Splash247: China launches digital finance link for inland shipping

Published by Splash247

Chinese authorities have formally launched a digital finance platform that has connected 48 inland shipping companies with more than CNY153m ($22.8m) of approved credit.

The platform began trial operations in August and was formally released at the Inland Shipping High Quality Development Forum in Wuhan this week.

By September 7, lenders had disbursed more than CNY54m ($8.05m) through the system at an average interest rate of approximately 2.85%.

Ship e-Bao connects shipping companies with financial institutions and energy suppliers. Operators can review financial products, submit applications electronically and link funding to operating requirements including vessel-fuel purchases.

The platform was developed by the Wuhan branch of Nanjing Huihai Transportation Technology.

Wuhan-based Tenglong Oil Products Transportation said it received a credit decision in under a week after submitting documents online, compared with approximately one month through its previous paper-based process.

The platform has not identified its participating lenders, disclosed loan maturities or stated how many of the 48 registered shipping companies have received funds.