit Market” in Jiaxing, Zhejiang. Large trucks transport fruits from here to all parts of the country. The financial delegate Fei Yiyi from Industrial Bank is also busy non-stop. From visiting fruit merchants to understanding their financial needs, to customizing exclusive financial solutions “one-on-one”, her footsteps cover every corner of the market.

During her recent visits, a fruit merchant expressed to her, “Sometimes, funds are not readily available, and the value of a shipping container filled with durian can be almost 1 million.” Fei Yiyi learned about this situation and introduced the fruit merchant to the “IB Speed Loan (Exclusive for Agricultural Wholesale Markets)” from Industrial Bank. This credit loan allows borrowing and repayment as needed, suiting the financial usage pattern of the fruit merchant perfectly. After hearing Fei Yiyi’s introduction, the fruit merchant immediately applied for the loan, and also spread the word in the business association’s group, effectively becoming a “spokesperson” for this product.

As financial delegates alongside Fei Yiyi, the Industrial Bank employees have constructed bridges between financial institutions, government, businesses, rural areas, and the public, dedicated to bridging the gap for inclusive finance at the “last mile.” In August of this year, following the model of the Tech Delegate System, Industrial Bank introduced the Industrial Bank’s Financial Delegate Work System. This system allows financial delegates to serve as financial advisors to the government and provide financial advice to businesses. Through establishing “1-on-1” pairing relationships, Industrial Bank aims to fully leverage the advantages of commercial banks in connecting various industries. The goal is to provide customers with comprehensive services covering the entire life-cycle, effectively helping the government and businesses solve problems.

The Industrial Bank Financial Delegate System was first piloted in Zhejiang province, where over 100 delegates were deployed to conduct in-depth financial research and provide public service, bringing financial services directly to the frontlines. As of the end of November 2023, the financial delegates of Industrial Bank Hangzhou Branch alone have already covered 68 professional markets in the local area, providing a cumulative financial support loan balance of over 1 billion yuan to merchants in these markets.

With the implementation and promotion of the “Financial delegate” system, Industrial Bank has officially put into practice a new model of “Financial delegate + Tech Delegate” to serve rural revitalization in Sanming. This initiative builds upon the establishment of a long-term information communication mechanism with the Bureau of Science and Technology of Sanming, aiming to integrate financial delegates and tech delegates to understand and serve rural areas, support agriculture, assist rural households, and create a unified business model involving government, banking, and enterprises. This approach facilitates the direct inflow of financial resources to rural areas, connecting financial delegates, tech delegates, government departments, rural households, and agricultural enterprises.

“This loan came at just the right time, with low interest rates, and we can also apply for a 50% interest subsidy from the Municipal Bureau of Science and Technology. It has saved us a lot of costs in production and research and development.” Leaders of Fujian Hongfeng Nanotechnology Co., Ltd. praised the 100,000 RMB “Sanming Tech Delegate Innovation and Entrepreneurship Loan” (referred to as “Tech Delegate Loan”) issued by Industrial Bank Sanming branch.

The popular “Tech Delegate Loan” was jointly created by Industrial Bank and Sanming Municipal Science and Technology Bureau. It utilizes the city-level policy preferential loan risk-sharing fund to provide working capital and fixed asset loans to tech delegate service enterprises that meet the access conditions. The “Tech Delegate Loan” can be applied for up to 3 million RMB, with the loan interest rate not exceeding the same period’s Loan Prime Rate (LPR). Borrowers can also apply to the Sanming Municipal Science and Technology Bureau for an additional interest subsidy of up to 50% of the one-year LPR.

According to the information provided, on November 28th of this year, Industrial Bank Sanming Branch, in collaboration with Bureau of Science and Technology of Sanming, organized the “Tech Delegate Loan” government-bank-enterprise symposium and financial delegate service docking event. Nearly 50 representatives from entrepreneurs and tech delegates participated in the event. During the symposium, Industrial Bank’s financial delegates provided detailed introductions on various special financial products and preferential policies offered by the bank to the enterprises and tech delegates. Industrial Bank has reached financing intentions with 20 enterprises on site, including Fujian Hongfeng Nanotechnology Co., Ltd., with a total amount of 200 million yuan. As of the end of November, Industrial Bank Sanming Branch has provided nearly 3 billion yuan in financing balance to tech delegate service enterprises.

Industrial Bank has stated that in the next step, the bank will earnestly implement the spirit of the Central Financial Work Conference, continuously improve the Financial delegate System, focus on addressing the imbalance in financial services and inadequate supply between the government, enterprises, grassroots and the public, and make great efforts in inclusive finance, better supporting the development of the real economy and the people’s well-being.