Supply Chain Financial Evolution Jingdong Technology is laid down the "hardest bone"

In recent years, under the tone of the country's promotion of the development and innovation of supply chain finance, innovation, and strengthening related supporting infrastructure construction, supply chain finance is increasingly introducing digital intelligence technology, and its traditional model has also faced changes.

On September 21, the 2022 Jingdong Supply Chain Financial Technology Summit held in Beijing, JD Technology released a new supply chain fintech strategy -with the "dual chain linkage" model of "digital supply chain+supply chain finance", facing Government, enterprises and financial institutions output supply chain financial technology platforms. Different from the main focus of financial dimensions in the past, JD.com's plan emphasizes the basic role of digital intelligent supply chain on supply chain finance. Promote production.

Xie Ping, former deputy general manager of CIC and Professor Wudaokou Financial College of Tsinghua University, said that there are two models of supply chain finance in my country. One is that commercial banks rely on core enterprises to grant credit to upstream and downstream enterprises, and the other is professional supply chain finance. The technology service platform breaks through the restrictions of a single supply chain, integrates commercial flow, logistics, and capital flow information of multiple supply chains, and provides diversified financial services.

"The supply chain finance of the technology service platform model has gradually separated from the traditional model dominated by core enterprises, turning to the supply chain financial model relying on the professional platform, using big data technology to provide the supply chain as a credit rating, and solve the problem of transaction credit risk. Intelligent processing of data such as trade, logistics, and payment to help enterprises quickly obtain financing and provide comprehensive services. "

01

Supply chain financial bottleneck waiting to be solved

In September 2020, the eight ministries and commissions such as the People's Bank of China issued the "Opinions on Standardizing the Development of the Supply Chain Industry Chain Industry Chain and the Opinions of the Optimization and Upgrade" (hereinafter referred to as the "Opinions"), which is regarded as the first system and comprehensive system in China. Supply chain financial standardized documents.

In the "Opinions", the supply chain finance is positioned as the complete stability of the service chain industry chain, and it is also required to accelerate innovation and standardized development to promote the repair and upgrading of the industrial chain. Industry insiders have pointed out that since the new crown epidemic, the supply chain of the industry chain has become an important part of "six stability" and "six guarantees". Since 2022 Chain Finance has also become one of the important starting points.

From the perspective of the supply chain, a industrial chain often includes a large enterprise in the core. Its upstream is many raw materials and component suppliers, and the downstream covers many distribution, distribution and service companies. In the half -year payment period, the corresponding financial needs such as financing, credit increase, and settlement have also emerged.

Taking the new energy vehicle industry as an example, power battery manufacturers need to purchase chemical raw materials, production equipment, and sell batteries to the OEMs. OEMs need to sell cars through dealers and service providers and provide after -sales. need. In the process, the procurement and sales have formed a large number of receivables and prepayments. The "mismatch" of the accounting period and funds makes almost every node on the industrial chain have corresponding financial needs.

The relevant estimates of the China Service Trade Association's supply chain financial committee pointed out that the size of China's supply chain financial market in 2020 was about 1.586 trillion yuan, and in 2022, it will further increase to 1.919 trillion yuan. However, such a huge supply chain financial market has been in the "1.0" stage after more than 20 years of development. Not only has some basic links yet to be further improved, but also needs to be improved in promoting the optimization and upgrading of the industrial chain.

A think tank researcher pointed out that, as a whole, domestic supply chain finance has not been fundamentally resolved in basic issues such as consistent accounts, core enterprises' credit transmission, and confirmation. At the level of accounts receivable financing, commercial factoring, pledge loan, etc., the situation of difficult financing of small and medium -sized enterprises has not fundamentally changed, and there is still a huge space for the development and optimization of the overall ecology of supply chain finance.

Li Bo, vice president of Jingdong Group and president of Jingdong Science and Technology Fintech Group, believes that traditional supply chain finance is facing the bottleneck of the four dimensions of points, lines, faces, and physical: "On the point, the cognitive and motivation of the core enterprises of the supply chain makes The links of supply chain finance are not smooth enough; online, supply chain finance is too dependent on the ability to confirm the credit and credit evaluation of core enterprises. Most financial institutions can only involve first -level suppliers or first -level dealers. Effective coverage of enterprises on the second and third -level companies on the supply chain. "

"On the surface, the four streams of supply chain business flow, logistics, information flow, and capital flow are in different subjects and are difficult to collect uniformly. It is also difficult to share cross -chain '; on the physical, core enterprises, chain enterprises, financial institutions, technology companies, and industry organizations are mostly independent operations or two -two cooperation. Cheng Cheng, connect the line into the net. "

02

Double chain linkage layout open up the "blocking point"

In response to the limitations of supply chain finance, in recent years, various changes and innovations have been derived from the industry. The main focus point is to solve the financing problem of SMEs in the industrial chain to achieve the effect of promoting production. Among them, JD.com, as a new technological gene of a new physical enterprise, chose to improve digital infrastructure and introduce digital intelligence technology as a breakthrough from the beginning.

In 2013, Jingdong Technology launched a Internet -based supply chain -based protection financing product Jingbao Babe to serve JD.com's self -operated supplier. Since then, partners such as banks have successively launched a variety of supply chain fintech products such as procurement and financing, real estate financing, warehouse bill financing, credit financing, financial leasing, corporate payment, and billing platforms that serves small and medium -sized enterprises. Serve. Based on continuous business practice, JD.com Technology has continued to accumulate technology through machine learning, multi -party security computing and industrial knowledge map through machine learning, multi -party security computing and industrial knowledge maps. System construction, intelligent credit assessment, multi -loan identification, anti -fraud, anti -money laundering, intelligent loan medium risk monitoring, post loan risk management and other links.

