Recently, a ship loaded with 70,000 tons of imported corn from Ukraine completed unloading at the 18th West Berth of Rizhao Port - located in Rizhao city in East China's Shandong province - operated by Shandong Port Group, or SPG, one of the biggest port operators in the world.

It marked the first use of a new online warehouse receipt financing business for Shandong Port Financial Holdings Company's Dashang Center for grain varieties. The company is the financial arm of SPG.

Under the financing business, the grain customer of Rizhao Port Jurong Co Ltd - a joint venture of Rizhao Port Group and Jurong Port - made an online warehouse receipt registration application in the electronic warehouse receipt management system of Shandong Port Financial Holdings.

Then the customer applied for financing to the Weifang branch of Rizhao Bank in the electronic warehouse receipt management system. After the approval by the bank, the loan was completed and the system automatically completes the electronic warehouse receipt.

It only takes 8 hours to complete the business - from warehouse receipt registration to the completion of financing.

Shandong Port Financial Holding Co Ltd is a second-class sub-group directly under Shandong Port Group Co Ltd, and serves as one of the group's top ten business sectors and its financial sector headquarters.

The company, formerly known as Qingdao Port Financial Holding Co Ltd, was founded on April 19, 2017, with registered capital and paid-in capital of 5 billion yuan ($706.89 million). It was renamed Shandong Port Financial Holding Co Ltd in November 2019.

Rizhao Port Jurong Co Ltd is a Sino-foreign joint venture company established by Rizhao Port Group and Jurong Port on March 17, 2011. It operates four berths and leases out four berths, with a total designed annual throughput capacity of 18.1 million tons.

Work being done at a grain facility operated by Shandong Port Financial Holdings. [Photo/WeChat account: Shandong-Port]