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CreditEase, a microfinance and microcredit management company, launched the Shangtongdai (business smooth loan) on Friday at the second World Internet Conference (WIC) held at Wuzhen in Zhejiang Province.

Lei Peng (R1), deputy chief director of the Big Data Innovation Center at CreditEase, launches the company's Shangtongdai service on Dec. 18, 2015 during the 2nd WIC held in Wuzhen, Zhejiang Province. [Photo by Chen Boyuan / China.org.cn]

Shangtongdai is a big data financial services platform oriented to small and micro-sized electronic businesses. Based on its big data financial cloud, loan applicants can receive real-time services only by submitting their personal identity and network operation data of their online businesses.

The "real-time credit granting" service allows applicants to get their credit granted quickly, usually less than one minute after applying. Their loans are often approved after eight minutes. Lei Peng, deputy chief director of the Big Data Innovation Center at CreditEase, confirmed that it was indeed possible to grant a loan in this extremely fast way.

"To grant credit within one minute, we must rely on high-quality big data. Before we announced the 1-minute credit grant today, a good amount of basic work has been done to pave the way. We have docked our database with those of various major e-business platforms and obtained users' grants to access the data," said Lei.

Users who apply for Shangtongdai loans online just need to provide their active seller accounts from e-business platforms including Taobao, JD.com, Amazon and eBay, and allow the CreditEase background computing system to analyze their business record.

"The process often takes far shorter than one minute; it usually only takes 30 seconds in our trials," said Lei, explaining that the swiftness is a result of cloud computing from pre-established models. "In that way, we can instantly evaluate how much money the applicant is eligible to," he added.

The expert on big data noted that data docking with other platforms is important because a loan provider should not let applicants purposefully obtain their data, as it would be far less credible as well as slower. He added that CreditEase's data processing system is capable of filtering unreliable business records.

CreditEase is the only Internet financing company that was granted a chance for a product launch at the second WIC, which was centered on theme of "an interconnected world shared and governed by all – building a community of shared future in cyberspace" and is embodied in the company's vision of the future.

CreditEase's interpretation of "a shared future" is that the company continues to innovate the Internet financing industry. By launching Shangtongdai, it seeks to promote the popular "inclusive financing" so that everyone can obtain a loan under certain conditions.

Inclusive financing is characterized by customized services and it is often operated online, and Lei hoped this WIC would boost the development of Internet financing companies and effectively unite them in their partnerships.

"I hope this World Internet Conference will accelerate the implementation of new policies on Internet financing so that Internet companies like us can roll out innovations faster and operate with higher efficiency," he said.

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