Postal Savings Bank of China (PSBC) won the “Best Lenders for Small Businesses” award on November 21 in the 2017 “Stars of China” list by Global Finance magazine due to its outstanding performance and reputation in serving small companies.
Global Finance, an English-language monthly whose primary audience is chairpersons, presidents, CEOs, CFOs, treasurers and other financial officers, is distributed in 158 countries to 50,050 global subscribers and recipients as certified by BPA Worldwide.
It is famous for publishing various financial industry rankings such as lists of the "world's best banks" and “world's most secure banks”.
Its awards have become a reliable standard in the implementation of the global financial union.
In the second half of every year, the magazine selects “Stars of China” from financial institutions, an important assessment by the international media.
As a leading retail bank in China, PSBC employs its professional advantages extensively in servicing small and micro enterprises. With nearly 40,000 outlets covering all cities and 99 percent of the Chinese mainland, the bank distributed a total of 4 trillion yuan (US$ 604.5 billion) in small and micro business loans over the last five years as it became an important servant of small and micro enterprises.
According to their financial demands, PSBC offers revolving loans, annual inspection loans and other products to help small and micro enterprises reduce costs and save interest.
The bank has also taken the initiative to build a government-bank cooperation platform to ease their financing difficulties and reduce their risks in loan transactions. PSBC has signed strategic cooperative agreements with the Ministry of Industry and Information Technology, the Shanghai Stock Exchange and the Management Committee of Zhongguancun Science and Technology Park to build a small and micro financial service cooperation platform.
Twenty-seven of the 36 first-class PSBC branches have signed strategic cooperative agreements with local departments of industry and information technology, and 15 branches have inked agreements with local tax authorities. The loan balance of Zhengyindan under the PSBC Anhui Branch and Caiyuan Xindaitong under the PSBC Jiangxi Branch has now exceeded 2 billion yuan (US$302.1 million).
The bank's small and micro enterprise financial service platform was officially launched in 2016, offering small and micro enterprises loan applications, payment and repayment online. The platform has greatly improved the service quality and efficiency for small and micro enterprises.