The city of Qingdao, Shandong province, has helped solve some of the financial problems facing local small and medium-sized enterprises (SMEs) and improve market efficiency via a platform launched to make raising funds easier, according to chinadaily.com.cn on March 29.

The Qingdao Receivable Financing Services Platform, launched by the Credit Reference Center of the People's Bank of China (PBOC) in June, 2014, reached a total financing volume of 21.3 billion yuan ($3.3 billion) by the end of 2015, ranking first in the receivable businesses in the province, according to PBOC sub-branch in Qingdao.

Taking advantage of the Internet, the platform offers information and cooperative services for creditors, debtors and capital providers in a bid to attract more parties to the market and facilitate receivable business innovation.

As a financial infrastructure, the platform has shown its positive role in promoting movable asset financing and serving SMEs, according to bank insiders, adding that they strengthen technical support and offer tailor-made services for enterprises and financial institutions.