Shanxi Coking Coal Hosts Digital Finance Review Meeting to Discuss New Ecosystem of Supply Chain Finance

Source: Xinhua Finance

Recently, Shanxi Coking Coal Group held a “Coking Coal Digital Finance” review meeting, where representatives from multiple financial institutions such as Ping An Bank, Shanghai Pudong Development Bank, Zhejiang Merchant Bank, China Merchants Bank, and Bank of Communications, as well as core clients like Hebei Iron & Steel Group and Tai Steel Group, gathered to discuss the phased achievements of digital finance and explore new paths for industrial upgrading.

Su Xinqiang, Chief Legal Advisor of Shanxi Coking Coal Group, stated at the meeting that digital finance is an important engine for promoting the transformation and upgrading of the traditional coal, steel, and coke industries and achieving high-quality development. Over the past two years, “Coking Coal Digital Finance” has achieved leapfrog development, with outstanding results such as zero defaults and a business scale exceeding 10 billion yuan, gaining widespread market recognition and high praise.

Regarding risk prevention and control, leaders from participating financial institutions said they will focus on the characteristics of the coal, steel, and coke industry chain, utilizing big data and artificial intelligence technologies to conduct intelligent trade background reviews, creating a transparent, trustworthy, and smart-controlled industry chain invoice ecosystem, and building a solid safety barrier for stable and long-term business development.

Su Xinqiang pointed out that risk prevention and control are the lifelines for the steady and long-term operation of digital finance. They must always adhere to the work philosophy of “addressing shortcomings through practice and safeguarding the bottom line amid risks,” strengthen internal coordination, improve work promotion mechanisms, and strictly and practically prevent various risk hazards to ensure that “Coking Coal Digital Finance” operates in a regulated, orderly, and sustainable manner.

Since its launch, “Coking Coal Digital Finance” has continued to iterate and upgrade, launching series products 1.0, 2.0, and 3.0, pioneering a new efficient financing path for the “coal, steel, and coke” industry chain based on data credit and mutual benefits. To date, Shanxi Coking Coal has partnered with five banks, serving 11 core clients, with the digital finance business scale successfully surpassing 10 billion yuan, providing financial support to enhance the resilience and safety of the “coal, steel, and coke” industry chain supply chain, and innovatively constructing a new paradigm for industry-finance deep integration in the “coal, steel, and coke” industry chain supply chain.

Next, “Coking Coal Online” will take this review meeting as a new starting point, leveraging the core advantages of the coal, steel, and coke industry chain, continuously deepening collaboration with partner banks and core clients in the industry chain, and improving the digital finance service ecosystem. Through financial innovation driven by digital finance, it aims to empower industrial transformation and upgrading, inject stronger and more dynamic financial momentum into high-quality development of the coal, steel, and coke industries, and promote upstream and downstream collaboration and mutual benefits for sustainable growth. (Wu Haizhu)

Editor: Mu Hao