Agricultural Bank of China Ltd, the third largest commercial lender by assets in China, deepened its application of big data analytics to the online offering of loans without collateral to farmers, to improve risk control and reduce costs. “We innovate online financing products based on data analysis by digging into our clients’ financial assets data, transaction data and credible external data,” Zhang Xiuping, general manager of ABC’s online finance department, said Thursday…Full Article: China Daily Oct 2017
- In Fujian province, the Agricultural Bank of China (ABC) used big data analytics to do a cost-benefit analysis of the province’s tea industry. As a result, 58,000 out of 138,000 local tea planters qualified for CNY 100,000 yuan (~USD 15,000) loans.
- In May 2017, the Agricultural Bank of China (ABC) opened a RMB, aka the yuan (CNY), clearing branch in the United Arab Emirates.
- From 2015 to 2016, according to the China Banking Regulatory Commission, Chinese bank loans to agriculture, small enterprises, and affordable housing ventures increased 7.1% to CNY 28.2 trillion yuan (~USD 4.1 trillion).
- In August 2016, the Agricultural Bank of China was selected to clear yuan (CNY) transactions in Dubai (UAE).
- In January 2016, Agricultural Bank of China’s (ABC) Beijing branch announced losses of CNY 3.9 billion yuan (USD 592.8 million) due to an employee financial scam.
- In 2015, China’s Tenfu (tea producer/distributor) and the Dubai-based Rise General Trading entered into a JV agreement on the establishment of Tea Trading International.
- In April 2015, Qatar launched the GCC’s first CNY (Chinese yuan) clearing center with the Industrial and Commercial Bank of China.
- In February 2015, an ABC vice president was sentenced to life in jail for bribery (CNY 30 million or US$4.8 million).
- In September 2014, the Agriculture Bank of China (ABC) listed of a CNY 1 billion yuan (US$163 million) bond on Nasdaq Dubai.
- Founded in 1951 and headquartered in Beijing, Agricultural Bank Of China (HKG:1288) and (SHA:601288) is China’s third largest bank by assets (as of 2014). In July 2010, the ABC went public and was listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange.
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