- Tenet (PKK) has signed a cooperative agreement with Huai’an Rural Commercial Bank
- The parties intend to create a program to improve credit access for China’s restaurant and food services industry
- Qualifying businesses would receive a C$10,000 credit line from which Tenet would earn transaction fees
- The program would begin in Huai’an with potential extensions across China and into Canada
- Tenet Fintech Group operates an ecosystem of lenders, borrowers and other participants in China’s commercial lending space
- Tenet (PKK) is up by 1.99 per cent trading at $2.05 per share
Tenet (PKK) has signed a cooperative agreement with Huai’an Rural Commercial Bank.
The parties intend to create a program to improve credit access for China’s restaurant and food services industry.
Entrepreneurs in the sector often have difficulty obtaining credit due to high turnover among other risk factors. Tenet believes its Business Hub’s LendingPro credit management module could significantly mitigate this issue.
LendingPro provides greater integration between banks and the Business Hub, which would allow HRCB to assess credit worthiness aided by LendingPro’s built-in AI functions.
Qualifying businesses would obtain revolving credit of up to RMB$50,000 (about C$10,000) from HRCB to purchase goods and supplies from Business Hub-approved vendors. HRCB would earn interest on the credit, while Tenet would earn a 2-per-cent one-time service fee, payable by the supplier, on each transaction executed through the program.
The program would initially apply to businesses in Huai’an, whose population stands at 4.5M. Tenet plans to pursue partnerships to replicate the program in other parts of the country. A Canadian version of the program is also in the works as Tenet prepares to launch its Canadian Business Hub later this year.
Tenet Fintech Group operates an ecosystem of lenders, borrowers and other participants in China’s commercial lending space.
Tenet Fintech (PKK) Stock is up by 1.99 per cent trading at $2.05 per share as of 9:56 am EST.