VeChain Breaks Into the Financial Services Industry By Partnering With Fanghuwang

VeChain is breaking into the financial services industry with it’s all-encompassing and flexible technical capabilities. The financial services industry is one of the earliest, and still one of the most significant, use cases for blockchain technology. We are confident that VeChain Thor solutions will be adopted by more and more influencers within this massive industry around the globe.

With that, we are pleased to announce that VeChain has signed a partnership agreement with Beijing Baisheng Technology Co., Ltd to assist one of its subsidiaries Fanghuwang.com https://www.fanghuwang.com/huoban.html to improve overall effectiveness as an online provider of banking financial products.
VeChain and Fanghuwang together will develop solutions to:

nce the client data collection system: This solution ensures that the SME (Small & Medium Enterprises) clients’ initial application process is efficient and error free
Enhance data quality: VeChains proof of origin data service mandates that the data is compliant with all regulatory needs and provide fungibility for all parties
Enhance data storage security: Blockchains capabilities enable the ability to verify if any data existed (proof of negative), tampered, or seen by additional parties
Enhance data shareability: Through VeChain Thors ecosystem, sharing sensitive data between private or public parties has never been easier creating a proof of publication and a user identity profile that can be controlled by the users
Reduce cost: These data points will be shared among other corporate organizations and ecosystems such as banks and the Notary Public Office at a much lower cost and higher efficiency with less tension and trust necessary between clients
Fanghuwang (房互网) focused on providing property mortgage loans, and collateral backed lending to SMEs (small and medium enterprises) and the owners of these SMEs across China. Fanghuwang utilizes cloud computing and big data analysis technology to provide high quality and efficient risk controls.

Fanghuwang: A Leader In Real Estate Financing Services

Fanghuwang is mainly focused on providing property mortgage loans to SMEs (small and medium enterprises) and the owners of SMEs in China. Fanghuwang utilizes cloud computing and big data analysis technology to provide high quality, efficient risk control services and property mortgage loans. Fanghuwang is the first company to utilize innovative technology when they introduced Online-Merge-Offline (OMO) to the personal real estate financing industry. Fanghuwang employs innovative technology such as Blockchain technology, AI and big data analysis, as underlying technology integrating online and offline operations that has improved the efficiency in matching social financing resources.

Since established in late 2015, Fanghuwang has gained around 20 billion RMB loans for almost 10 thousand SMEs, and their service has geographically covered Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Wuhan, Suzhou, Chengdu, Xiamen, Tianjin and other large cities in China. Fanghuwang also maintains a cooperative relationship with over 50 thousand agents and over 30 financing institutions. SMEs usually spends one or one-half months to get loans directly from banks, but through Fanghuwang, it takes less than seven days on average, and in some cases 48 hours, which reduces financing cost by 70%.

By establishing digital credit collection system, it allows Fanghuwang to identify risks from multiple divisions, working together with the superior fund backed guarantee systems, to provide comprehensive and trustworthy digital credit data to financial institutions. This enables SMEs in China to improve the efficiency of property mortgage loans and facilitate the business’s cash flow.

As of today, Fanghuwang has provided risk assessment for over 40,000 SMEs in China. They have approved over twelve thousand SMEs in obtaining financial liquidity acquiring over 22 billion RMB ($3.3 billion USD) from well-known banks in China such as ICBC, China Construction Bank, China Citic Bank, China Mingsheng Bank, etc. Fanghuwang is one of the fastest growing online property-related financial service companies. It is estimated that by the end of 2018, the cumulative transaction size of Fanghuwang will reach 100 billion yuan.

Enterprise and Product Feature

The leader of OMO (Online-Mobile-Offline) model: Fanghuwang switched its business model from offline to online creating a brand new financial service model, and thus Fanghuwang became the leading company in China utilizing the OMO model for its financial services. Fanghuwang was awarded the “2017 Business Model Innovation Award” at the 21st Century Annual Finance Summit of Asia.

Zero Bad Debt Record: Fanghuwang established an efficient smart risk control system, by a self-developed technology model, to provide a professional risk control service. On the other hand, this unique system helps the traditional financial institution screen for high-quality financial claims at a lower cost and higher efficiency. At the end of the October of 2017, Fanghuwang interest overdue is 0.3%, overdue principle is 0.6% and bad debt over 45 days is 0.

Full automation as objective: Fanghuwang is speeding up the process to discover Blockchain, AI, and other new technologies. In the future, customers can authorize a smart terminal to record personal data automatically through AI technology and perform credibility to asset record assessment through online services in real-time. This provides a decentralized environment through a fully automatic service to improves the efficiency of matching social financing resources.

The use cases for VeChain Thor within the financial services sector are abundant, and VeChain has grand aspirations to make financial services sector one of our main focuses on our development plan. We welcome all reputable financial services enterprises; such as commercial banks, investment banks, insurance, asset management companies, lending companies, etc. to join hands with VeChain and create real-life applications to real-life problems so that we can all better serve our customers and communities.