ICBC has in recent years further enhanced its financing support for small and micro enterprises and household consumption by innovating internet financing business. It not only improved the ability to fund the real economy, but also reduced the financing costs of enterprises and residents. By the end of 2015, ICBC’s internet financing amount exceeded RMB 500 billion, making it the largest bank in terms of internet financing in China.

An executive of ICBC said that information sharing and openness in the internet era provided better solutions to addressing information asymmetry in credit activities, which significantly cut financial transaction costs. Therefore, by using internet thinking and big data technology, ICBC has established an Internet Financing Center for the purpose of standardized operation of credit business. It primarily provides credits to corporate customers, especially small and micro enterprises, with a relatively small loan limit and symmetric information and suited for standardization, as well as unmortgaged, unsecured online personal consumer credits, allowing customers to experience “accessing loans by pressing one button, regardless of regional or time differences”.

In respect of internet financing for small and micro enterprises, ICBC launched a series of online financing products, such as online revolving loans, electronic supply chain financing, Corporate Easy Loan, etc., providing hundreds of thousands of small and micro enterprises with convenient financing support. In 2015, ICBC granted internet financing worth RMB 340 billion for nearly 30,000 small and micro enterprises via online revolving loans, making it the largest internet financing product in China. With the launch of B2G procurement business developed by ICBC and China State Construction, the largest construction enterprise in the world, the Bank has made a breakthrough in launching a system-driven, unattended, and pure online loan business, opening up financing opportunities worth over RMB 100 billion in the construction industry in future. With regard to personal consumer financing, relying on its big data technology, ICBC has launched innovative internet financing products such as Easy Loan, personal self-service pledged loan, personal online revolving loans, new-generation online unsecured loan, and e-buy instant lending service for house purchase, which supported customers’ consumption demands.