SCO Demonstration Zone: Creating “Credit + Cross-border Services” and Building a Mutually Trustworthy “SCO Home”

“Sincerity invites customers from all over the world, and reputation comes from credit”. Credit is the foundation of all commercial activities. In cross-border trade, the role of credit is even more prominent. Where can we find customers in a huge international market? Is the other party trustworthy when doing business for the first time? Is it safe for customers to ask for credit terms? These problems caused by the asymmetry of cross-border credit information have been restricting the healthy development of cross-border business.

In order to help enterprises crack the credit pain points and difficulties in cross-border trade, the SCO Demonstration Zone, giving full play to the attributes of international public products and relying on the China-Shanghai Cooperation Organization Comprehensive Service Platform for Local Economic and Trade Cooperation, has launched the country’s first cross-border credit service platform for the SCO countries – the “Credit SCO” focuses on the practical needs of enterprises in international market development, risk management and trade financing, and provides one-stop and full-process cross-border credit information consulting services such as selecting markets, finding customers, checking the world, and international credit certification. By the end of June this year, the platform had a total of over 90,000 registered users and provided 920,000 global enterprise credit reports, helping cross-border trade to “bring in” and “go out”.

“Credit SCO builds a one-stop and full-process cross-border credit service system, providing domestic and foreign enterprises with a package of global credit investigation services such as global corporate credit reports, global target market and customer information inquiries, global commercial account collection, and commercial credit risk management. The company has released credit financing products such as “Export E Loan” and “Port Loan”, which have helped enterprises obtain credit loans totaling more than 300 million yuan.

Cross-border credit construction cannot be separated from the support and flow of data. “Credit SCO has built a global enterprise credit database, gathering 7.9 billion data from 300 million active cross-border enterprises in 216 countries and regions, covering more than 70% of active enterprises in SCO countries. It is precisely this huge amount of credit data that boosts the confidence of enterprises in their development and protects them as they “go to sea”.

In the “credit + cross-border service” scenario, the “Credit SCO” cross-border credit service platform has become increasingly mature, and has continued to explore the early and pilot implementation of standards, publishing cross-border credit standards such as the “SCO Code”, and strongly promoting the development of cross-border credit services. It has also continued to explore the early and pilot implementation of standards and issued cross-border credit-related standards such as the “SCO Code”, which has strongly promoted the construction of cross-border credit international exchange.
For example, SCO countries have different official languages, different rules for enterprise registration, and different rules for registration numbers, tax numbers and customs codes, making it difficult to accurately identify and locate enterprises in SCO countries. For this reason, the SCO Demonstration Zone, relying on the accumulated functions and services of “Credit SCO”, has issued the “Rules for Identification and Coding of Enterprises among SCO Countries”, i.e., the “SCO Code”, to standardize the marking and identification by means of uniform rules and effectively solve the problems of inconsistent identification of enterprises in SCO countries. The “SCO Code” was issued to standardize marking and identification by means of unified rules, effectively solving the problems of inconsistent identification of enterprises in SCO countries. As of the end of June, the work of assigning codes to 76.3 million enterprises in 10 SCO countries had been completed.