Good afternoon. Welcome all the guests from online and offline to today's Ping An Bank 2021 Corporate and Risk Investor Day. I am the GM of Finance Accounting Department and the Corporate CFO, Kevin Zhu. Thank you for giving me this opportunity to be the host of today's Investor Day. We didn't look for a professional external host.
That's some minor contribution to the bank's cost income ratio. I don't know what your feelings are after that short clip. When I look at those pictures, I'm still very heartfelt for those moments. I joined Ping An Bank for around 4 years. All those pictures on the screen, I have experienced most of the time for the retail 1.0 transformation stage. So when I look at those pictures Im still very heartfelt for those moments. We have been held to the course from the Central Party and State Council, and hold on to our 12 words strategic direction.
During this process, we have shown our performance with data and metrics. We delivered our words, and corporate risk played a very important role along this process. Now we are turning to the 2.0 stage with all the environments are changing, for regulatory, market, demand, and technology application. During this time, how can we hold on to this retail breakthrough and retail priority strategy, and play the role of risk and the corporate well? This is what we want to talk about for today's Investor Day. That's the core, corporate and risk. How can they play an even better role for the retail transformation? Today we have four parts. First, we will have President Hu to deliver the main report. Next, we will have three sub-reports regarding integrated finance, technology-led transaction banking, and the risk control.
At the end of the Investor Day, we will have Chairman Xie Yonglin to deliver conclusion remarks. Today we want to, together with all the guests here, review on the past and look forward to the future. Let's start the first part of today's conference. Let's welcome President Hu Yuefei to deliver the main report.
Good afternoon, everyone. Welcome all the guests from online and offline to join us in today's Corporate and Risk Investor Day. Based on the board office arrangement, I will deliver the main report at the beginning. My understanding is for this report to deliver all the framework that we have for the corporate business and to answer some of the key concerns that you have, for example, why we want to do this.
For detailed information, we will have President Guo, Board Secretary Zhou, and GM of Transaction Banking, Li Yue, to deliver their reports. For my report, the title is to construct the new drivers for corporate business and to start a new growth curve. Let's look at our results first. We think we had a relatively good momentum, and let's look at the roots. There are five we concluded. To look to the future, where should we head into? Where should we promote our corporate business? First, results. Yesterday, I believe you have all read our third quarter report, and on the desk, I noticed there is a presentation slide to present you all the key metrics we had for the third quarter report. For the first nine months of corporate business, we had a very good momentum, and the growth is there to see.
Noticeably improved. For customer base, it improved noticeably, corporate deposits, both optimized for the balance and cost. Back to the customer numbers, it increased by 33% compared to that in 2019, and incremental for the first nine months is 2.19x of that in last year of the same period. For the effective customer deposit balance, it was over CNY 255 billion, and for the daily average contribution, it's already exceeded half. There is one figure I want to show you, is for deposit per account. We ranked the second place among our joint stock banks. You say that we have the increasing deposit, which is more than CNY 200 billion. Still, you can say that our deposit on daily basis still grow by 8.8%.
If we take the downsized part into our balance sheet, you can see our deposit on daily basis already reached a very high double-digit growth number. While regarding the current account, deposit on daily basis was growing by 23%, 4% higher than the same period of last year. Also we simplified and optimized the structure. You can see that the income from the structure has been improved, also we have good goals being made from our dual strategies. Here is a new set of the data. You can even calculate it. Even if we didn't disclose a set of the number, but it can all be calculated in our financial report. The non-credit business also bring very good income to the company, which means around 20% of the revenue are related to assets, where around 80% of the total revenue are the non-asset business.
In the first nine months is our corporate business profitability has been improved by 12.3% compared with 2020, while the corporate finance mechanism has been further upgraded with the Ping An characteristics. We deep dive into the integration of our two ecosystems. In the first nine months is our total investment is already being improved greatly, and which help us to have a daily deposit of CNY 117 billion, up by 29%, and around 50% of them are the current account deposits. At the same time on the auto financial loans perspective, the size already reached CNY 250 billion, ranking first in China. Regarding the supply chain financing, the size is already RMB 220 billion, ranking number two in the society. We served more than 62 OEMs now in the auto industry.
We accounted for 82 of the OEM in China, and we accounted for 30 of them, where we also served more than 8,700 4S stores. In China, we have around 20,000 4S stores in total. You can see we cover around 70% of the auto OEM and around 30% of the 4S stores. This mechanism also help to boost the rapid growth of this industry. We have the industrial banks taking the lead. Trading banks help to provide the service, investment banks to help to place the right targets, and the corporate finance to help to take care of the business. You can say that we are growing very robustly. We are very happy that our bank loans would be improved and greatly. Where the bank insurance also be supported by around 40.8%.
Technological empowerment improves the operational efficiency, which can help to release a great momentum for future development. Based upon digital bank, eco bank, and platform bank, these three very important name cards will help the company to further expand our service scenarios, improve the service quality, and then bring more empty room for future development. We have the digital bank with more than 10 million devices being connected, and it already supported CNY 130 billion financing. The eco bank has already made more than 5,000 APIs, and serving more than 30,000 clients. The total trading volume is around CNY 90 billion in trading in the first nine months of this year, the platform bank means that we now have around 6.59 million registered users. On a daily basis, we have more than 40 million transactions.
