On May 21, on the occasion of the third anniversary of the establishment of Du Xiaoman Finance, Zhu Guang, CEO of Du Xiaoman Finance, said, "In the next three years, Du Xiaoman will continue to increase investment in research and development of artificial intelligence technology, focus on small and micro customers, continue to reduce the overall financing cost of small and micro business owners, and provide trusted comprehensive financial services for 30 million small and micro business owners." ”
Zhu Guang also announced that in the next three years, Du Xiaoman will continue to practice social responsibility, issue 1 billion interest-free and low-interest loans every year, help rural revitalization, and accurately help county-level micro-enterprises and village-level micro-enterprises with industrial leading roles.
The predecessor of Du Xiaoman Finance is Baidu Finance, which was established at the end of 2015 with the original intention of using technology to help young people with dreams and change their fate through vocational education, so as to practice inclusive finance. In 2018, Baidu Finance spun off from Baidu Group to operate independently, and Du Xiaoman Finance was born.
In 2018, the company received a strategic investment of US$1.9 billion, led by TPG and Carlyle Investment Group, and followed by Taikang Group and ABC International. On many occasions, Du Xiaoman has been shared by TPG and other institutions as a classic ESG investment case.
Following Baidu's scenario, technology and data advantages, Du Xiaoman Financial has continuously expanded the boundaries of inclusive finance after its establishment, and established the vision of serving small and micro enterprises. At present, the cumulative service of small and micro business owners has reached 10 million. Among them, more than 60% are small businessmen with "no more than 5 employees", and half of the small and micro enterprises are distributed in fourth- to sixth-tier cities.
In this process, Du Xiaoman Financial actively practiced social responsibility. In May 2019, on the first anniversary of the establishment of the brand, Du Xiaoman Financial launched the "Xiaoman Assistance Program", an interest-free loan project for public welfare farmers, to provide interest-free loans for farmers with capital needs through corporate discounts. In two years, the interest-free loan for public welfare farmers has covered 168 administrative villages in 31 provinces and cities across the country, indirectly radiating more than 100,000 rural households and driving the employment of local poor households.
In June last year, due to the epidemic situation, Beijing Xinfadi Vegetable Market announced the closure of the market, a large number of seafood and aquatic products, fruits and vegetables sales were affected, merchants suffered heavy losses; in August, Du Xiaoman Finance launched the "Small and Medium-sized Merchants Support Program", issuing 100 million low-interest loans to help merchants in Xinfadi and other 8 wholesale markets to resume operations as soon as possible.
Zhu Guang said, "It is these financial practices over the past many years that make us deeply aware of the importance of small and micro enterprises to the real economy, and also feel the difficulty of their survival." He said, "In the next three years, Du Xiaoman will focus on serving small and micro customers, determined to build a financial service platform that understands customers best, and become a financial partner trusted by small and micro customers for life." ”
To achieve this vision, it is inseparable from the exploration and accumulation of cutting-edge science and technology such as artificial intelligence. Zhu Guang introduced, "In the next three years, Du Xiaoman Financial will continue to increase investment in technology research and development, deeply lay out cutting-edge technologies such as natural language processing technology, deep learning, and multimedia auxiliary risk control, strengthen the portrait and risk identification capabilities of small and micro customers, and reduce service costs; improve the service experience and efficiency of financing through emotional computing, rpa and other scientific and technological capabilities; and lay out federal learning and multi-party secure computing to comprehensively improve the ability of data security guarantee." ”
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