High-quality economic development is inseparable from the watering and support of financial living water. Based on the new trend of the development of small and micro finance in the digital era, Paipai gives full play to the functions of "blood replenishment" and "hematopoiesis" of financial services in the real economy, takes small and micro financial services as the starting point, and formulates financial products and services to help the high-quality development of the local economy by focusing on key areas such as private enterprises, "three rurals", individual industrial and commercial households and new citizens.
On the one hand, the wide application of big data, artificial intelligence and other technical means in the field of small and micro financing has successfully promoted the overall optimization of financing costs, and reduced the explicit costs of customer acquisition, manpower, and operation, creating more room for small and micro enterprises to make profits, and reducing the explicit costs of financial institutions while also reducing the financing costs of small and micro enterprises. Thanks to the continuous increase in strategic investment in the small and micro financial services business, and the continuous optimization and reduction of the average loan interest rate in the domestic market, more small and micro owners and individual industrial and commercial households with loan needs have received much-needed funds to achieve wider coverage of inclusive financial services.
On the other hand, in order to effectively improve the business conditions of small and micro enterprises, the Paipai Loan United National Weightlifting Team has given many benefits of real money. In 2022, Xinye Technology joined hands with the Chinese National Weightlifting Team to launch the "100 million yuan public welfare interest-free loan" activity, with a total of 110,000 small and micro owners, with an interest-free payment amount of more than 1200 million yuan, to support the development of small and micro enterprises, rural revitalization, and continue to improve the quality and efficiency of serving the real economy. This year's Double 11, in response to the current situation that the credit demand of small and micro enterprises has increased significantly, the Paipai Loan x National Weightlifting Team has launched a new round of interest-free activities to help small and micro businesses stock up during the big promotion.
In addition, Paipai also relies on a complete digital chassis to empower and improve the operation and management level of small and micro enterprises, and use digital technology to better serve the real economy. At present, Paipai has launched digital services such as real estate mortgage and vehicle mortgage business to meet the large-scale financing needs of small and micro business owners, and has opened a small and micro service area in the app to provide digital tools for more than 20 service projects to help small and micro enterprises upgrade their digital operations, which is also to gradually solve the problem of lack of business data for small and micro enterprises, and help small and micro enterprises develop with high quality, transformation and upgrading.
As of the end of the third quarter, the total number of services served by Paipai was approximately 4480,000 small and micro users and individual industrial and commercial households contributed to a total of 12.3 billion yuan in loans, a year-on-year increase of 9% and a month-on-month increase of 7%. In the future, Paipai will continue to make up for the shortcomings of traditional financial services through the combination of scenarios, data and technology applications, solve the problems of high investment costs, low customer acquisition efficiency, and difficult risk control for small and micro enterprises, and continue to enhance the financial service capabilities of small and micro enterprises.