Submitted
Last Updated July 19, 2018
Work of the Future
CreditEase
Team Leader
Karina Shi
Basic Information
Our tagline:
Launching Public Welfare Platform where enthusiasts can lend loans to needy poor rural borrowers to provide them with development opportunities
Our pitch:
As an innovative public welfare model of sustainable poverty alleviation, YiNongDai keeps using hematopoietic poverty alleviation methods, not only achieved the dual benefits of spiritual poverty alleviation and material poverty alleviation, but also realized perfect combination of public welfare and commercialization.
Lenders on YiNongDai platform are not aiming for profit. The lenders symbolically receive a 2% annual expected return, so that the assisted farmers themselves can take responsibility for changing their lives and creating values.
In the future, YiNongDai will make more use of its financial ability in science and technology, such as blockchain, big data, etc., in order to solve poverty reduction, gender equality, decent work and economic growth, sustainable cities, sustainable cities, community and the UN Sustainable Development Goals.
Lenders on YiNongDai platform are not aiming for profit. The lenders symbolically receive a 2% annual expected return, so that the assisted farmers themselves can take responsibility for changing their lives and creating values.
In the future, YiNongDai will make more use of its financial ability in science and technology, such as blockchain, big data, etc., in order to solve poverty reduction, gender equality, decent work and economic growth, sustainable cities, sustainable cities, community and the UN Sustainable Development Goals.
Where our solution team is headquartered or located:
Beijing, China
The dimensions of the Challenge our solution addresses:
- Other (Please Explain Below)
If you selected other, please explain the dimension of the Challenge your solution addresses here:
Inclusive Innovation
About Your Solution
What makes our solution innovative:
The transparency of each transaction is the goal and challenge for us all. Advantages of Yinongdai are the adoption of internet and public-welfare loan model, giving full play to the power of the Internet and relying on the continuous lending of the public instead of relying on limited organizations or individuals such as the government, enterprises, and philanthropists to provide funds.
In addition, the details of lenders on the web platform also increase the transparency of the transaction. We also promote the concept of charitable asset allocation to the public to promote the sustainability of lending.
In addition, the details of lenders on the web platform also increase the transparency of the transaction. We also promote the concept of charitable asset allocation to the public to promote the sustainability of lending.
How technology is integral to our solution:
Yinongdai is a practice in which the principal business model of credit should be used to solve social problems. It is also an exploration of Internet finance applied to rural poverty alleviation issues. In terms of technology Yinongdai made use of big data technology to accurately analyze the borrower's lending preferences, conduct targeted recommendations, and effectively assist farmers. We have provided more affordable loans to over 200,000 impoverished rural households to help them increase their income and improve their family happiness index. Via YInongdai, we want to achieve the goal of poverty alleviation.
Our solution goals over the next 12 months:
By May 2018, Yinong had established cooperative relationships with cooperative agencies in 27 areas of 14 provinces and cities. A total of 170,000 lenders were engaged to lend funds. The cumulative amount of loans reached 300 million RMB, and the number of directly beneficiary/farmers reached 25,000.
Three main objectives are:
to support more rural households with real demands;
to provide them with more applicable and convenient capacity-building in addition to funds;
and to help farmers acquire sustainable agribusiness models.
Three main objectives are:
to support more rural households with real demands;
to provide them with more applicable and convenient capacity-building in addition to funds;
and to help farmers acquire sustainable agribusiness models.
Our vision over the next three to five years to grow and scale our solution to affect the lives of more people:
Provide financial services to the poor and low-income groups both online and offline, giving them opportunities to change their destiny with more regional coverage.
Divert the funds from cities back to rural areas so that this public welfare program for poverty alleviation will be continuously developed.
Mobilize social forces to participate in poverty alleviation and development and promote the growth of non-profit micro-credit institutions and farmers' cooperatives in poverty-stricken areas.
Increased self-sustainable development ability in these areas.
Divert the funds from cities back to rural areas so that this public welfare program for poverty alleviation will be continuously developed.
Mobilize social forces to participate in poverty alleviation and development and promote the growth of non-profit micro-credit institutions and farmers' cooperatives in poverty-stricken areas.
Increased self-sustainable development ability in these areas.
Our website
https://www.creditease.cn/
The regions where we will be operating in the next 12 months:
- East and Southeast Asia
How we will reach and retain our customers or beneficiaries:
Women farmers are hardworking, kind, and eager to create a better life for themselves and their families. However, for these impoverished rural households who have the aspirations for development, they cannot get start-up funds from traditional banks, this become the biggest difficulties they face.
As an innovative public welfare model of sustainable poverty alleviation YiNongDai keeps using hematopoietic poverty alleviation methods. Loans mostly are used for production, small business after receiving financial assistance. With low-cost start-up funds and hard work of farmers, a family can quickly embark on the road to poverty alleviation within a few years.
