Recently, the Credit Reference Center of the People's Bank of China issued the "Bulletin on the Implementation of the Incentive and Restraint Mechanism for Data Quality in the Credit System for Non-Bank Financial Institutions in 2023". SY Holdings Group Limited (referred to as "SY" or "the Group", stock code: 6069.HK)'s wholly-owned subsidiary, SY Commercial Factoring Co., Ltd. (hereinafter referred to as "SY Factoring" or "the Company"), was awarded as an "Outstanding Institution for Data Quality Work in the Credit System for Non-Bank Financial Institutions in 2023".
The Central Financial Work Conference emphasized the need to accelerate the construction of a strong financial country, comprehensively strengthen financial regulation, improve the financial system, optimize financial services, prevent and resolve risks, and unswervingly follow the path of financial development with Chinese characteristics to promote high-quality development of China's financial industry. Promoting the high-quality development of the credit reporting industry is an important part of strengthening financial regulation, optimizing financial services, and preventing and resolving risks. The People's Bank of China will continue to improve the credit reporting system that covers the entire society and enhance the supply capacity and operational quality and efficiency of the credit reporting system.
Since its establishment, SY Factoring has actively embraced regulation and maintained compliant operations, actively supporting the construction of the national credit reference system. It is one of the few commercial factoring companies that have access to both the People's Bank of China Credit Reference Center's second-generation credit reference system (referred to as the "PBOC's second-generation credit reference system") and the People's Bank of China Credit Reference Center's Chattel Financing Unified Registration and Publicity System (referred to as "Zhong Deng Wang"). Currently, SY Factoring has received the highest credit compliance and information security rating of "A" from the People's Bank of China for three consecutive years and has been rated "A" by the Tianjin Municipal Financial Bureau for two consecutive years.
It is worth mentioning that in March 2023, SY Factoring's second-generation credit reporting system passed the People's Bank of China's inspection, becoming the first commercial factoring company in Tianjin to complete the data reporting switch to the PBOC's second-generation credit reporting system. During this process, SY Factoring conducted tests on tens of thousands of existing reporting data entries, and after seven rounds of inspection by the Credit Reference Center of the People's Bank of China, the consistency and pass rates for all types of data reporting reached 100%. The successful switch to the second-generation credit reporting system has further enhanced SY Factoring's capabilities in compliant operations, intelligent risk control, and financial technology strength.
SY Factoring's system not only automatically completes the logical calculations for reported data but also intelligently converts the data into formats that comply with the "Second-Generation Credit Reporting Standards." This has broken away from the traditional manual operation mode, significantly improving the efficiency of data collection and reporting. At the same time, by regularly monitoring and verifying credit reporting data through this system, it can promptly detect abnormal data and make corrections, accurately reflecting the credit status of clients. This, in turn, optimizes the inclusive financial services for the supply chain and enhances customer satisfaction with the services provided.
In fact, since SY Factoring connected to the People's Bank of China's credit reporting system in 2020, it has always placed great emphasis on the quality of credit reporting system data. It has established and improved a data quality management mechanism, continuously refining the data reporting procedures and data verification methods, and constantly enhancing the completeness, timeliness, and accuracy of credit data reporting. In July 2024, the office of the Tianjin branch of the People's Bank of China released the "Bulletin on the Credit Data Quality Assessment of Local Credit Reporting Access Institutions in Tianjin for the First Quarter of 2024". SY Factoring maintained a full score of 100 in the completeness, timeliness, and accuracy of its enterprise credit data quality interface assessments, gaining full recognition from the regulatory authorities.
While adhering to compliant operations, SY Factoring focuses on the goal of delivering inclusive finance and helps small and medium-sized enterprises enhance the accessibility of inclusive financial services. As of the end of December 2023, SY Factoring has cumulatively issued over 67 billion yuan in factoring financing and has served more than 2,200 small and medium-sized enterprise clients.
Looking ahead, SY Factoring will continue to implement the requirements of the People's Bank of China, enhance the awareness of credit data quality management, and while maintaining and ensuring the accuracy of credit data, effectively guard against the risks associated with credit data reporting. This will promote the steady and efficient conduct of the company's credit reference work.
