To effectively support market entities in stabilizing business and employment, ICBC provides a package of financial services for small and micro-sized merchants through its “e-Business Dream Plan” and other measures, focusing on “ensuring stability on six fronts and maintaining maintain security in six areas”. By the end of July 2020, ICBC had cooperated with more than 3,000 specialized markets and people-friendly demonstration streets across China, serving more than 150,000 small and micro-sized merchants.

Inclusive and convenient: Tailored services for small and micro-sized merchants

Efficient and smooth payment and settlement, wealth management with value preservation and appreciation, and convenient financing services are the financial services most needed by small and micro-sized merchants in their routine business. To this end, ICBC has launched the “e-Business Dream Plan” to provide a package of financial services for small and micro-sized merchants based on ICBC’s e-Payment collection service, which provides both service assurance and assistance to stimulate business vitality of small and micro-sized merchants.

At present, ICBC’s “e-Business Dream Plan” has taken root in nearly 500 specialized markets, over 200 smart scenic spots and more than 1,500 smart communities throughout China. In particular, ICBC provides collection and other basic settlement services at preferential prices for its partners, and offers an exclusive wealth management product “Merchant Benefit” and physical precious metal customization, investment preservation services to small and micro-sized merchants, as well as capital and asset allocation solutions to maximize their capital efficiency.

Instant loan: Funds direct to small and micro-sized merchants

To meet the reasonable financing needs of small and micro-sized merchants, ICBC has stepped up innovation in financing services and launched the “e-Business Dream  Loan” for small and micro-sized merchants which features online processing, real-time credit granting, one-click instant lending, and borrowing and repayment at any time, through the online marketing, risk control by big data, Artificial Intelligence and other technologies, to help small and micro-sized merchants to resume work and production and stabilize business. Year to end, ICBC has granted a total of RMB380 million to help a number of small and micro-sized merchants to stabilize their production and business.

Mr. Huang is a clothing wholesaler at Chengdu Dacheng Market. Since the outbreak of the COVID-19 epidemic, Mr. Huang had been worried every day about payment collection and staff salaries due to the lockdown of villages and towns which made subordinate dealers unable to place orders at his store. Hearing about ICBC’s “e-Business Dream Loan”, he immediately applied for a one-year loan on the App of ICBC e-Life. “Within only a few minutes, the fund has been already in my account. I didn’t expect the approval to be so fast. The procedure was so simple. Application can be made directly on the App, with no collateral or security required. It really solves my urgent need!”

Cost-effective: Save time and money with one QR code

In order to alleviate the burden on and vitalizes mall and micro-sized merchants, ICBC has rolled out an online-only e-Payment collection code service. Since its launch in 2019, the e-Payment collection code has completed nearly 500 million transactions involving over RMB90 billion, almost saving RMB300 million for 2 million small and micro-sized merchants.

As an aggregate payment collection product dedicated to small and micro-sized merchants, ICBC’s e-Payment collection code supports ICBC e-Payment, UnionPay Cloud QuickPay, WeChat Pay, Alipay and other mainstream payments, featured by simple application, safe and convenience, free of cash withdrawal charges and other advantages, which is a better solution to the collection with multiple codes, account reconciliation with multiple parties, and other problems during their operations and development.

There are about 60 businesses along the less than 100-meter-long Jiqing Street in Wuhan, providing attentive services to customers coming and going. Mr. Li is one of the food stall owners. With the gradual containment of the COVID-19 epidemic, busyness begins when night comes. “Previously, the counter was full of various QR codes for payment collection. When customers came to pay, I was always in a muddle. I usually closed my stand at 1 or 2 a.m. I was really tired at that time, and it’s very troublesome to check the account of every collection code separately after closing.” Since the application of ICBC e-Payment, “One ICBC QR code has been enough, and customers can pay at their option with the App of any bank, WeChat, or Alipay. I can get all the money customers pay, no commission charges. Besides, ICBC collects money for me. I can count on it!” Mr. Li said with a smile on his face.