On July 16, 2020, the “2019 Outstanding Microcredit Company Sharing Session”, which was hosted by Guangdong Association of Microcredit, was held at the headquarter of CFP Finance. Deng Weiqiang, Section Chief of Supervision Section of Foshan Financial Affairs Bureau, Gao Haitao, Deputy Director of Nanhai District Financial Industry Development Office, Liu Weidong, President of Guangdong Association of Microcredit, Xu Bei, Executive Deputy Secretary General of the association, together with peers from other microcredit companies in Guangdong province, attended the session.
During the session, President Liu said that the provincial and local financial supervision bureaus attach great importance to the development and implementation of the “model company” supervision ratings, whose results have also attracted widespread attention from the industry, the media and society, reflecting the reform and innovation of the regulatory authorities and the attitude to improve the business environment of the microcredit industry.
Deputy Secretary-General Xu introduced in detail on the system of the “model company” supervision ratings and the overall ratings of the industry. There are 44 microcredit companies awarded A Grade or above ratings this time, among which 8 companies in Foshan, accounting for 18.18% overall. Obviously, it fully reflects the relatively high level of development and standard operation of the microcredit industry in this area.
Moreover, Chen Junwei, Chairman of CFP Finance, stated that CFP already established the “small amount & decentralized” business pattern as early as in 2009. As the first batch of microcredit companies to explore inclusive financial services, CFP Finance has never failed any shareholder’s trust and support for the last 11 years. “In the 2019 supervision rating, CFP Finance was awarded Grade AAA+, the third place of this kind in Guangdong province. It’s definitely a recognition for what we’ve done so far”, said Liang Huiming, Chief Inspector of CFP. The company is willing to share with the attendees about its business pattern and development experience, along with its distinctive IT system. In 2010, CFP developed its credit management system, and later optimized the functions in 2014 and 2017. These upgrades, which is worth of hundreds of millions, enable CFP to possess its own microcredit business management system. Speaking of the rating experience, Liang said “we always submit authentic reports; numbers talk”—this mirrors CFP’s lawful operation and pragmatic style.
Attendees spoke highly of CFP’s development. Deputy Secretary-General Xu even pointed out that CFP never hesitated to invest in developing technologies to free itself from manpower, which set a good example for the peers to learn from.
At last, Section Chief Deng said that hopefully, the result of the rating could “elevate the good and restrict the bad”. He also hoped that everyone should not forget why they started the business, that they needed to continue supporting agriculture and small-size companies, and aid substantial economy.
This session constructs a great platform for microcredit companies, supervision departments and industrial associations, which further motivates CFP to march forward. From now on, CFP Finance will do better in lawful operation and risk management, vitalizing more economic entities with its financing capability.