Hong Kong, February 11, 2021 – Sheng Ye Capital Limited (“SY Capital” or the “Company”, HKEx: 6069), China’s first commercial factoring company listed on the main board of the Hong Kong Stock Exchange, today announced that its subsidiary, SY Factoring Limited (“SY Factoring”), successfully opened a credit inquiry account in the Second-Generation Credit Reporting System of the People’s Bank of China (“PBOC”). SY Factoring is one of the first factoring businesses in Tianjin to connect to the PBOC Second-Generation Credit Reporting System, allowing SY Factoring to make credit inquiries of enterprises directly. By being able to access the credit reports of enterprises more quickly, SY Factoring will be able to strengthen its risk monitoring and early warning capabilities and improve its risk verification efficiency. At the same time, it will also facilitate the submission of physical documents of small, medium and micro enterprise (“SME”) clients to the PBOC’s Credit Reference Center in person, thus enabling them to benefit from greater cost savings and convenience.

In addition to enhanced security features and more convenient and easy-to-read credit reports, PBOC’s Second-Generation Credit Reporting System also features more up-to-date, detailed, and comprehensive data. These features not only enable SY Factoring to better register and monitor the transfers and pledges of accounts receivables in real time, but also improve the accuracy of customer assessment, offering better services as part of the Company’s mission of “making finance more inclusive”.  

Since 2017, SY Factoring has been investing in its technical support, program development, process standardization, and other areas to strengthen its platform capabilities. It also enjoys strong support of the PBOC’s Tianjin Branch and the Tianjin Local Financial Supervision and Administration Bureau. Following China’s State Council’s initiative in June 2020 that encourages factoring enterprises to integrate with the PBOC’s credit reporting system, SY Factoring was one of the first commercial factoring companies in Tianjin to be granted direct access to the system. SY Factoring was able to demonstrate full regulatory compliance with the requirements of PBOC’s Second-Generation Credit Reporting System, successfully passing the various rigorous testing and verification processes under a stable, timely and well-organized manner.

SY Factoring remains committed to investing in technology research and development, so as to establish a more robust risk control system for inclusive finance and the standardization of the factoring industry.