Shandong Port Investment Holding and Rizhao Port recently launched a pledge financing service based on electronic warehouse receipts, marking a milestone in the innovative and integrated development of local financing models.

After learning that a coke customer of Rizhao Port was facing difficulties in capital turnover, Shandong Port Investment Holding responded quickly and instructed the customer to apply for warehouse receipt registration through the Port Cloud Warehouse platform.

After generating warehouse e-receipts, the loan was issued under the guidance of Rizhao Port, Shandong Port Investment Holding and Bank of Rizhao. The service allowed the customer to complete registration, application and loan disbursement in just one day.

Starting this year, the service of providing electronic warehouse receipts via the Port Cloud Warehouse has been highly integrated with port businesses. For example, the platform has completed docking with Rizhao Port and Yantai Port and can facilitate data sharing and cross-validation efforts. Efforts to cooperate with Qingdao Port and Bohai Bay are currently underway.

By the end of April, the volume of electronic warehouse receipts on the platform had exceeded 610,000 metric tons, with the financing amount exceeding 500 million yuan ($70 million).

Cargo is loaded onto container ships at Qingdao Port. [Photo provided to chinadaily.com.cn]