Chinese truck-hailing firm to get financial support from CCB

Source: Xinhua| 2019-05-26 12:05:40|Editor: Yurou
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GUIYANG, May 26 (Xinhua) -- Manbang Group, China's largest Uber-like truck-hailing service, established a strategic cooperation partnership with China Construction Bank (CCB) on Thursday.

Through cooperation, the two sides will address the pains and difficulties currently troubling market entities in the road logistics and haulage industry.

CCB will build a financial service system on Manbang's transaction platform to meet the needs of truck drivers and logistics firms, who have difficulty to get traditional bank financing because of their small size, insufficient credit data and potential risks.

The transaction data on the platform will be used to evaluate the credit conditions of the borrowers.

"CCB and Manbang are giving everyone access to financial services, which are scenario-based and personalized, covering the whole process," said Wang Lin, vice president of Manbang.

The services will be related to areas including electronic tolling, refueling, loans, insurances and vehicle maintenance, CCB said.

Also known as Full Truck Alliance Group, formed in 2017 by the strategic merger of two rival Chinese trucking firms Huochebang and the ymm56 website, Manbang covers the majority of the country's goods transport, with 6.5 million truck drivers and 1.6 million logistics firms registered on its platform.

Manbang raised 1.9 billion U.S. dollars in the first round of fundraising led by China Reform Fund and SoftBank Vision Fund last April. At present, the company has operations in 339 Chinese cities.