Lantian BOC Fullerton

In order to implement the national "Three Rural" policy and solve the financing difficulties of small and micro enterprises, Bank of China, in cooperation with Fullerton Financial Holdings under Singapore's Temasek, has been establishing village banks in batches nationwide since 2011, exploring a path for large banks to develop inclusive finance. It has successively received honors such as National Outstanding Unit for Serving Agriculture, Rural Areas and Farmers and Small and Micro Enterprises, Financial Model Innovation Award, Rural Internet Financial Product Innovation Award, Excellent Competitive Village Bank, Excellent Competitive Inclusive Finance Practice Bank, China Financial Service Innovation Award, China Financial Industry's Most Influential Top Ten Integrity Brands, China Financial Annual Brand Award, National Village Bank with the Most Brand Value, National Excellent Village Bank for Operation and Management, and People's Craftsman Service Award. BOC Fullerton Village Bank, as the village bank group with the largest number of institutions nationwide, is an important vehicle for Bank of China to practice inclusive finance and support the rural revitalization strategy. As of the end of December 2020, BOC Fullerton Village Bank had established 126 legal entities and 177 branch outlets in townships, forming a financial service network covering 22 provinces (municipalities) across the country. BOC Fullerton continuously innovates in product design, risk internal control, operational services, and technology systems, effectively solving problems such as high loan risks and high operating costs of rural financial institutions, and has initially explored a sustainable financial service model: First, BOC Fullerton always adheres to the business positioning of "rooted in counties, supporting agriculture and small enterprises," only conducting basic businesses such as deposits, loans, and remittances, fundamentally avoiding behaviors that deviate from its main business or shift from real to virtual. Second, BOC Fullerton has explored and established a risk control model suitable for the characteristics of agriculture, rural areas, and farmers: mastering the "soft information" of customers to ensure the authenticity of loan purposes; valuing the repayment sources of borrowers, emphasizing character over collateral, and cash flow over statements; learning from international advanced microfinance technology, designing dedicated credit processes, and leveraging technology systems to achieve paperless approval. Third, BOC Fullerton establishes legal entities in a batch and standardized manner to achieve economies of scale, thereby reducing unit management costs, technology system costs, and product R&D costs. Fourth, BOC Fullerton has initially built an IT system platform centered on CRM (Customer Relationship Management), CBS (Core Banking System), and CMS (Credit Management System), including dozens of peripheral systems, and has achieved centralized data processing. Fifth, BOC Fullerton follows the development trend of internet finance, and on the basis of achieving channel coverage such as ATM, online banking, mobile banking, and mobile POS, further builds emerging electronic channels such as quick payment, mobile card issuance, and QR codes, solving the "last mile" problem of rural financial services at low cost.