[Hong Kong, March 13, 2023] – SY Commercial Factoring Co., Ltd. ("Sheng Ye Factoring"), a fully-owned subsidiary of SY Holdings Group Limited ("SY" or the "Group"; Stock Code: 6069.HK), has successfully completed the transition to the second-generation credit reporting data submission system after passing the acceptance inspection by the People's Bank of China (PBoC). This milestone makes SY Factoring the first factoring company in Tianjin to achieve this regulatory compliance upgrade.
The migration to the second-generation credit reporting system represents a critical and complex undertaking in China's financial infrastructure development over the past two years, directly impacting the effectiveness of credit services. To ensure a smooth transition, SY Factoring promptly established a dedicated task force under the guidance of both the PBoC Credit Reference Centre and the Tianjin Branch. The company developed comprehensive implementation plans and contingency measures, executing the migration through phased deployment over eighteen months.
The rigorous process included system development, automated data processing functionality implementation, historical data cleansing, dual-system testing, production data verification, and final authorization for the new reporting system. During this period, SY Factoring conducted testing on tens of thousands of existing data records, completing five internal trial runs and seven rounds of PBoC review sessions. The company achieved 100% consistency and approval rates across all data submissions before officially launching the new reporting system on March 13, 2023.
As a pioneer in adopting this advanced regulatory standard, SY Factoring's accomplishment reaffirms its compliance excellence and risk management capabilities. The automated big data platform now intelligently processes and converts information according to the Second-Generation Credit Reporting Standards, eliminating manual errors while improving efficiency. The system enables real-time factoring business registration, regulatory reporting, and credit inquiries through PBoC's upgraded infrastructure, significantly enhancing risk control.
Additionally, the company's monitoring platform conducts regular audits of submitted data to ensure accuracy in reflecting client credit profiles, thereby optimizing supply chain financing services.
SY Technology, as a national high-tech enterprise, focuses on the research, development, and application of technology in industrial internet and digital finance. With an indepth understanding of national strategic industries such as infrastructure, pharmaceuticals, and energy, SY Technology has established strategic partnerships with numerous large core enterprises. By delivering industrial internet solutions such as smart construction sites and SPD intelligent supply chain services for hospitals, the company helps core enterprises enhance their digital management efficiency while providing customized supply chain platforms and big data analysis services.
Moving forward, SY Factoring will leverage this technological advancement to further automate credit data reporting while intensifying R&D investments in intelligent risk management systems. These efforts will contribute to strengthening China's social credit framework, promoting healthy industry development, and mitigating financial risks across the ecosystem.
