Internet Finance Association of Small and Medium - sized Banks (IFAB) is a non-governmental organization jointly set up by small and medium-sized banks led by Ping An Group under the guidance of the Financial Development Services Office of Shenzhen Municipal Government. Registered with Shenzhen Administration for Non-Governmental Organizations, it held a convention to announce the establishment of the association in December 2017. The Secretariat of the Association is established in OneConnect.
With the vision of building itself as a No.1 Internet finance association of small and medium-sized banks in China, the association now has over 230 members, with total assets of more than RMB 35 trillion. The Association consists of six major professional committees (strategy management committee, mobile interconnection committee, interbank business committee, risk management committee, Small and micro businesses committee, Fintech committee). Aiming to achieve "coordinated development for a mutually-beneficial and win-win result", and guided by the six principles (ACTIVE) (Authorization, Connection, Teamwork, Interaction, Verification, Empower), the Association is committed to continuously helping its members to enhance the Fintech level of small and medium-sized banks, as well as business innovation ability, so as to realize "Three Increases, Two Reductions” (competitiveness increase, income increase, service level increase, cost reduction, risk reduction). The Association continues to push forward the strategic transformation of small and medium-sized banks and promote the common development of the industry.
IFAB Introduction video
IFAB Foundation Ceremony video
The Association's activities are carried out by professional committees. Centering on the issues and hot spots that small and medium-sized banks are most concerned about, the six professional committees will conduct exchange, communication and interaction, and achieve cooperation through the mode of “technology exchange, platform sharing, cooperation development and joint innovation”.
Public credit investigation data
Joint risk management model
Collection of non-performing loans
Blacklist and greylist sharing3
Group purchase of financial products/rights and interests
Interaction/points exchange of featured shopping malls
sharing of smart product preferences (Dr. An, Xiao’an customer service robot, facial recognition, mobile business development)4
Precision profiling of customer
Approval and decision support
Risk pre-warning and monitoring
Customized product R&D
And credit cooperation strengthening5
Sharing of platforms
Mutual financing of funds
And business reciprocity6