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The successful launch of the PingAn-3 satellite supports inclusive financing

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News Tech: PingAn-3, also known as Taijing-1 01, Ping An’s first earth observation optical remote sensing satellite, was successfully launched, according to Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318; SSE:601318). PingAn-3, which was launched from the Jiuquan Satellite Launch Center, will work with Internet of Things (IoT) satellites PingAn-1 and PingAn-2 to assist the growth of inclusive finance and the supply chain financial services provided by Ping An Bank.

Ping An works to advance inclusive finance by utilising a technologically advanced financial service model to meet the financing requirements of MSMEs. Upon receiving corporate authorization, PingAn-3, a Ping An Insurance earth observation optical remote sensing satellite, can collect high-resolution picture data and assist banks in better understanding real operation data and other information in the supply chain’s upstream and downstream regions. Additionally, this data can assist banks in evaluating loan risks and enhancing the accessibility and availability of financial services.

Micro-, small-, and medium-sized companies (MSMEs) have trouble obtaining the funding they need for production improvements and company development due to a lack of loan collateral and trustworthy credit information. Due to extensive industrial chains, a large number of cross-regional enterprises, challenges with due diligence, and modest but frequent receivables, it is challenging and dangerous for financial institutions to examine funding applications from MSMEs.

In the agricultural industry, the area and development of crops are routinely tracked by remote sensing photographs. The amount of financial assistance given to MSMEs upstream and downstream in the agricultural supply chain may be calculated using this information. In the energy industry, a remote sensing satellite may capture photographs of a solar farm, use artificial intelligence (AI) imaging technology to count and inspect photovoltaic panels, and give data support for banks’ green credit. Banks may employ remote sensing photos to better understand how commercial properties and industrial parks are being built and increase the security of their financing arrangements in the urban services sector.

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