The Pocket Bank register is more than 6.59, which was increased by 5.3x compared with the beginning of this year. These are all the very good results being harvested by us. Let take a look at the reason. What are those fundamentals to help to further sustain our growth in the near future? I think this is also a great concern for many of the investors. Let's take a look at the five factors which help us to make a good scorecard. First of all, we have the right strategy to lead our business, as been said in the short video, we have the 3+2+1 strategy, including our industrial banks, trading banks, and the integrated finance, where two means two major strategic customers, including our strategic customer base and SMEs. We also stick to the assets quality improvement.
It's been taken as our lifeline, and we're also building the AUM + LUM + platform operation model. For example, we have the five cards strategy that are helping us to further improve our business. All those strategies help to sustain our business and sustain our development momentum. The second factor is our very steady assets quality, which can lay a very solid foundation for our business take off. In the financial report, we'll also disclose you some of the information regarding the assets quality. Here are two key criteria. Our corporate business NPL is only 0.89%. The corporate NPL formation rate is only 0.26%. You can see, compared with other peers, we are still the well performer in this market. With such a good asset quality, it will undoubtedly leave more room for us to further develop our business.
Where with such a good asset quality, it also tells our capacity of managing the risks. We believe this in return will also support our future development. The third point is successful transformation of the retail business also help to leave more room and space for the corporate business development. In the interim result announcement, when we were conducting the meeting, we shared with you many retail business data. The Q3 report still see improvement on our performance. You can see that our retail loans and its profit contribution, revenue contribution, are all major contributors to the total revenue of the bank. It's all more than 60%. You can see that the successful retail transformation, the reform, leaves more room and more space and more time for the corporate business.
Because of the successful retail business transformation, the reform, it can also help us to digest the historical burdens and make sure that we can truly make a good development momentum with a very positive performance. While at the same time, we leverage the corporate strengths to actually grow our AUM and the RUM. You can see that we have already total invested and financed CNY 930 billion. In other words, in our corporate business, we have around CNY 1 trillion on balance sheet. If we grow our business again, you can see the AUM and the RUM, because of the corporate resources and the strengths, we can still grow it with very robust momentum. In the first nine months, the size has already reached CNY 940 billion. You can see that integrated finance is actually a very solid foundation for us to further develop our corporate business.
The fifth factor is a well-organized team. As you see from the video, after more than four years or nearly five years of calibration and work, we made some very strategic deployment on our team. Our team's been greatly weathered and been greatly improved. You can see that our team also cherish this opportunity to develop our corporate business further. They are also very confident to further develop the corporate business. For this well-organized team, we have the leading profitability per capita. We have the industrial product expert, technological expert, and the business expert, making sure that our team is going to collaborate more smoothly with their own expertise being shared and be contributed to the general business. After taking a look at all the factors, it was talking about the past, let's look into the future. Let's see, the market is changing.
The environment is also changing. The need and the choice made by the customer is also changing. For sure, our corporate business model also need to be changed accordingly. As investors of Ping An Bank, I think all of you sitting here probably already noticed our development changes happened for the past one to two decades. Around two decades ago, at that time, we were just providing business based upon the credit product or other product. At that time, we fully rely on the product to work for the clients. Many of our business are on the credit-like giving, and we leverage our social relationships and the loans to maintain good relationship with the customer. Around one decade ago, we shifted to the product-based model, where at the time, we started to have some industrial product solution and platform.
I still remember at that time, we were frequently discussing some new platforms being established by the Bank and remove the part of the business to the cloud end. For example, the supply chain business and finance being used to serve the auto industry. Also leverage internet as a very important platform for such a service. Also have some internet-based platform service for the e-commerce industry. At that time, we were actually providing the service based upon the industrial platform, where for the past 1 decade, to be more precisely speaking, in the past five years, the banking industry is now embracing a keyword that is ecosystem. Ecosystem means we have the data-based business model. We have the scenario and the data-based model. Then to provide the corresponding service.
More importantly, we are actually taking care of the demand and the scenario from each industry, to provide our service. We're focusing more on efficiency and professional service. For example, the digital bank, B2B bank, B2C bank, and open banking are becoming trends. You can see that the environment and the customer needs are changing. That's the reason. I think there will be two major variables. The first one is Industrial digitalization and the structural changes for social financing. Industrial digitalization is going to reshuffle all the fundamental elements for the company's future developments. It's going to break down the account, trading, and the customer concept. In the past, we only work for a single product or single client, but now we open our ecosystem to provide a diversified product platform for a group of the customer.
Trading banks are leveraging the platforms to make sure that we can provide better service. Where the structural changes of the social financing is also help to reshuffle the traditional balance sheet. Direct financing and the capital market development is going to bring us new business development opportunities. You can say industrialized, yet investment oriented and dual-light strategy will help us to harvest more in the near future. Let's take into the future. In the next four slides, I'm going to share with you more data, especially helping you to understand we are facing those changes. What countermeasures are there in our minds? How we're going to take multiple actions to improve our performance? We have the following three presentations to give you a detailed explanation. First, to change the customer management logic and to reshape a new customer value system.
Today, we will have a part that is to release the white paper for the customer value. With the Nebula platform, open banking platform, and Digital Pocket, all those new channels, we are upgrading diversified and the batch of acquisition to reach customers from all parts and to transform from to serve platform companies to serve platform users. We are creating this conversion path for users to become our customers and to have a massive customer base for corporate business. In this system, there are three key words. First, user reach, second, customer conversion, and third, value enhancement. To put it simply, customer reach is that you will see them and to feel them, and customer conversion is that you can bring the flow in and to earn money by increase their value.
