Xingye Finance Writes Big Inclusive Finance Story

The Central Financial Work Conference proposed that finance should provide high-quality services for economic and social development, and do a good job in the five major areas of science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Since its inception, consumer finance companies have been endowed with the genes of inclusiveness, positioned to serve the inclusive customer groups that the traditional banking system finds difficult to cover, and achieve complementary development with traditional banks.

As a formally licensed consumer finance institution, Xingye Consumer Finance has a profound understanding of the political and people-oriented nature of financial work, adheres to the original intention of inclusive finance, focuses on the main business of consumer finance, continuously optimizes product design and business models, creates a differentiated product system, widely serves multi-level groups such as individual industrial and commercial households, new citizens, and young white-collar workers, continuously improves the depth, breadth, and intensity of inclusive financial services, and does a good job in the major article of "inclusive finance."

As of June 2024, the cumulative issuance of consumer credit has exceeded 360 billion yuan, serving more than 22 million customers, helping more inclusive groups to obtain formal financial services, effectively filling the gap in financial services, and strongly serving the development of the real economy.

Inclusiveness as the foundation, creating a differentiated product system

As a subsidiary of Xingye Bank, which is among the top 20 in the world, Xingye Consumer Finance is based on its own resource endowment, comprehensively uses a variety of online and offline channels to provide financial products and services that match the risk level and bearing capacity of the inclusive group, focusing on solving the difficulties and problems of this group without collateral and high risk control, and continuously optimizes and adjusts the product pricing structure, reduces customer financing costs, meets the reasonable consumption needs of residents, and creates more inclusive and fair conditions for them to improve their education level and enhance their development capabilities.

The company continues to explore credit demand, based on the different consumption needs of various groups, enters into various consumption scenarios such as home decoration, children's education, housing rental, and workplace training, creates a multi-level consumer finance product system, provides customers with formal and convenient credit financing, and enhances the people's sense of gain for a better life.

Innovation leads, accelerating the empowerment of digital finance

As a consumer finance company rooted in Fujian and born from Xingye Bank, Xingye Consumer Finance actively responds to the "Digital Fujian" policy call and the head office's "accelerate digital transformation" work requirements, actively embraces the digital economy, and promotes financial services to upgrade through digital transformation. The company was the first in the industry to introduce the "14th Five-Year Plan" information technology plan, according to the strategic goal of "creating a financial technology weapon that empowers the company's high-speed and high-quality development," relying on digital tools to optimize financial supply, fully empower business development and business management, and promote the deep integration of inclusive finance and digital finance.

In recent years, Xingye Consumer Finance has continued to deepen the integration of emerging technologies, actively learn and apply advanced technologies such as big data, artificial intelligence, blockchain, and cloud computing, independently developed the "Zi Tianxin" automated approval system, and continuously iterates and upgrades the risk strategy model, greatly improving the accuracy of risk assessment and the reliability of loan approval, effectively reducing operating costs, improving work efficiency, and bringing customers a more convenient and efficient financial service experience.

Taking a step forward, integrating financial health into product developmentWhile maintaining robust business development, Xingye Consumer Finance does not forget to adhere to the head office's social responsibility concept of "embedding righteousness in profit". It regards giving back to society as an inherent part of the company's sustainable development. While providing financial services with a human touch, it continuously strengthens consumer rights protection efforts, serves the people with heart and emotion, and contributes to the sustainable development of the economy and society.

It is worth mentioning that Xingye Consumer Finance was the first in the industry to introduce the "90-day unconditional loan repayment" policy. Borrowers applying for the "Xingcai Plan" higher education loan product can unconditionally repay the loan within 90 days after loan approval, and the interest will be fully refunded. This gives financial consumers ample time to make cautious decisions and creates a safer and more reassuring lending environment.

In recent years, how to improve financial health and promote the sustainable development of inclusive finance has become a widely concerned topic. For individual consumers, it is necessary to pay more attention to the financial situation of families and individuals, effectively balance daily income and expenditure, and continuously improve financial literacy.

In the view of Xingye Consumer Finance, cultivating consumers' financial health concepts is a key to helping the organization achieve sustainable development, and it is also a reflection of the people-centered development concept. The company actively explores and studies how to integrate the requirements of financial health concepts into the company's product service policy formulation and system construction. It also carries out various financial knowledge popularization and education activities through online and offline channels, increases the publicity of financial knowledge, and enhances the cognitive ability and usage efficiency of financial products and services among various groups such as individual businesses, new citizens, and young white-collar workers. It guides consumers to establish a scientific and rational financial view. According to statistics, the company has organized more than 750 financial publicity and education activities, covering more than 2.5 million people.