For a long time, small and micro enterprises have encountered problems such as difficulty in financing, expensive financing, and slow financing due to reasons such as insufficient credit, relative lack of collateral, and information asymmetry. Supply chain finance is a way for banks to manage the funds of upstream and downstream small and medium-sized enterprises around core enterprises. Flow Logistics is backed by the credit of core enterprises and provides loan financial services to small and micro enterprises in the chain.
The "China Supply Chain Financial Market Foresight and Investment Strategic Planning Analysis Report" released by the Qianzhan Industry Research Institute shows that the scale of my country's supply chain finance market reached 14.42 trillion yuan in 2017. From C-side finance to B-side layout, the development of supply chain finance is ushering in an explosive period. It is estimated that by 2020, the size of my country's supply chain finance market may reach 27 trillion.
Such a huge market is a piece of fat in the eyes of all parties in the market. In October this year alone, Bank of Shanghai, China CITIC Bank, China Everbright Bank, etc. launched online supply chain financial products based on their respective advantages. On October 29, Bank of Shanghai launched the "Uplink e-Chain" online supply chain financial service platform; on October 23, China CITIC Bank launched the full-process online supply chain financial platform product "Xin e-Chain - Payable Circulation Financing"; October Today, the 12th, China Everbright Bank released a series of "Sunshine Supply Chain" products...
Traditional banks and financial technology companies are developing supply chain finance to bring warmth to the financing of small and micro enterprises. However, with the development of business, supply chain finance’s help to small and micro enterprises in specific practice is not as prominent as imagined, and there are still many problems that need to be solved. This gives blockchain space to shine.
Why is the “fat” of supply chain finance so unpalatable?
In the course of business operations, many companies use credit sales for settlement, thus accumulating a large amount of notes receivable and accounts receivable, forming a huge financing market.
Ma Bin, full-time vice president of the China Association of Small and Medium Enterprises, pointed out that in 2018, the national accounts receivable financing demand exceeded 13 trillion yuan, which only met the financing demand of 1 trillion yuan. The very large core enterprises with financing needs were mainly provided by large banks. Provide services. For upstream first-tier suppliers, the financing gap for small and micro enterprises at the long end of the supply chain is nearly 12 trillion yuan.
In order to solve the financing difficulties of small and micro enterprises, banks and other traditional financial institutions start from core enterprises in the supply chain and innovate supply chain financial services through credit granting. In October 2017, the State Council issued the "Guiding Opinions on Actively Promoting the Innovative Application of Supply Chains", which pointed out that "standardizing the development of supply chain finance will help expand financing channels for small, medium and micro enterprises and ensure the smooth flow of funds." Actively and steadily develop supply chain finance.
However, the development of supply chain finance has never been successful. "Supply chain finance is not an emerging business and has a history of about 20 years. Due to the difficulty in effectively verifying the authenticity of the underlying assets of high-frequency, small-amount, and small and micro enterprises, it has not been a mainstream business of traditional financial institutions in the past." Former Shenzhen Ji Kun, general manager of Hailian Yirong Financial Services Co., Ltd., is a "veteran" in the financial field. He said that in the past, the scope of supply chain financial services was very narrow, basically limited to large enterprises, and could only reach first-tier suppliers. However, it was still difficult for second- and third-tier suppliers who really needed financing.
The crux of the matter is that credit is difficult to penetrate. Ji Kun said that the data obtained by banks when doing blockchain financial business is provided by core enterprises and first-tier suppliers in the industrial chain, and it is difficult to pass on the credit of core enterprises to downstream enterprises. Banks face a single downstream enterprise and have to solve the problem. Information is symmetric and the cost of mastering corporate credit is very high. At the same time, due to being separated from the industrial chain, corporate financing is often carried out alone, making it difficult to form better credit enhancement measures. It is difficult for banks to control risks, so they will basically refuse loans.
In addition, due to low operating costs and low business efficiency, banks face constraints in business scale and customer acquisition efficiency in traditional supply chain finance and inclusive finance. This is also the reason why supply chain finance has struggled to develop rapidly over the years. .
When supply chain finance meets blockchain
With the development of financial technology, blockchain technology is considered by the industry to be a solution to the current supply chain financial dilemma, and "blockchain + supply chain finance" is increasingly used in actual business.
Huang Runzhong, secretary-general of the China Banking Association, has previously stated publicly that financial technology is empowering banking products, services, channels and other systems. In the supply chain trade finance business line, if new technologies such as blockchain and big data can be used to increase the non-tamperability of transactions by enterprises at nodes, especially small and micro institutions, it will help reduce costs and improve efficiency. , which will help solve the pain points of difficult and expensive financing for small and micro enterprises.
The "Blockchain and Supply Chain Finance White Paper" jointly sponsored by China Academy of Information and Communications Technology, Tencent Financial Technology, and Shenzhen Qianhai Lianyirong Financial Services Co., Ltd. also pointed out that supply chain finance solutions with blockchain technology as the underlying layer can Ensure data credibility, mutual recognition and circulation, and privacy protection, solve the problem of information islands existing in the supply chain, release core corporate credit to multi-level suppliers throughout the supply chain, improve the financing efficiency of the entire chain, reduce business costs, and enrich financial institutions business scenarios, thereby improving the capital operation efficiency of the entire supply chain.
Based on the subdivided business categories of supply chain finance, the white paper summarizes the current typical blockchain-based solutions and technical implementation plans of some companies in the supply chain finance application project group of the Trusted Blockchain Promotion Plan. Among them, the blockchain supply chain financial platform "Micro Enterprise Chain" jointly developed by Tencent and Lian Yirong and built using Tencent's blockchain technology became the first batch of selected cases.
“The platform connects all enterprises and financial institutions in the supply chain through the blockchain, and completely and truly records the on-chain, transfer, division and redemption of assets (based on core enterprise accounts payable). The multi-party records of the blockchain are accurate rights, non-tampering, non-repudiation and traceability, thereby realizing the division and transfer of accounts receivable, and all can be traced back to the initial assets registered on the chain." Cai Yige, general manager of Tencent's blockchain business, said that using blocks The "micro-enterprise chain" of chain technology presents different value expressions for different participants in supply chain finance. For small and micro enterprises, this method significantly reduces financing costs, and the vouchers are easy to upload and can be split and transferred. For core enterprises, optimize the account period, improve cash flow and balance sheet, improve supply chain efficiency, and strengthen supply chain management. Financial institutions, on the other hand, do not need complicated processes and can focus on small and micro enterprises to improve their customer acquisition capabilities.
At present, the micro enterprise chain has served 71 core enterprises on the chain and established 12 strategic cooperation banks. Service industries cover real estate, construction, energy, automobiles, advanced manufacturing, medicine, etc. "Blockchain is naturally a technology that can solve credit problems and has great potential in financial scenarios." Cai Yige said.
"Supply chain finance and blockchain technology are naturally compatible." Ji Kun believes that traditional supply chain financial services can generally only provide services to first-tier suppliers above core enterprises and first-tier dealers below. Combined with blockchain technology, core enterprises can penetrate the enterprise's good credit into multiple levels of the industrial chain, and can transmit the core enterprise's credit along the upstream and downstream of the supply chain to achieve transfer, discount and expiration. The debt repayment during the holding period has greatly improved the financing situation of small and micro enterprises. efficiency and reduce financing costs.
Talking about the maturity of blockchain technology, Cai Yige admitted that the technology is still in a relatively early stage and the market is not very familiar with blockchain technology. "If you rush, it will only create a bubble. "
标签： #Blockchain #Finance #Supply Chain Finance #Supply Chain Logistics #Supply Chain Financing
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