The Shunxin supply chain finance platform developed by Shandong Iron and Steel Group has witnessed a transaction scale exceeding 3 billion yuan ($434 million) within a year.

The platform offers financial innovation services by applying cutting-edge technologies like big data, artificial intelligence, and blockchain.

A plant of Shandong Iron and Steel Group [Photo/dzng.com]

It provides an efficient and convenient settlement method and financing channel for the upstream and downstream enterprises in the supply chain of Shandong Iron and Steel Group.

As a new settlement method and financing tool, it can effectively reduce the financing threshold and costs of small and medium-sized enterprises.

Through online intelligent approval and online contract signing, the platform simplifies the financing approval process, shortens the lending time, as well as improves the capital turnover rate of enterprises, which provides more impetus for enterprise operation and development, said Su Xiaoming, a senior manager from SD Steel Financing Co.

Su added that since its launch, the platform has been recognized and praised by suppliers of Shandong Iron and Steel Group for its flexible, efficient, and fast service.

The Shunxin platform has also teamed with finance platforms of other steel companies to build a high-quality industrial and financial ecosystem featuring resource aggregation and information sharing.

"We will continue to promote the brand building of our supply chain financial system, and strive for a bigger market share," said Qiao Lihai, general manager of SD Steel Financing Co.