PSBC's Financial Product Wins Prize at SME Festival
PSBC's Financial Product Wins Prize at SME Festival2013-11-04A financial loan services project for small and micro-scale enterprises developed by the Postal Savings Bank of China (PSBC) won the ‘2013 Most Promising Financial Product Prize’ of the China Association of Small and Medium Enterprises during the Seventh Small and Medium Enterprises Festival held in Xi’an, capital city of northwest China’s Shaanxi Province, from October 14-16, 2013.
PSBC’s project could provide loans to small and micro-scale enterprises without the requirement of their own guarantees since there is guarantee provided by a group fund developed by a mutual collaborative organization made up of at least 30 individual entrepreneurs, micro- and small- enterprises owners. These organization members would raise a group fund together and this group fund would provide financial guarantees for all of them when they bid for a loan from PSBC.
The yearly Small and Medium Enterprises Festival is organized by the China Association of Small and Medium Enterprises. The festival gave away nine prizes this year and PSBC is the only winner of this year’s '2013 Most Promising Financial Product Prize’.