Guiyang Rural Commercial Bank pioneers digital finance

Leaders involved in the "six-side cooperation model" sign a framework agreement in March of this year. [Photo/gzw.guiyang.gov.cn] 

Guiyang Rural Commercial Bank aims to offer digital financial services, and adheres to differentiated and distinctive development approaches. The bank has ramped up efforts to promote the digitalization of its business models, redistribute its resources in finance, technology, and personnel, and strive to raise its service quality and efficiency. 

Since the end of 2018, the bank has clarified its strategic stance and development direction, and has established a goal of revitalizing rural areas through special financial services. 

After much research, analysis, and examination of evidence, the bank decided to shift its focus to the cow industry of Guizhou province, and it was the first bank in the province to offer cow breeding loans. 

In the beginning of 2019, the bank began matching the business with professional fin-tech teams in the cow industry and founded a special group for the loan. 

The bank applied to the Guizhou Provincial Department of Agriculture and Rural Affairs for the implementation of the "six-side cooperation model", which relies on the coordinated efforts of six sides – department, county, or district governments with strong cow industries, Guiyang Rural Commercial Bank, the Guizhou Branch of China Life Property & Casualty Insurance Company, leading firms in the cow industry, and family farms involved.

The cooperation framework agreement was signed in March 2021, which marked the beginning of a brand-new financial support system for Guizhou's cow business.