The online commercial bank invested by Intime Group has won the highest award for global inclusive finance

On October 8th, Wangshang Bank stood out among more than 140 banks worldwide and won the highest global award in the field of inclusive finance - the 2019 Global SME Bank Award, marking the first time a Chinese bank has received this honor.

Online Commercial Bank is one of the first pilot private banks in China, jointly initiated and established by Intime Group, Alibaba Group, Fosun Group and other enterprises in 2014.

On October 8th, the "Global SME Forum" under the World Bank Group and the G20 presented this honorary award.

The reason why the online commercial bank won this award is precisely because it has made breakthroughs and contributions in solving the problem of difficult loans for small and micro enterprises. Currently, it has served about 20 million small and micro enterprises and individual entrepreneurs, surpassing major banks around the world, and even the Nobel Peace Prize winning Grameen Bank.

With the help of Internet technology, online merchant banks have completed services for 20 million users without setting up outlets. Moreover, based on the intelligent identification of more than 100000 risk indicators, their non-performing rate is only 1.5%, which is significantly lower than the average level of the industry. According to the "China Small and Micro Enterprise Financial Services Report (2018)" jointly released by the People's Bank of China and the China Banking and Insurance Regulatory Commission, as of the end of 2018, the non-performing loan ratio of small and micro enterprises with a single credit of less than 5 million yuan by financial institutions nationwide was 5.5%.

The practice of online banking has proved that Internet technology has a huge role in promoting small and micro loans and is sustainable. The average labor cost of traditional SME loans is about 2000 yuan, but the average operating cost of online commercial banks is only 2.3 yuan under Internet technology. Nobel laureate in economics Michael Spencer once said, "In China, emerging digital platforms have enabled explosive development for small and medium-sized enterprises, which excites me. What online commercial banks are doing is unique, in terms of scale, efficiency, and the use of data and technology, which has not been replicated in other parts of the world." He said that it is necessary to share these practical experiences of online commercial banks in China with the world, because there are still many low-income groups and small businesses around the world who need similar help.

The World Bank and G20 also hope to use this award to identify global financial institutions and fintech companies that have made outstanding contributions in the field of small and medium-sized finance, and to promote their experiences globally. In fact, currently, online commercial banks have begun to explore the experience of going global, and their 310 model has been promoted to Easypaisa, an electronic wallet in Pakistan. Now, Bangladesh, Thailand and other places are also seeking cooperation.