A Big Boost of RMB 19-Bln-Credit Granted by 5 Banks to Tianjin Commercial Factoring IDB

The 3rd Commercial Factoring & Financing Services Alliance Conference of the Tianjin Commercial Factoring Innovation & Development Base was held in TEDA on 22nd October. The conference attracted nearly 100 members of the Alliance including the Tianjin Commercial Factoring Association as well as banks, securities companies, factoring enterprises, and third-party professional service providers. During the conference, Ping An Bank Tianjin Branch, Qilu Bank Tianjin Branch, China Postal Savings Bank Tianjin Branch, Shengjing Bank Tianjin Branch, and Huaxia Bank Tianjin Branch signed a strategic cooperation agreement with the Base, giving it a comprehensive credit support of RMB 19 billion. In order to further enhance the commercial factoring services and promote the healthy and sustainable development of the industry, an online training platform for commercial factoring and the Commercial Factoring Risk Manual were also released.

TEDA has always been committed to building a high-quality financial ecosystem, with commercial factoring built as one of the featured financial brands in the area. So far, TEDA has 153 commercial factoring enterprises with total capital of RMB 130 billion. The Tianjin Commercial Factoring Innovation & Development Base, China’s only base of its kind, was built here. It created a new model of whole-chain services for the commercial factoring industry, which was selected as one of the 5th batch of the “Best Practice Cases” for Pilot Free Trade Zones issued by the Ministry of Commerce.