We connect to platform banking, open banking, and to integrate the risk control models and to serve our customers along those upstream and downstream to increase our capability to reach them. Later on, Li Yue will share more information on this part. For customer conversion, we will talk product, enrich benefit, and to refer customers to activate those users we have and to promote the conversion. The work is being implemented smoothly. In our white paper, they're very detailed expression, so you can have a look on that. For the customer value enhancement, we will transform from the traditional deposit loan and the forex business to manage their AUM and manage their liability, LUM, so that their value can be gradually enhanced.
We will use our limited on-balance sheet resources to grow our off-balance sheet business, and we have been doing this very well from letter of credit, those traditional again. In the report I delivered at that time, I shared with my colleagues a set of numbers, that is our LUM, to serve our bank's customers. The volume is 3.4x to that of the on-balance sheet loan volume. To a great extent, this doesn't rely on the corporate credit lending business. This is a massive change for us. The next page, to the industrial digitalization, we are restructuring the business model for transaction banking, and we aim to build the best transaction banking with technology empowerment.
We take digitalization as the starting point. We centered on the account system, transaction, and risk logic of the transaction banking to link this industrial chain. We rely on digital account to set up the connection with consumer side, industry side, and government side for those platform ecosystem. We want to enhance our core capability to serve this digital-based economy. Three keywords here, account, transaction, and risk control. In this age of industrial digitalization, the transaction service of banks
have been changing. For example, let's look at the changes happening to account system. In the past, you have to visit the branch to open an account. You have to verify yourself face-to-face, and this account is relatively closed. You can only use this account in the bank system, or you can only use this account in the counter services, more accessible. We are transforming from serving a single account to an ecosystem-based customer segment. This will bring us the economy of scale. The second, coming to transaction. In the past, transaction services are more centered on financial products, but now those services, we will use more digital assets. Digital or digitalization will be the effective assets for transaction. Where the numbers are, the transaction can happen.
In the future, based on contracts, invoice, order, tax, taxation or labor, Internet of Things or the carbon neutrality will all be the benchmark for transaction or trading. This will expand the boundary for transaction banking. Risk control, the last one. In the past, it was more focused on the credit of entities, but in the future, you will see more digital color on that. This is a transformation as well. Based on big data risk, we set up our risk models, and we will construct a new standard for credit judgment, and to some extent, it will replace the entity credit rating, and the digitalization or numbers will be the most important factor we consider when we do the risk assessment. Next page. Facing the capital market and direct financing, we will have more differentiated advantage.
In 2020, our bond issuance volume was over CNY 50 trillion . For A-shares equity financing, the volume was around CNY 2 trillion . M&A over CNY 1.2 trillion . The rapid growth of direct financing capital markets created great demand for complex investing and financing. We have even more opportunity to dig premium assets and to serve premium companies. For Ping An Bank, when we talk about these parts, we usually focus on complex investing and financing. Why complex? Because for the simple ones, normal banks can cover this business as well. For complex investing and financing, we target at high-end customers and their complex demand because we have this advantage in integrated finance, for example, and also channel product, funds, and professionalism. All those differentiated advantage helped us to serve our customer better. For other banks, probably it's going to be difficult for them to provide those services.
In that case, this business, we centered on three core factors. First, we have new customer targets. In the future, we will focus on new technology, new energy, and a new infrastructure. Second, we will focus on new product system, for example, refinancing, deleveraging, mixed-ownership reform, and M&A. The last one, last factor is for the funds. We will provide more diversified choices to serve our customers' demand. We are now constructing those differentiated advantage system, and later on, Board Secretary, Mr. Zhou, will give everyone a very detailed presentation. We have the confidence to serve more premium customers based on the unique industrial banking framework because Ping An Bank, we have six business unit or business departments. This is very unique in the industry. We have been doing this for seven years, some even eight years. They have been digging into each sector or industry thoroughly.
With that, we are also digging into the ecosystem of each industry and constructing the Industry Pass Finance Alliance platform. Board Secretary will share some real examples with us. We have the capability to cover even more demands. We are all kinds of funds. With the bank and the group's subsidiaries, we can provide diversified products and service portfolios to provide customers our unique services so that their demand for liquidity, deleveraging or cost-cutting will be satisfied. Next page, for the new situation we are facing now, we are utilizing risk control capabilities, the smart risk control, to empower us and to safeguard our business growth. President Guo, in his report, will tell us what we have been going through from the traditional risk control to this smart risk control system.
In the past, it was more like a defensive position, but now it will help business grow to serve as an assistant to help business grow faster. Now here, I will only touch upon three aspects. First is the big data smart risk control will provide help to earn the proactiveness. The third one is for the highly efficient smart due diligence and approval system can improve the communication efficiency, both inside and outside. The front line can focus on marketing and the customer service, in a more effective way to enhance customer stickiness. What I just said is only a one on the ground I laid for President Guo's report. After his report, you probably going to have an even better understanding on the Smart Risk Control Platform, Smart Warning System, and the Due Diligence Approval, et cetera.
You will understand why they can support the three aspects I mentioned. Please be awaited for his report, and you will know the logic down the route. The last page I want to share with you is for corporate business, why we are saying that in the past four years, during this transformation, according to Chairman Xie's words, this team is still here, and it has been going through a lot of trials, and they can win in the hard battle. Now we are restarting this business. How can this team win even more battles in this environment? Here, I want to show you how we can guarantee that this team will have the momentum. Four aspects I want to share. First is for the organization. We will keep the organization energized.
We compared it to one body and two wings, with three war zones and the six PMOs. One body is for the committee, the corporate committee, and the two wings means transaction banking and complex investing and financing business departments.
