It’s no secret that most banks and lending institutions prefer to lend to large companies rather than small and micro businesses. However, as of 2017, Chinese banks could no longer simply ignore the little guys. That’s because the People’s Bank of China, China’s central bank, enacted new regulations forcing the country’s banks to meet certain minimum loan quotas to small and micro businesses. Many banks and lenders were caught off guard by the regulations and were ill-equipped to suddenly find and qualify enough small and micro business candidates to meet the new requirements. Enter ASCS.
Leveraging Peak’s Cubeler Lending Hub platform, ASCS provides turn-key loan serving solutions to banks and specialty lenders. ASCS finds potential loan candidates, qualifies them and does all of the administrative work related to servicing the loans on behalf of its clients, including registering any collateral, usually residential property, provided by the candidates to secure the loans. ASCS works with some of China’s largest banks and lenders to help them meet their small and micro business loan quotas by serving as a quasi-extension of their commercial lending departments.
ASCS reps are able to monitor all loans being services on behalf of its lending clients to ensure they remain in good standing
In September 2019, ASCS launched its first WeChat Mini Program allowing clients to use the popular social media app to see if they would qualify for loans from ASCS lending clients