The Qingdao Receivable Financing Service Platform has secured small, medium and micro sized enterprises (SMMEs) raising a total capital of over 20 billion yuan (US$3.07 billion), according to the sub-branch of the People's Bank of China in Qingdao.

The receivable financing business of Qingdao's platform ranks first among other cities in Shandong Province and also the first among five municipalities specifically designated in the national plan.

The commercial center of the People' Bank of China spearheaded the founding of the platform in June 2014 in the receivable financing service.

Relying on the Internet, the platform provides information cooperative services for creditors, debtors, and financial providers to involve more enterprises and receivables in financing, liquidize remnant assets, promote a more efficient market and innovation solutions, and solve the financing difficulties of small and medium-sized enterprises.

By the end of 2015, the platform in Qingdao had facilitated 625 transactions involving 21.3 billion yuan, had 648 registered users including large enterprises such as Zhongrong Xinda group and the Qingdao Expressway Administrative Department, and many SMMEs.

According to the personnel concerned with the Qingdao sub-branch of the People's Bank of China, the platform has achieved initial results, which show the common demand for the business. The platform could become a strong policy instrument in the government channeling funds into the real economy and supporting the financing of SMMEs in the long run.

The People's Bank of China will reinforce technological support, optimize the performance of system services and actively channel supply chain enterprises and financial agencies into the receivable financing business. The development of the platform also needs the government's support.