Many of our business development are actually based upon both business lines. Both business lines provide a professional service, serving the customer with their robust capacity, that can help us to build a very good competency in this market. The three heads means our three battlefield, which means our three geographic locations. We have the command in three geographic locations, these are all of our senior management members. The first one is Mr. Yang Zhiqun, who is taking care of the investment business.
We also have a VP from Beijing branch, and Mr. Ju Weiping, who is actually in charge of the northern area of China. Mr. Yang was in charge of the southern area. We also have Mr. Zhang, who is also the VP of the Shanghai branch, who is taking care of the Eastern China business. You can see these have been called as the three battlefield or geographic area. The 6 arms means we are supporting our business development with six PMO teams. The 6 PMO teams altogether have 42 dedicated full-time staff. These PMO teams are actually responsible in development and support of major projects, and also responsible in the engagement and the planning of the major strategies. While for our 6 PMO teams, they are also interconnected with each other.
For example, the PMO leader for our three geographic locations are the vice director from our central banks, and they are responsible in taking care of the three geographic location areas and also working as PMO senior managers. In this way, we can make sure that our headquarter and the different geographic branches can actually have a very smooth communication to reduce the disputes. We are talking about the PMO for our double wings. Our PMO for three geographic locations and the business lines have periodical meetings for engagement and for communication, especially on some major use cases for the bank's development.
The PMO team is not only to do the business promotion, but also responsible for the education. You can say that for our team, we are also become more professional and young. For this year, we have already appointed 136 group leaders. Currently, we have more than 660 small teams, which means that around one in six of the new.
staff has been appointed for this year. Average age is only 36 years old. Those business are pretty young and also see rapid innovation starting from those teams. We also see diversified and ever-changing customer need from the market. We can see lending capacity also play a decisive role to a team. That's the reason to have a young yet professional team, and the talent is the key for us to further educate our team and to make sure they still gain a very good business development momentum. From the data-driving perspective, you can see that for the past nine months, our IoT interconnected terminal device has increased by 33x , and the momentum is still going to continue. While for open banks, the customer number was growing by 129% in the first nine months of this year. We also have a smart corporate management system.
For example, we have the real-time performance dashboard and the business clue and system and the mobile business platform. These are all the tools in supporting our digitalized business and supporting our business management. While from the resources allocation perspective, you can see for banks, as being disclosed by our announcement, many of the investors were also wondering, and how we're going to have a right resource allocation for retail business and the corporate business. We're still going to have a 40%- 60% strategy. Not only for the credit resources, but also for the capital resources. This is also the reason for the past three years, we're trying to downsize the NPL, while at the same time, we can see more growth on the resources allocation perspective. This can actually help us to restart the development momentum for the corporate business.
We're talking about the parent company resources. You can see in the first nine months, we have already realized the size of investment financing is more than CNY 940 billion. Well, you know that every year the newly added investment is around CNY 400 billion-CNY 500 billion. This new investment would become a very good resource for our corporate business. All those investment is that banks are there to find the right customer and to find the right assets. Well, in return, we call it how we can leverage the integrated finance and group finance to reach those customers. These are the direct customers that we can reach. These are the resources that no other banks can randomly enjoy. We are talking about innovation leading.
On a yearly basis, especially for the past three years, every year, we spare 50 million innovation funds to incentivize the innovation project and the innovation teams. This has been done for five consecutive years in the past. Every year, we have two competitions to help to award those innovative project and innovative personnels. I still remember the first prize of this competition will be awarded with RMB 2 million. You can see that among other awards being granted by the government, they won't be able to give such a high amount of the incentives and awards. Looking to the near future, we're going to leverage our technological empowerment and integrated finance, working on four big momentums to help to revitalize our strengths, to build the scientific-oriented, yet data-driven corporate business, to start a new growth curve for our future business. Thank you very much.
Thank you. Thanks for Mr. Hu. I think after this presentation, you may have your own understanding and interpretation of this presentation, talking about the four engines of our transaction banking and integrated finance. There is a backbone in between. That is a customer-centric approach. You can see that in China, our investment financing service are still the real resources, but it is also a structural scarcity product. For the customer from financing, from investment or from industrial settings, they need commercial banks to provide the comprehensive, yes, a full basket of the service.
Also technology can make our service more user-friendly, more effective, and working better for different industries. So these are the two highlights I got from Mr. Hu's presentation. Coming next, I would like to welcome Ping An Bank Board Secretary, Mr. Zhou Qiang, to be on the stage to walk you through the integrated finance. Let's welcome.
Dear investors, good afternoon. I'm the Board Secretary. My name is Zhou Qiang. Today, I have a new identity. Because I pass on my host authority to Mr. Pei, and coming next, I'm going to work you through on the investment finance business. Well, I only have 20 minutes, so let me work you through my presentation very quickly. My topic for today, the first part, we call ourself as a good youth with five merits. We have five labels. How we grow our business, we also choose three very important tactics in three industries to share with you. We are a young man with five merits.
You can see that for our complicated investment and financing business, we call ourselves as a young man. Let's work you through the profiling of this young man. Well, for our investment financing business, we have the following distinctive features. For Ping An, our business, we have a feature of occupying less assets to be light. Well, with this precondition, we have five featured labels. First of all, more, fast, good, and also in-depth. Let's talk about what do we mean more. We have more resources. Secondly, means fast. We also have fast development. The third one is we can actually make sure we utilize the resources better. In-depth means we are working in the key industrial ecosystem to have the in-depth impact there. Also broad means we can also copy the successful story in a broader sense.
