Recently, CIB implemented its first Satellite Remote Sensing Application System Agricultural Planting 2.0 Monitoring Scheme in Sichuan, marking another step forward in the bank’s innovative use of digital methods to enhance inclusive finance and support rural revitalization.
The Satellite Remote Sensing Application System is the result of CIB’s exploration of applying satellite remote sensing technology in the financial sector. By incorporating satellite remote sensing data, and integrating data from government departments and industry sources, the system aims to achieve remote and effective identification of crop types, planting areas, and growth conditions. This approach builds a comprehensive profile of crop planting, improving the efficiency of crop asset evaluation and risk warning, thereby injecting technological strength into financial services for rural revitalization.
The new Agricultural Planting 2.0 Monitoring Scheme from CIB, compared to the previous 1.0 version that integrated remote sensing data on a county-wide basis, has been upgraded to allow household-level access. This enhancement makes it suitable for targeted cooperation with large-scale growers, significantly reducing data application costs and effectively promoting the use of satellite remote sensing platforms.
An agricultural technology company in Sichuan, primarily engaged in the cultivation of blueberries, citrus, and other fruits, aims to establish high-standard agricultural demonstration bases. In 2023, CIB provided a loan of 10 million RMB to support the expansion of its fruit planting and sales business. To fully understand the company’s crop planting situation and improve credit evaluation and post-loan management efficiency, CIB’s Chengdu Branch collaborated with CIB’s subsidiary, CIB Fintech, to develop and launch the 2.0 monitoring scheme. This scheme allows for household-level access to remote sensing data, enabling comprehensive remote monitoring of crop growth in the company’s orchards. It facilitates a fully integrated digital pre-loan investigation and post-loan inspection process. The promotion and application of this model help to address the financing difficulties faced by many agricultural enterprises, allowing financial resources to “flow to” more fields and farms, spreading the benefits of inclusive finance to broader rural areas.
Thanks to the accelerated digital transformation and continuous exploration of new models for digital empowerment in rural revitalization, by the end of March 2024, CIB’s balance of agricultural loans reached 715.58 billion RMB, an increase of 7.64% from the end of the previous year, providing a steady stream of financial support for agricultural development.