From October 12th to 13th, 2024, the Tianjin Wudadao Financial Forum themed "Financial Power and the Construction of the Financial Innovation District - How to Write the 'Five Major Articles' of Finance" was held in Tianjin. The forum included a main forum, three parallel sub-forums, and a closed-door exchange meeting. Chen Min'er, Secretary of the Tianjin Municipal Committee, and Zhang Gong, Deputy Secretary of the Municipal Party Committee and Mayor, held discussions with the attending guests. Wang Jiang, the Deputy Director in charge of the daily work of the Office of the Central Financial and Economic Affairs Commission, attended the opening ceremony of the forum. Dai Xianglong, former Governor of the People's Bank of China, and Yi Gang, President of the China Society for Finance and Banking, delivered keynote speeches.
At the sub-forum themed "Industrial Digital Finance Empowering New Quality Productivity," the People's Government of Hexi District in Tianjin, in collaboration with United Equator Environmental Evaluation Co., Ltd., jointly announced the "2024 ESG Pioneer List." This list serves as a reference for key industries to implement sustainable development concepts and actions. SY Holdings Group Limited (hereinafter referred to as "SY Holdings," stock code: 6069.HK), through its wholly-owned subsidiary SY Commercial Factoring Co., Ltd. (hereinafter referred to as "SY Factoring"), has been successfully included in the "Tianjin ESG Innovation Case" list for its innovative application of "Digital RMB + Factoring."
The forum was hosted by Nankai University, with approximately 350 guests from relevant national departments, central financial institutions, financial institutions, national financial industry associations, renowned universities, and think tanks in attendance. The participants discussed five major topics: "technology finance, green finance, inclusive finance, retirement finance, and digital finance." They considered the actual situation in Tianjin and offered suggestions on how to fully utilize and make good use of the financial support policies issued by the state and how to build a high-level financial innovation operation demonstration zone. This award is not only a high recognition of SY Factoring's innovative practices in inclusive financial services but also an incentive for it to continuously improve the quality and efficiency of inclusive financial services.
Digital finance, as the mainstream financial form in the digital economy era, can accelerate the flow of capital, information, and data, helping to quickly form new quality productive forces. SY Factoring adopts a risk control model that emphasizes "transactions over entities," integrating technology with the supply chains of infrastructure engineering, pharmaceuticals and healthcare, and bulk commodities. This innovative approach breaks down the information barriers between the asset and funding sides, helping small and medium-sized enterprises on the chain to obtain more convenient inclusive digital financial services. It actively responds to the requirements of doing well in both "inclusive finance" and "digital finance."
The Digital Currency Electronic Payment (DCEP), issued by the People's Bank of China, is not only an important financial infrastructure in the digital era for China but also a crucial component of China's digital economy upgrade. Since the launch of the DCEP pilot program, SY Factoring has actively responded and explored innovative applications and promotion of the digital currency. Previously, under the guidance of the Tianjin branch of the People's Bank of China and the Tianjin Municipal Financial Bureau, SY Factoring successfully implemented its first "Digital RMB + Factoring" transaction.
Leveraging the fully traceable transaction records of the Digital Currency Electronic Payment (DCEP), SY Factoring can effectively address mutual trust issues with financed enterprises and more accurately assess the transaction risks and operational conditions of these enterprises. This significantly enhances the accessibility of inclusive finance for small and medium-sized enterprises. Additionally, the "Digital RMB + Factoring" model features the capability to "support 24/7 large fund disbursements," which can markedly improve operational efficiency and customer experience. To date, SY Factoring has distributed a total of over 200 million yuan through its "Digital RMB + Factoring" services and has achieved the goal of providing inclusive digital financial services "Always Online."
Since its establishment in the Tianjin Dongjiang Free Trade Port Area in 2013, SY Factoring has been committed to implementing inclusive finance while closely following the national policy direction and actively embracing national regulatory policies. It is one of the few factoring companies in the industry that has access to both the People's Bank of China Credit Reference Center's Unified Registration and Publicity System for Chattel Financing (also known as "Zhong Deng Wang") and the second-generation credit reference system of the People's Bank of China. 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 has also been honored with the title of "Outstanding Institution for Credit System Data Quality Work" by the Credit Reference Center of the People's Bank of China.
In the future, SY Factoring will continue to explore and promote the innovative application of "Digital RMB + Smart Contracts," leveraging the characteristics of smart contracts such as transparency, immutability, and automatic execution. This approach ensures that inclusive digital finance can accurately serve the real economy at the end of the supply chain, providing continuous support for the development of SMEs.