You can see this actually shows the distinctive features of our investment and financing business. First of all, let's talk about more. We have more Dual-Light assets and resources to maximize our development. Why should we call ourselves in this way? You can see it's because of our background. We have a big main asset, and we also have a very consolidated corporate business. Only the bank has a very complete system and also more than 4,000 account managers, and it's been serving as an engine for the corporate business. We are actually the leading executor of the corporate business. Well, let's take a look at the right side. You can see by the end of this year, we foresee the business size of this year would be more than CNY 1.2 trillion, just like the FPI concept proposed by the Industrial and Commercial Bank of China.
CNY 1.2 trillion is the business account for this year only, rather than the balance, the number. You can see from the structural perspective, around CNY 48.486 billion are for the parent company investment financing product size, and around less than CNY 10,000 are actually the newly aided loans and investment while leveraging less than CNY 100 billion of the RWA to serve multiple clients at the same time. It can also serve from the following data. First of all, corporate deposit ratio, you can see that when we benchmark our peers, and we are the one with the lowest value. While at the same time, the productivity per capital, because we well utilize the resources, so our productivity per capital improved by 25%, ranking the number one in our industry.
We'd like to really build our real investment bank model, leveraging less resources and capital to serve the customer with a maximized approach. We see leveraging our great parent company and our other brother companies, we can still serve the client with very good capacity. Second label is being faster. We are a company with a faster development. We not only have a business size, but also great growth momentum. Since 2019 on, we find out we are the leading executor of the investment financing project. You can see that for the past two years, we see a very good growth for our business size. In 2019, the number is already more than RMB 200 billion. Well, for this year, we're still going to see a 20% CAGR.
Especially if you take a look at the right side, there are few assets classes are seeing great investment. The attributable investment size increased by 5x . The asset securitization, including REITs, the size being improved by 2 x. These are always the business that is hard to be covered. For example, those product, it's us and our peers, harder to access to those business. How can we do with it? You can see this with the resources and increase, it can further replenish our capacity in serving the customer. This is also a great difference between us and other peers. The third label is being good. We can actually leverage the resources in a better, yet more seamless approach.
People said you have a very good dual-light model to grow your business, but how can you make sure that the resources can be used by the bank? How can you verify you are better than someone else? In the backdrop, actually, we have a very good mechanism to correlate resources. We call it the 6M and 6R. Six from and six reach. I think I'm not going to elaborate on this point. The core change is that we have the cross-subsidiary collaboration.
We need to upgrade to the 2.0 integrated finance integration, and the concept for the whole team. In the past, it was, when you have extra energy, you can help us. Ping An Bank, we mentioned that we have six complete business departments. Those departments will be the lead for integrated finance projects and be the manager. In the past, products that haven't been managed, now we have the industry departments to arrange in a consistent income, et cetera. This is a mechanism we have now to better utilize the dual-light resources. The fourth pack we have is the dual-light I mentioned. We will approach from the Four-in-One model to have even more performance. There are two main parts. First, we have the integrated finance plus investment banking, plus transaction banking, plus the industrial departments as one body.
The second is for industry ecosystem. These four modules are all centered around the industry ecosystem to provide the services. With this Four-in-One model, we have several differentiated specialties. First, we have even more complete structure. We have two things more compared to others. One is the integrated resources for financing and investing from the group. The second, we have the lead industrial departments. Next page. It is not a loose structure. It's more close than before. We have some, we call it business units, battle business units, covering 13 sub-companies in infrastructure, property refinance, de-leveraging, mixed-ownership reform, and merge and acquisition, et cetera. We are fully utilizing the resources from the subsidiaries to reconstructor and to play out the effect even better. Next page. We are connecting with investment bank, which I'm also in charge of.
We integrated these two modules to make it into one consistent business module to focus on the six industrial ecosystem and to form one to two flagship product or models. For property ecosystem, we are doing the syndicated loan. For infrastructure, we are issuing bonds. Third, we connect transaction banking as well. Under the 1+N strategy, complex investing and financing focus on the one, and transaction banking focus on the N. To strengthen this synergy between transaction banking and the industry departments, we formed six battle business units to approach the ecosystem-based scenarios and form competitive models in car ecosystem, medical and et cetera. We now have several case example models in the market, and probably you have noticed that in the Four-in-One model, we have mentioned a lot of about the battle business units.
This is a unique aspect for our model because it's very agile and can get things delivered quickly. Next page. We have six industry ecosystems. The key point here is to want to dig deeper into customers' pain points and to set up case example to have even better effect for those business models. Next page. We want to cover and to promote those business models. We have 18 methods or 18, we call it products or manners to do this business well. That frontline can better copy those model. This year, we upgraded the 18 methods to 36 schemes. For each case, it has a real example to support in it. Here you can see the upgrade from 18- 36. All those are real examples that we have implemented.
To copy the model of 1+N, it will be easier for frontline people to follow through. No matter it's 18 or 36 schemes, we further concluded that we have four differentiated advantages. First, we have unique solutions. We can make our programs better than others. We work even closely, and we make innovations in product portfolio so that we have models that others cannot easily copy or to solve their customers' pain points. Second, we have higher efficiency. We can move faster than others. Third, our price is more competitive. The last one is, we can provide even more comprehensive projects. Our income is more complete. I will not elaborate on those advantages, but what I want to say is that we can copy those models so that others cannot easily do that.
