During the 2016 Boao Forum for Asia (BFA), Tencent Finance and the National School of Development at Peking University co-hosted a luncheon with the theme “Game · Reform — China’s economic transformation and global governance”, at which Vice-President Enoch Tsui of Ping An Puhui (PAPH) had an in-depth discussion with Cai E’sheng (Former Vice-Chairman of the CBRC), Edmund Phelps (winner of the Nobel Prize in Economic Sciences), David Daokui Li (Dean of Schwarzman College, Tsinghua University) and people from all walks of life about hot topics including China’s economic transformation and inclusive finance, etc.
In the context of China’s current economic transformation, the practice of inclusive finance has become particularly important. Key to boosting the development of the real economy is how to leverage the platform of inclusive finance to better support different sectors of society financially so that the masses can really have access to financial services.
Vice-President Enoch Tsui of PAPH says: “When the masses are focusing their eyes on macro-economic trends like GDP, actually many people, especially the young, find it difficult to get financial support and services to develop their own ‘economy’. Therefore, PAPH wants to contribute to China’s economic development in this respect, serving such groups of people who would have been disadvantaged in the market”.
As a leading consumer finance service provider in China, PAPH is doing inclusive finance from two aspects. The first is “ (inclusive)”: The services cover a wide range of customers, from several thousand Yuan to several million Yuan, from tier-1&2 cities to tier-3&4 cities, or even to rural users; the other aspect is “ (beneficial)”: With the two business lines of Secured and Unsecured, integrated online & offline services, and powerful pre-loan/ amid-loan/ post-loan risk control system, PAPH allows its customers of various types to have access to more suitable financial services.
Statistics show that PAPH disbursed new loans worth a total of 83 billion Yuan in 2015, benefiting a population of 1.24 million people; while its disbursement volume is expected to reach 200 billion in 2016, covering 2.40 million people. In the future, PAPH will continue its efforts in exploration and innovation along the road of inclusive finance, providing loans and services to more people to help them realise their dreams.