Transaction bank of the year 2019
Known as Gongyinju, Industrial and Commercial Bank of China’s homegrown e-commerce platform is widely used among the bank’s corporate clients. Over the last five years, ICBC has built and adapted Gongyinju for 204 large and medium-sized enterprises, creating a system that gathers more than 90,000 associated upstream and downstream small and micro-enterprises. The platform has helped these enterprises to handle close to 11 million online orders, altogether worth Rmb1.4 trillion ($203 billion), and resulting in Rmb1.54 trillion in total settled transactions.
The platform also helped companies in the supply chain to obtain Rmb6.59 billion in loans from ICBC, which is led by chairman Chen Siqing.
Gongyinju offers a ‘platform plus data plus finance’ model that was developed with the customer in mind, allowing them to streamline their entire up and downstream supply chain. The client can efficiently handle all payments and settlements and, in the process, accumulate a large number of data streams and information flows that help it to efficiently manage its capital flows.
For example, it offers clients a range of specialized functions including cross-validation of payments, precision marketing and risk-prevention services. The online services are extended to all of the client’s suppliers and vendors, offering them the full capacity to quickly obtain online financing and loans.
According to the bank, the platform is designed to enable clients to improve stickiness with suppliers and vendors, helping them to integrate their logistics chain into one online system.