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The 21st day of this October marked the fifth anniversary of Yiwugou.com, which is the official website of the largest commodity wholesale market in the world. To celebrate the event which coincided with the opening ceremony of the 23rd China Yiwu International Commodities Fair, Yiwugou.com launched credit extension loans, together with Yiwu Rural Commercial Bank. The credit limit on the first issue is set at RMB 500 million, which is offered exclusively to vendors on Yiwugou.com.
Credit extension loans: An expanded coverage to improve the ecosystem
Now, over 50,000 vendors are trading on Yiwugou.com and may find themselves in need of certain financial supports. However, traditional credit loans were made available only to stall owners, and could not reach actual tenants or unsettled businesses. To answer the appeals from more vendors, Yiwugou.com joined hands with Yiwu Rural Commercial Bank, launching credit extension loans as a continuation of its long tradition of pursuing excellent service. This major attempt of Yiwugou.com to improve the internet ecosystem of Yiwu Market, as CEO Wang Jianjun put it, will address the pain points of vendors and further differentiate Yiwugou.com among its competitors.
Credit extension loans: A more scientific approach backed up by big data
Given the inherent risk of such loans, the pre-launch credit extension efforts seem most crucial. Yiwugou.com possesses the most detailed information on vendors' daily operation, orders and transactions, including parcel delivery and online complaints. These data constitute an exclusive basis for scientific credit extension, and when combined with the data from Yiwu China Commodity City Credit Reference Co., Ltd., will lead to greater accuracy. This really is a successful attempt of applying big data of Yiwu Market in the financial service industry.
Credit extension loans: Fast online approval brings great convenience
Once this service starts, vendors can file an application for loans on Yiwugou.com within their lines of credit, which will be received by Yiwu Rural Commercial Bank on a real-time basis. The vendors will be required to pay a commission fee on Yiwugou.com before the bank could lend out the loans in no more than two working days; we may expect all works to be accomplished right on the day of application in the future. The procedure can be done efficiently and conveniently online, sparing the vendors from waiting in long queues for over-the-counter registration.