Shanghai has issued new regulations for commercial factoring, and Reco Technology helps the industry to develop with "equal emphasis on quantity and quality"

On the basis of Circular 205, financial regulatory agencies in many places have announced industry supervision and management measures that are compatible with the local commercial factoring industry. A few days ago, the Shanghai Municipal Financial Supervision and Administration Bureau issued the "Interim Measures for the Supervision and Administration of Shanghai Commercial Factoring Companies" (hereinafter referred to as the "Interim Measures"). Shanghai is the frontier and one of the most developed regions in my country's commercial factoring industry This time, the "Interim Measures" also made a breakthrough on the basis of Circular 205.

my country's commercial factoring industry has ended its pilot start-up period and entered a growth period. Since the Ministry of Commerce launched the commercial factoring pilot program in 2012, its products have continued to develop and innovate, and the scope of the industry has also expanded. It has played an important role in the development of the industrial economy and supported the development of small and medium-sized enterprises. However, the commercial factoring industry has exposed some problems during its own development. When facing the current challenges, how to achieve innovative and sustainable development is a common issue before our eyes.

Strong supervision actions will continue.

Although the deadline for cleanup mentioned in Commercial Factoring Regulation No. 205 has passed, cleanup work in many provinces is still accelerating. In fact, since 2014, the court has accepted more than 10,000 factoring dispute cases. For example, after Shenzhen announced in March this year 5238 commercial factoring companies that were suspected of "losing connections", in July it announced the second batch of commercial factoring companies that went bankrupt, totaling 600. Anhui Province also completed the province’s commercial factoring clean-up and standardization work in July. It is understood that there are 105 commercial factoring companies and concurrently operating commercial factoring companies in Anhui Province. After the clean-up, 19 normal operating companies were initially identified. There are 86 abnormal business enterprises, of which 17 have their business licenses cancelled, 20 have withdrawn from the market by changing their business scope (name), and 49 have been included in the list of abnormal business operations under market supervision. According to information published on the websites of various local financial bureaus, the commercial factoring industry is still being cleared in various regions.

In addition, commercial factoring companies have begun to be included in the central bank's credit investigation after the commerce department was transferred to the supervision of the China Banking and Insurance Regulatory Commission and the local financial administration. Incorporating untrustworthy behavior into the credit investigation system is of great significance for commercial factoring companies to prevent business risks. On August 10, the Commercial Factoring Professional Committee of the China Association for Trade in Services issued a notice stating that it will select and recommend a group of commercial factoring companies with certain strength and good business performance, and coordinate with the Central Bank Credit Reporting Center to realize the central bank's collection as soon as possible. Letter system access. According to the information disclosed by the meeting, commercial factoring companies with access to credit reporting requirements need to report business data for the past three years, including business volume, number of business transactions, financing balance, operating profit, number of customers, number of core enterprises served, and small and medium-sized services. Number of enterprises. The transformation of

to a digital model is a foregone conclusion

With the penetration of emerging technologies into the financial industry, more and more commercial factoring companies are gradually making efforts in financial technology innovation and digital construction, exploring innovative development paths. Whether it is with the help of blockchain technology, or the use of artificial intelligence and big data technology, it can improve the service efficiency and quality of commercial factoring companies. Commercial factoring companies should upgrade the modernization level of the industrial chain and supply chain, vigorously promote technological innovation, and create new advantages for future development. Risk control is the core competitiveness of factoring companies. Digital construction helps factoring to strengthen risk control capabilities and expand market areas. It is also an effective action to adapt to the new normal of the industry and actively embrace supervision. Commercial factoring companies should reach close cooperation with banks, credit insurance, credit reporting agencies, financial technology service providers and other institutions, and use a variety of methods to improve digital capabilities, work together to serve the real economy, and effectively solve the financing difficulties of SMEs.

Local governments have successively released new policies on commercial factoring supply chain finance to promote the digital transformation of the factoring industry. For example, the Municipal Local Financial Supervision and Administration Bureau officially issued the "Notice on Giving Full Play to the Financial Features of Commercial Factoring Supply Chain to Support the Stabilization of Employment in Enterprises" last month, encouraging them to improve service quality and efficiency, and innovate products and businesses in a targeted manner Model, make full use of financial technology means, with the help of online business systems and supply chain platforms, through a combination of online and offline methods, to provide enterprises with safe, convenient, efficient, and high-quality supply chain financial services.

Ruilitong empowers the factoring industry, digitalization leads new changes

Ruilitong-the integration and innovation of factoring business and digital technology . With the application of new technologies such as big data, cloud computing, blockchain, and artificial intelligence, factoring business ushered in an era of digitalization and platformization. In recent years, many core companies have experienced bond storms.The thunder phenomenon affects factoring companies. In addition, factoring has been separated from the supply chain system from the beginning. It is inevitable that there will be some fictitious basic transactions in the factoring business, forged accounts receivable transfer notices, and excessive credit expansion in the name of financial innovation. Chaos. On the one hand, digital transformation can solve these risk problems. Using the Ruilitong banking system can focus on key links such as the audit of trade authenticity, the transfer of accounts receivable, and the recovery of funds supervision and compliance operations, and effectively prevent business risks. On the other hand, the market competitiveness can be expanded by improving the service efficiency and quality of commercial factoring companies.

Ruilitong promotes the online process of the factoring industry, reduces or even eliminates human intervention, and effectively prevents financing companies from falsifying trade contracts, trade documents, statements, invoices, etc., to falsify business trade and defraud the trust of factoring companies to obtain financing behavior. Combining with the professional account system of Ruilitong, avoid the small and medium financing companies privately notifying the core companies to change the payment account or requesting the core companies to make payments to other accounts of the small and medium-sized enterprises after the factoring company lends money to ensure the authenticity of transaction funds. Control false trade. To prevent and control the credit risk of factoring, it is very important to strengthen the management of payment collection. For indirect repayment, it should be able to automatically warn before the payment is due to effectively prevent and control risks in time. With the help of Ruilitong’s bank fund supervision system, supporting professional bank account settlement system and cash management products, it is possible to formulate payment management rules based on the actual situation in the region for the management and assessment of factoring payment, and to set factoring The regular monitoring of business receipts, once it is found that customers have indirect receipts, relevant measures should be taken immediately (such as measures to freeze account margins in advance) to control risks.

is a payment system based on the bank payment system, with bill payment systems and bank card payment systems as important components, providing customers with convenient and efficient payment services in the process of factoring transactions. On this basis, we will continue to innovate service forms, continuously improve the efficiency, quality, management level and payment efficiency of financial services, and promote the integration of the payment industry and the factoring industry.

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