What I just said is the first part of my report. In the second part is for the detailed approaches we have for the investment and financing business. How to do that? Here, we have all those dual-light resources. We will put it under the Four-in-One model plus C-side framework. First, let's talk about car ecosystem. We have a definite advantage in the market. It's not just a simple expression. Actually, no matter in C-side or consumer side or in the corporate side, we have the number one market share for the consumer side. For the business side, our financing volume all together for this year is over CNY 350 billion. We rank the number two in the B-side. We have very good foundation to work deeper in this ecosystem. Our approach here is B plus C.
It's like an all-front coverage for the industry. We take the Four-in-One body, this model, as the carrier to cover downstream and upstream vendors and distributors. For investment banking, we will solve the demand for the main manufacturer and the distributor. Our market shares have been leading the market for the number one or number two. Integrated finance, we cooperate with Ping An P&C. For bank, our coverage now is less than 10%, so still very huge room to dig. For the C side, we will think about how to cooperate better with retail side to have the 2.0 stage, that is for the new energy car. We are thinking about new models to enter this market. In the market, we are the very first bank to think of a new model to connect the C side with B side, and we made several breakthroughs.
In this market, Ping An Bank has very unique advantages. Let's look at some specific examples. For example, we cooperate with a car company, we cover all the scenarios along the ecosystem chain. For the business we did, the banking acceptance business, the balance was CNY 14 billion, for the short, financing insurance is CNY 3.2 billion. For the cooperated partners, we have over 400. The market share is 40%. For referred distributor and also the implemented distributor, we have 50 of them, the P&C, the insurance volume was over 10 million. In the first half, we issued around 580,000 loans, the volume was CNY 3.8 billion. With that, the contribution from this company deposit was CNY 23 billion, revenues, it contributed over CNY 300 million. For its upstream and downstream clients, we now have 400 of them that we are cooperating with. Next page.
The three-year goal, we want to be the leading investment and financing bank in the car ecosystem. In 2023, we want to make the supply chain transaction volume to CNY 500 billion. That's up 70% compared to 2020. For the daily average deposit, we want to make it CNY 150 billion in 2023, and that's up 50%. We want to be the number one investment in the financing bank in the car sector. Second example is for property, which you are very concerned with. Actually, we are the earliest bank that set up its property business department. We are the only bank that has been issuing white paper on property financing for eight years consecutively. The white paper has now become a very important intellectual property in the industry. The key focus we have for property sector.
The environment now for property is quite tightened, what should we do? Not set idly, but to focus more on doing the dual-light business. To issue less, but to focus more on deposit. To transform all this advantage we accumulated to risk-free deposit income. How can we do that? The core is to along this industry chain and to focus on four important parts. That is the land acquisition, development, sales, and operation. We have six new models or business products along these four aspects. I take two examples. First is the guarantee deposits for the land, and it was settlement over RMB 10 billion. With the resources or advantage we have with Ping An Group, we can easily win over others in this business. For the partners we are cooperating with, it already contributed a lot of contribution to the deposit we have.
You know that for mortgage, it's a very scarce resource for all banks. It's kind of like a gold. For the projects of key property developers are covering all regions, a lot of regions in the country. We are enhancing the synergy between corporate and retail. For retail, they provide special mortgage credit line to the property clients of the group, and that's as the hook or resource to bring in deposits. We're also enhancing the synergy between the branch and sub-branches. With the property business department, they will lead and integrate all the resources of branches and subsidiaries so that they can earn the cooperation opportunity, and to enhance deposit with multiple leverage. We provide all life cycle services to our customers.
With all those resources we have, we can solve the pain points of customers, and win their preference and be their primary bank. Some metrics to share. Now we have over CNY 10 billion deposits back to the bank, and we have extra CNY 2 billion deposits, and some even more funds from other banks. With that, we achieved quite good progress.
In the property market, we are not only working on growing the mortgage, and we are leveraging the Integrated Finance to get more risk-free deposit. In recent years, we have already improved our daily deposit by more than CNY 10 billion, where by 2023, by being selective on the clients, we would like to improve it by another CNY 60 billion and make it CNY 240 billion. Many of them are the current deposit. Current deposit ratio, it would be increased from 58%- 70%. We hope that we can further refine our strategy to make sure that more yields could be actually harvested from our existing service. While for the infrastructure ecosystem, I think the significance is already there. The government invested a lot in the infrastructure construction. You can see that regarding liability investment, it is actually the one with the highest investment.
It used to be 38% last year, where our equity investment. In 2019, we established the Ping An Construction Investment with a professional team. The third part is that infrastructure is actually a place with furious competition, and without improving our business, we won't be able to survive in this market. What can we do? We're leveraging the full positions and integrated body, plus Construction Investment. Once we have a Construction Investment, we'll be able to have the investment financing construction and operation a full value chain solution. Then to leverage AUM to support AUM to improve our returns. You can see AUM driving AUM have three characteristics. First of all, we can leverage the integrated finance to get more premier customer, where other financial institutions won't be able to extend the finance to different industries and to cover all the participants.
You can see we have the product in almost every industry. More importantly, we have a long tail chain with more investment, so we have more accounts, more settlements being made, and more deposits being settled. AUM is also a very lucrative number to all of us. Let me give you a specific example. A metro line is the largest SOE in one city. In the past, they were only working with four major state-owned banks and the national development banks. How can we work with them since last year on? Last year on, we are actually working with Ping An Asset Management of providing CNY 6 billion, five plus five protected liabilities, and then to provide the real equity plus liability financing solutions to their inventory and the construction project.
