Zuoli Kechuang Micro-finance Company, a microfinance institution in China, recently obtained approval from the Financial Work Office of the government of Zhejiang Province to cooperate with online money lending platforms and issue loans to online retailers nationwide. The company expects these loans to be in amounts of approximately RMB 500,000 (USD 80,000) at an annualised interest rate of approximately 15 percent.
“The cooperation signifies Zuoli Micro-finace’s official commencement in online finance business. By providing loan services to online retailers throughout the country, the company will lift its current geographical limitation in Huzhou and reduce reliance on the local market. As a pilot company in Zhejiang’s microfinance industry, Zuoli Microfinance industry takes the lead to introduce innovation to business, which marks a milestone for the company,” said Yu Yin, the Chairman of Zuoli Micro-finance.
As of 2014, Zuoli Micro-finance had a market capitalisation of HKD 2.78 billion (USD 360 million) and a return on average equity of 11.97 percent. It also held HKD 1.32 billion (USD 271 million) in outstanding loans and had approximately 1,200 customers.
By Victor Mugo, Research Associate.
About Zuoli Kechuang Micro-finance
Zuoli Kechuang Micro-finance Company Limited is a Chinese firm serving customers in the county of Deqing, Huzhou, Zhejiang province. It provides financial solutions primarily to customers engaged in agricultural and rural development activities as well as small and medium-sized enterprises in various industries. As of 2014, Zuoli Micro-finance had a market capitalisation of HKD 2.78 billion (USD 360 million) and a return on average equity of 11.97 percent. It also held HKD 1.32 billion (USD 271 million) in outstanding loans and had more than 1,200 customers.
Sources and additional resources.
[1] Zuoli Micro-finance obtains approval to lend to online retailers nationwide
http://www.zlkcxd.com/attachment/2015041716014422_en.pdf
[2] MicroCapital Universe
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Zuoli+Kechuang+Micro-finance
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “Remote Coaching to Prevent Dormancy Among Low-income Savers,” by Scott Graham et al, Published by WSBI
- MICROCAPITAL BRIEF: Network International Unveils “Networkpay” Tools for SMEs in Egypt to Accept Digital Payments
- MICROCAPITAL BRIEF: QR Codes to Facilitate Retail Payments Across Cambodia-Laos Border
- MICROFINANCE PAPER WRAP-UP: “Mind the Gap in Financial Inclusion! Microcredit Institutions Fieldwork in Peru;” by Pilar Lopez-Sancheza, Elena Urquia-Grande
- SPECIAL REPORT: Chamroeun Microfinance Scaling Up to Fund SMEs Supplying Piped Water in Cambodia
