SINOSURE Launches Second Digital Finance Service Day and Fifth SME Client Service Day
On June 12, 2024, the Second Digital Finance Service Day and the Fifth SME Client Service Day of SINSOURE kicked off in Beijing, where Chairman Song Shuguang delivered the opening remarks and President Sheng Hetai announced the official launch of the events.
In the following three months, SINOSURE would take advantage of the events to deliver the "digital + inclusive" service concept. Three special actions, i.e., "Expanding Coverage of Inclusive Services", "Supporting Quality Development of Enterprises", and "Enhancing Efficiency of New Quality Productive Forces", would be carried out through "increasing the approval efficiency", "relaxing conditions for eligible clients of Easy Insurance Claims", and other 10 favorable measures.
Serving High-level Opening-up and Sticking to the Mission of "Financial Benefits for the People"
As the sole policy-oriented export credit insurance agency in the Chinese Mainland, SINOSURE has always taken "fulfilling policy functions and serving high-level opening up" as its mission. It has actively supported Chinese foreign trade enterprises in "going global" and participating in global economic and trade cooperation.
By the end of 2023, SINOSURE had supported over USD8 trillion in domestic and foreign trade and overseas investment, serving more than 310,000 clients, making claim payment of USD21.69 billion, and facilitating over RMB4.8 trillion for exporters through policy-based credit-enhancement financing with nearly 300 banks.
In terms of inclusive finance, since the 18th CPC National Congress to the end of 2023, SINOSURE had provided policy-oriented export credit insurance to 283,000 SME exporters, supporting the relevant exports of USD921.43 billion and paying claims of USD1.28 billion.
Currently, one in every three SME exporters in China is under the protection of SINOSURE. According to an independent third-party research of the Peking University, in 2023, SINOSURE's inclusive finance services directly and indirectly facilitated exports of USD341.2 billion and promoted jobs for 4.3 million people, further enhancing its role in boosting exports and stabilizing employment.
Conducting Digital Transformation and Promoting Deep Integration of Digital Finance and Inclusive Finance
SINOSURE started its digital transformation in 2019. After five years of efforts, a number of platforms for inclusive service suitable for various application scenarios were put online, including "Xinbu Tianxia", China’s only credit risk management app, providing SME exporters with customized mobile online services and ready-to-use international marketing tools; a revamped and upgraded "SINOSURE Online” (SOL), ensuring much more convenient and diverse experiences for SME clients through electronic data interchange (EDI); a special section for policy credit insurance embedded with SINOSURE’s statistical model opened in the "International Trade Single Window", providing one-stop policy insurance services for over 100,000 SMEs annually; the smart 95387 client service platform offering 24/7 service to SMEs nationwide; digital content platforms based on mobile apps, WeChat and other channels, providing rich audio and video sources of knowledge and case studies.
To date, SINOSURE has developed and launched over 400 digital service application functions. Among them, the "Credit Navigator" (searching tool for overseas market goods), the "Credit Traffic Light" (for quick checks on overseas transaction risks), and the "Credit Alarm" (tracking and warning tool for overseas buyer’s risks)—collectively known as SINOSURE's "Three Credit Treasures"—have been widely used in various business scenarios for SMEs, helping them find markets, secure orders, and manage risks.
Helping Exporters Flourishing in Foreign Trade through Increasing Coverage of the China's SMERI
At the events, the "2024 China's SMERI" was jointly released by SINOSURE and the Academy of International Trade and Economic Cooperation, Ministry of Commerce. The SMERI is a comprehensive index on the level of credit risks faced by China's SME exporters in their transactions with buyers from different countries (regions) and industries. The 2024 index indicated that, affected by the international trade environment and the rise of payment risk, the overall credit risks faced by China's SME exporters had seen a spiraling upward trend over the past three years. It marked the second release of the index since 2023, with the countries (regions) assessed increasing from 45 to 60 and additional 7 industrial chain index (ICT, new energy, etc.), covering the main export destinations and related industrial chains of China's SME exporters. The index is now available online in the "Risk Index" section of the "Xinbu Tianxia" app.
"SINOSURE stands ready to work with Chinese financial institutions to further increase the supply of digital services for SME exporters, helping to reduce their cost burden," said Chairman Song Shuguang. "Efforts will be made to improve coverage, accessibility, and satisfaction of inclusive finance services to advance the development of digital finance and inclusive finance, making greater contributions to advancing high-standard opening up and Chinese modernization."