Bozhou City Applies Satellite Remote Sensing Technology to Spring Ploughing Credit for the First Time in China

Recently, by virtue of satellite remote sensing technology, Yukai, a large-scale grain grower in Huangzhai Village, Qiyuan Street, Mengcheng County, Bozhou City, received a loan of 292,380 yuan within a few minutes, from the application to the approval. This witnessed the application of satellite remote sensing credit technology to spring ploughing for the first time in China.
Code-named “Parus Major”, this satellite remote sensing credit technology is hardly complicated to operate. Farmers only have to circle their fields on their cell phones and the satellite will scan the fields in a prompt manner. By means of satellite images, lending banks identify the size and type of crops on the plots, and use risk control models to estimate the yield and value of the plots, thereby providing farmers with loan limits and reasonable repayment periods.
Only with the “fresh water of finance”can agriculture develop and grow prosperously. The whole year’s harvest depends on a good start in spring. Therefore, the spring ploughing period is the most critical time for crop growth in a year. A lack of funds during this period can result in inability to purchase agricultural supplies in time. Consequently, it will have negative effect on a farmer’s family, and even on food production and security. The introduction of satellite remote sensing credit technology in Bozhou City, a major grain producing area in China, gives credit precisely to farmers and resolves the financial problem, thereby having great significance for food security and rural revitalization.