The freight platform of Manbang Group has successfully accessed the credit information system of the People's Bank of China, the nation's central bank. As a unicorn company, Manbang Group is the first logistics enterprise in Southwest China's Guizhou province to access the system.
Due to the low social recognition on the integrity of the logistics industry's credit, financial institutions have been unwilling to make loans to the whole industry. Data shows that less than 10 percent of logistics enterprises can met their loan demand, and the proportion of truck drivers who are able to obtain financing is much lower. The fundamental reason for this is that the lack of credit information in the logistics industry makes risk management difficult.
According to the authoritative data of the central bank, its credit information system currently has collected information of 900 million people, which means that 460 million people in China still have no credit records. Those who are engaged in the logistics industry, especially truck drivers, make up the majority of the 460 million people.
The freight platform of Manbang Group will regularly report users’ loan amounts, installment repayments, and overdue records to the credit information system, helping truck drivers who could not get loans in the past to establish credit records. By means of credit information sharing, trunk drivers are able to obtain more financial services, realizing the popularization of inclusive finance in the logistics industry.
Credit records are equivalent to another ID card for residents. It is necessary when buying houses and cars, repaying loans or obtaining credit cards. Manbang’s freight platform stratifies users depending on their creditworthiness, offering loans with different interest rates. At present, the cumulative loan provided through the platform has exceeded 9 billion yuan ($1.31 billion), covering nearly 1 million people engaged in the logistics industry.
In addition, the platform will report users’ overdue records to the credit information system of the central bank. The overdue records, which will exist for five years, will result in a significantly higher interest rate to users.
To date, the Internet logistics platform Manbang has 1.6 million registered cargo owners and 6.5 million drivers, accumulating 15 TB of data a day. The massive amount of data, which include users’ basic data and relevant business data, helps Manbang own the possibility of credit risk management with big data technology.
With the help of the mature risk management system, the cooperation between Manbang and the central bank will gradually realize the exchange and sharing of logistics credit information across China.
Zhao Yandi contributed to this story