Only in this way, we started to become the first and also the principal strategic partners with them. We also see that our bills and also the financing solution to their customer. You can see for this customer, deposit is already more than CNY 3 billion, and we also expanded into the upstream and downstream to make a good performance. Wherefor a Metro line is only one typical case, where since last year, we leverage the integrated finance to pioneer the road, leveraging LUM to work on the AUM, working with SOEs for the corporation, and our deposit and loans are all more than CNY 100 billion. This is actually a very important sector for the corporate business, where we are actually at the very beginning part for the FPA. You can see that currently our infrastructure, our revenue, and profitability will later grow dramatically.
We have a very clear target in the next two years in the infrastructure industry. We hope that our FPA would rank as a top two in this industry among other stock banks to make sure that for the next three years, we are going to have a 50% CAGR. We are still very confident in this industry. Due to the time reason, I only choose three major ecosystems to share my insights with you, and we also have similar approaches in other ecosystems, and with very aggressive targets. We believe in six ecosystems, we will be able to harvest more value. Coming next, let me go back to the scoring system.
We leverage light assets to help to improve our resources, also going to harvest a CAGR of more than 30% to grow our business by having the six from and six reach to further support our business, focusing on six ecosystem to make sure we run above the average growth of the industry, making sure the successful story could be also copied to other of our BU. This can also show our promising future. We are truly confident that for our FPA, as a young man with five features in such a good window of opportunities, we will undoubtedly to become a leader in this industry. It can also make a due contribution for the corporate business for the whole bank. Thank you very much. Thanks for your support.
Should I answer the question now? The model is different than last time. I'd like to keep Mr. Zhou on the stage again. Let's take the questions from the audience and our friends from the media.
Okay. Hello? I think you probably need to change to another microphone. Hello? Hello, I'm from Zheshang Research Institute. I'm Mr. Ji. Mr. Zhou, I listened to your presentation, and for Ping An Bank, I know you have undoubtedly unique advantage in FPA. You have the license advantage, resources advantage, where after hearing your presentation, I find out if you take a metaphor, if all those resources being taken as a mining site, you still need those workers to do the mining process. How Ping An Bank can actually leverage your team members and especially the staff from the parent company to help to do the mining process.
I know that for Ping An, you are a KPI-oriented culture, but you can see that for all the business development also needs a team to support it. How can you mobilize your team members, especially to motivate your team to make sure that all the teammates are actually taking care of this business with dedicated efforts? Thank you very much. Thanks for Mr. Zhou.
Well, for sure, integrated finance is our key and a distinctive difference compared with other peers in this industry. Personally, I understand the development of Ping An Bank is actually the development history of the integrated finance, and we are also upgrading our business. It's not easy to do integrated finance, especially for the synergetic effect. You have to step out of your comfortable zone so that it can have the 1 + 1 > 2 synergetic effect.
I think there are two very important points here. First of all, motivation. Secondly, actual execution. Motivation means that you have to put yourself in the shoes of different party to help them to resolve their issues so that we can have that long-term, yet long-acting mobilization and incentivized systems. We have 6 PMO, and the 6 PMO teams, they have their own unique license, but they are not actually being differentiated based upon the license. They are taking care of the customer pain points, infrastructure, properties, and different ecosystem. We take a customer-centric approach rather than product-centric approach, and then to integrate all the resources in a very compliant approach.
You notice that for our subsidiaries, we have our different operational business and license, but in some key industry, in some key directions, they also have made some good investment. In certain focused area, we see furious competition from the client side. You see that it's also very likely for the subsidiaries to help to further integrate resources from the parent company, especially on the key accounts and the key projects, and they need the resources to support their business. Our PMO special task force is more like providing a platform for the resources to be shared. Why can we help to take care of the motivation issue? From the labor perspective, the management of the subsidiaries is a leader for each ecosystem. For example, any of the construction and infrastructure-related product and ecosystem will be taken care of by the construction investment financing company.
In this way, we can have a smooth operation. While regarding KPI for key account and the key projects, they are the main body of our KPI and core of the API. Undoubtedly, you see that if you can help those subsidiaries to accomplish their project with a key account, you're helping them to well perform their KPI. For example, there is a metro line whose local investment is more than CNY 30 billion. We can't cover that by a single subsidiary. Then our infrastructure construction task force internally build a special task force. This special task force started to talk to the customer to generate a solution, and then to do the quotation, and ultimately to take this project, and then subsidiaries would be benefited differently. You can say in the past, we have the surplus, the capacity to take care of other things.
Nowadays, if you do more, you will be benefited more, too. The second part is on execution. For integrated finance, there are some concrete problems. For example, coordination, who's going to take the lead, and who's going to take care of the disputes? For example, how can we make sure that there is a very clear assignment of the tasks? How can we settle down the interest internally? Also, how can we make sure we form a comprehensive solution to our customer? In the past, no one's taking care of that, so the coordination is hard to be done. Nowadays, we have a very clear strategy, and our business unit have 200 people who is dedicated for the coordination work. In our business system, we have our integrated finance and trading banks and investment banks.
It's three business allies to support the general business growth. You leverage the BU to help to take care of the project. It can actually take care of the so-called project execution by coordinating resources within the group. We have our special task force, and we have the BU to take care of each project. That's the reason, in our integrated finance, the synergy and coordination's been well done. That's why in the past two to three years, we see a very dramatic growth on the business side. I think this should also attribute to the coordinated efforts. I know that the mechanism still need to be perfect in the near future.
We'd like to spare more efforts to make sure that as we are making more contribution to the Group, and some of the well-performed parts can also be translated into real and concrete income and revenues. Thank you.
Thank you very much.
Let's welcome Ms. Shen, please. Madame Shen.