As an innovative public welfare model of sustainable poverty alleviation YiNongDai keeps using hematopoietic poverty alleviation methods. Loans mostly are used for production, small business after receiving financial assistance. With low-cost start-up funds and hard work of farmers, a family can quickly embark on the road to poverty alleviation within a few years.
How many people we are currently serving with our solution:
2016 survey data:
-Public-benefit microfinance can effectively help farmers increase household income
-Public-benefit microfinance can increase the annual income of the customer's household by about 30% compared with that before the loan, with an average increase of about RMB 16,850.
-The increase in the cumulative amount of borrowings will increase the annual income of the public welfare microfinance clients' households. Their' annual income will increase by an average of 27 yuan if there will be a extra 100RMB loan.
-Public-benefit microfinance can effectively help farmers increase household income
-Public-benefit microfinance can increase the annual income of the customer's household by about 30% compared with that before the loan, with an average increase of about RMB 16,850.
-The increase in the cumulative amount of borrowings will increase the annual income of the public welfare microfinance clients' households. Their' annual income will increase by an average of 27 yuan if there will be a extra 100RMB loan.
About Your Team
Explaining our organization:
Yinongdai Platform was founded in 2009 and currently has 12 full-time employees. Headquartered in Beijing, the business covers 27 regions in 14 provinces and cities across the country.<br>By cooperating with rural MFIs or rural cooperatives, we screen rural women who meet the requirements and have loan needs, display their information and funding needs on Yinongdai online platform, and attract the attention of socially caring people. The funds were loaned on the Yinongdai online platform to support their development of production.
How many people work on our solution team:
- 12
The skills our solution team has that will enable us to attract the different resources needed to succeed and make an impact:
Mr. Ning Tang, director of Yinongdai and CreditEase.
Studied micro-credit and thought that China's inclusive finance business had just begun and the future was very bright.
'Inclusive Credit' is what he has been trying to do for a long time. According to the theory of economics, peer-to-peer transactions are very effective in a good faith system. Mr. Tang hoped to use the agglomeration effect of Internet to build an environment of trust and integrity.
Studied micro-credit and thought that China's inclusive finance business had just begun and the future was very bright.
'Inclusive Credit' is what he has been trying to do for a long time. According to the theory of economics, peer-to-peer transactions are very effective in a good faith system. Mr. Tang hoped to use the agglomeration effect of Internet to build an environment of trust and integrity.
Our revenue model:
Yinongdai collaborated with public welfare small credit institutions and farmers' professional cooperatives by using internet platform to connect social caring people and poor people so that the funds can be loaned to poor rural households with good credit and financial needs in remote areas to help farmers to develop their production and get away from poverty. Yinongdai hopes to use technology and financial means to help more poor farmers with labor capacity and entrepreneurial passion to help them change their future with dignity.
As the forerunner of the public blockchain technology, Yinongdai has now established a trusted self-operation mechanism based on the underlying technology of the blockchain. We believe in the near future, its open area will become wider. Other public welfare organizations, regulatory agencies, and media organizations will have opportunity to join in real-time verification and full-time supervision of the authenticity of public welfare data.
As the forerunner of the public blockchain technology, Yinongdai has now established a trusted self-operation mechanism based on the underlying technology of the blockchain. We believe in the near future, its open area will become wider. Other public welfare organizations, regulatory agencies, and media organizations will have opportunity to join in real-time verification and full-time supervision of the authenticity of public welfare data.
Partnership Potential
Why we are applying to Solve:
Solve support would be used specifically for capacity building for our co-operating partners in order to enhance farmers' Agricultural skills and financial capabilities. We also would like Solve's support in upgrading our online platform and hire related IT staff in terms of big data, blockchain and user-friendliness.
The key barriers for our solution:
External barriers:
1. Policies on microfinance and internet finance are conservative and business operations relatively limited
2. Small number of institutions that develop public welfare microcredit in rural areas and their information flow is poor
3. Relevant changes and challenges after the official implementation of China's Charity Law
Internal risk:
Management issues and funding
How to respond:
Conscientiously study the changes in national finance, microfinance, and philanthropy, dynamically adjust relevant strategies to meet related laws and regulations, find the most suitable business models, and establish a risk control system which meets the requirements of the authorities.
1. Policies on microfinance and internet finance are conservative and business operations relatively limited
2. Small number of institutions that develop public welfare microcredit in rural areas and their information flow is poor
3. Relevant changes and challenges after the official implementation of China's Charity Law
Internal risk:
Management issues and funding
How to respond:
Conscientiously study the changes in national finance, microfinance, and philanthropy, dynamically adjust relevant strategies to meet related laws and regulations, find the most suitable business models, and establish a risk control system which meets the requirements of the authorities.
The types of connections and partnerships we would be most interested in if we became Solvers:
- Other (Please Explain Below)
Solution Team:
Karina Shi