Online financing gaining ground, report at Boao Forum says
March 29, 2016 Category Finance, Weekly
Online financing is outperforming financing services offered by bricks-and-mortar channels, according to a report jointly released by Boao Review, Nielsen Holdings and Tencent Holdings at the annual Boao Forum for Asia. It used three measures – accessibility, availability and profitability – to evaluate the performance of online financing and came up with a China Financial Internalization Index that now stands at 108.5. When the index stays at 100 the impact of online financing is the same as offline. When the reading is above 100, it shows that online financing is bringing more positive effects than that of offline to loan seekers. “For years, small-business financing has been an impediment to China’s market economy,” said Kevin Wang, Director of Finance Research of Nielsen China. “Internet financing can help small businesses and startups that do not have access to bank lending and traditional financing resources in a good way. So those emerging online finance platforms can strengthen China’s financial industry and promote its small and medium-sized businesses.” The report is based on a poll of 4,267 people and 2,211 companies. It found that nearly 40% of those surveyed said they experienced the rejection of a loan application by a bank and nearly 42% said they successfully received a loan from an online financing platform, the China Daily reports.
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