An industry insider pointed out that based on Jingdong's e -commerce platform and the supply chain network, the supply chain around JD ecology has allowed cargo flow, capital flow, etc. On the basis of many problems of chain finance, JD.com further aimed at improving the efficiency of financial resources to better promote the development of the entire industrial chain.

At the JD.com supply chain fintech summit, JD Technology attributed its new supply chain fintech strategy to the "dual -chain linkage" model of "dual -chain linkage" for "digital wisdom supply chain+supply chain finance". This "dual -chain" model is born of JD.com's digital intelligence supply chain practice. Based on JD's industrial and technological capabilities, it outputs supply chain fintech solutions for different scenarios.

It is worth noting that, unlike the traditional solutions built by financial institutions or core enterprises in the supply chain, Jingdong Supply Chain Financial Technology is positioned as a platform for all parties to participate and win. At the same time, emphasize the basic role of digitalization in its entire ecology.

Li Bo said: "The core means of supply chain fintech are based on the full grasp of the industrial chain and the supply chain industry Know-How. Each node will then realize the closed -loop of the entire supply chain flow, logistics, capital flow, and information flow data, and achieve platform -based collection, so that the data of each link can be reserved, monitored, and available. "

At the specific business function level, Jingdong Supply Chain Financial Technology Platform covers a factoring financing system, credit circulation system, procurement financing system, real estate financing system, warehouse bill financing system, bill financing system, credit financing system, financial leasing system, levy levy system Xinxin Technology Support System and Payment Settlement Support System, including 10 supply chain financial business system platforms.

Under such a platform, financial institutions can effectively grasp the real operating conditions and capital trends of different financing customers upstream and downstream of the supply chain in real time, thereby effectively reducing the costs of customer acquisition, risk control, and operation. Enterprises in various links on the supply chain provide financial services more efficiently.

From the perspective of a commercial bank, the most direct effect of the JD.com supply chain fintech platform is to help solve some long -term "blocking points" and information asymmetry in the traditional supply chain financial model, such as verifying the authenticity of trade and bills , Confirm the right to receive funds, judge the credit of the financing entity, etc. These can help small and medium -sized enterprises to get loans more easily or reduce interest rates. Looking at the overall industrial chain, introducing innovative platforms can help enhance the entire industrial chain chain of the entire industrial chain The efficiency of funds can be used to promote production.

03

Industrial digital catalytic supply chain financial change

In recent years, the model and technological innovation of supply chain finance have emerged endlessly. Although the overall ecosystem of supply chain finance has not yet achieved iteration or evolution in some areas and parts. There are opinions in the industry that different from the traditional loan model with pledge and guarantee as the core. In a sense, supply chain finance is a new financial model. The standardization and digitalization of the industrial chain are the new and evolution of supply chain finance. key.

Based on the recognition of the various values ​​of supply chain fintech, in 2022, JD.com officially listed the output of supply chain fintech as the "battle of winning". The development of supply chain fintech has also become one of the important strategic directions of JD.com. Jingdong Technology "product, model, algorithm, tool productization, and standardization of many years of precipitation, and output from partners." So far, through the deployment and operation and maintenance supply chain fintech platform of core enterprises, Jingdong Supply Chain Fintech has served more than ten industrial scenarios to help the efficient rate of small and medium and micro enterprises on the industrial chain supply chain obtain financing services.

In Li Bo's view, "Supply Chain Fintech is a systematic project that cannot exist separately from the digitalization of the industry. First of all, it is necessary to serve the digital transformation of the enterprise and the Internet connection of the industry. Supply chain financial service capabilities. "

The partners of Jingdong Supply Chain Fintech, including Xiamen Guomao in the field of large trading, Gujing Group in the field of retail, China Shipping Trust in the field of petrochemical energy, Tianqi shares in the field of new energy lithium batteries. Taking the Gujing Gongjiu in the retail field as an example, with the help of the deployment of the supply chain fintech platform, Gujing Group sank financing services to second -level dealers covering many cities across the country. Two months on the platform, a credit was given to more than 300 companies upstream and downstream of the supply chain. The total letter was exceeded 100 million yuan. During the Spring Festival in 2022, the overall purchase sales volume was improved by 36%.

It should be emphasized that the supply chain fintech platform built by JD.com is complementary to the digital intelligence supply chain. Only on the basis of perfect and interoperable digital intelligence supply chain, supply chain fintech can fully exert its effect, and Jingdong Technology What is currently done is to continue to consolidate the foundation from the intellectual of the underlying supply chain. From Song Hua, a professor at the Business School of Renmin University of China, we cannot just think about supply chain finance from the dimension of finance, but to build supply chain finance based on industrial knowledge maps. "State" needs to link the data links and associated between various enterprises and organizations, and the basis for achieving this step is digital transformation and empowerment.

Promoting the digital transformation of the industry can be regarded as the basic link in Jingdong's supply chain fintech layout. Cao Peng, senior vice president of Jingdong Group and chairman of the technical committee of JD Group, said that in response to the digitalization of the industrial chain and supply chain, the JD Yun Digital Intelligent Supply Chain Solutions include the infrastructure of the digital intelligence, as well as "digital procurement, collaborative research and development, intelligence, intelligence The six major business scenarios of manufacturing, global links, value services, and supply chain integration ". In the current uncertain market environment, the Zhizhi supply chain is the most efficient digital transformation solution, and it also provides a solid technical base for supply chain fintech innovation and "dual chain linkage".

For a long time, the financing problem of small and medium -sized enterprises has been "the hardest bone" in the industrial finance field, but with the consecutions of the industrial number of intellectualization, the path of the breakthrough of supply chain fintech has shown huge potential. It is a very difficult road, but the most difficult road is often a shortcut to success.

(News)

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