Thank you. I come from Huatai Securities. My name is Shen Juan. I'd like to ask you a question regarding the corporate business. You mentioned about 6 PMO, which actually done a very unique process. I'd like to ask you, for another three business units, from the bank's perspective, what's your comment? For other three industrial business units, what's your tactics and what's your strategies, and what's your outlook into the future, especially for the three major BU? What's their expectations? Thank you. Due to the time reason, I just choose three major BUs to share their cases with you. For other BU, they also have a very clear strategy for development. Also, they have a very aggressive development plan with more than 10% of the CAGR on their integrated income and revenue.
Well, let me just walk you through other ecosystems. One is for medical ecosystem. We have been the leader in the M&A and privatization. In this industry, all those years, M&A, you will see Ping An's presence. We are the main player in this background. That's earns credit to the integration of investment banking and industrial department. This year, revenues from M&A, last year, it was CNY 380 million, and this year is CNY 830 million. Very good growth, and that has everything to do with the special mechanism Ping An Bank has. Ping An Bank, the group, is putting a lot of resources in the planning of medical field, and that will translates into the value of the bank and will be better reflected in our balance sheet. Another example is for TMT. Our key customers are listed
About listed companies. We are not focusing on traditional loans. Rather, we focus on the equity related business for these customer segment. For example, IPO or convertible bonds or targeted the equity financing or the ESOP scheme, et cetera. We have been doing a lot of researches on that, and now it helped us to open the channel for firms and to cooperate even closer with our research team. That will lay a very good foundation for next year's growth. The third example is for green finance. A lot of people are competing in this field. For Ping An Bank, we are doing this business like an industry. We set up a green finance office, and already formed a long-term and the short-term development plans.
Green, let me explain a little bit, is not an independent or new industry, but rather, actually the standard is whether the loan is to the green industries. It is scattered in all business. In the six business departments we have, they will all have some part in them. For new energy car finance, for example, we are the leader. To the central bank's standard, our growth speed is even quicker. As of September, we already doubled the growth, and next year we can expect more. Apart from the three ecosystems I mentioned in my report, we all have specific plans for the other three. Every year, we want 10% of comprehensive income growth. Our target is to be a leader in each ecosystem. That's our target.
With the advantage of the Four-in-One model, we want to see even more value to be implemented and make a contribution to our business. Due to the time limit, let's have the last question for your report. Welcome.
Thank you. I'm Juwe Hao from the Southern Fund. Thank you for the sharing. My question is that, as President Hu mentioned, 80% of corporate profits comes from non-interest income. For loans or imbalance sheet business, the contribution, the proportion may be even less and less. What's your preposition for your corporate loan business regarding the interest rates are going down? Overall, how do you evaluate the comprehensive income you mentioned, especially in the integrated finance part?
Well, I think your question is about how much contribution the dual-line strategy can contribute to your overall income. For the ecosystems I mentioned, Four-in-One model I mentioned, we already saw some results. In other ecosystems, we all have ambitious goals. dual-light resources we have, especially from a Ping An Group, are playing a great role, also makes us different from other banks. For example, like equity investment or mezzanine investment.
Those are our differentiated advantage. That can help us to acquire more deposits as well. For example, apart from the ecosystem that we mentioned, apart from the results we made from those ecosystems, for the loan issuance we have every year, from a perspective of closed-loop management, we hope that all the issuance from the Ping An Group will be brought back to the Ping An Bank. In the first three quarters, they already brought back CNY 60 billion-CNY 70 billion deposits. With that, we hope future can bring even more.
To look at our loan issuance alone, we don't have that much advantages. If you're adding the group's advantages together, we can now get into some clients who once we were unable to enter before. For the first three quarters, for the CNY 300 billion we issued for corporate loans, 20% is closely linked to the advantage in integrated finance. The third part I want to mention is more fee income. When the Group do this investment, they want the custodian business to be with the bank. That will help our custodian business as well. Another slide is for the investment banking, for the underwriting business and the fee income it brought. For example, the bond ecosystem. Every year we have a CNY 1.5 trillion balance, and every year we have incremental CNY 400 billion- CNY 500 billion. Very good performance already.
Next year, we believe we can have even better growth. Investment will be a key contributor to our fee income as well. Another part is for the cross-border M&A. Most part from that business is fee income. Last year it was CNY 130 million and now it's CNY 145 million. Quick growth as well. To summarize, with the Four-in-One model and the customer value system we have now, in the future, we can see even more results and contributions on our balance sheet. For the operating metrics, you will see even quicker growth, for example, more deposits, more loans, and more fee income. Thank you.
Thank you, Mr. Zhou. My feeling is that Mr. Zhou is a five-married young people as well. He explained very well about our complex investing and financing business. After all these reports, if you have further questions, you can ask in the Q&A session. Let's welcome the GM of corporate business and President for transaction banking, Mr. Li Yue, to deliver a report. For whichever report he did, he wore a T-shirt because he want to pass on his energetic spirit. Today he is in suit, but without tie. I believe everyone here who knows about him will understand that he is a tech background people, and let's welcome him.
Thank you, Kevin. Hello, everyone. I'm Li Yue. In President Hu's report, he explains clearly about the future approaches of corporate business. He talked about new drivers and new curve, and standing from the perspective of transaction banking, our key focus is how to deliver this. My talk today is to redefine the concept of transaction.
Your impression about transaction banking, I think the most part is we set a satellite to the universe. I was the lead of that project. I was in Wenchang of Hainan Province on site. To be honest, when I saw the Yangtze River to carry our satellite and send to the universe, I was very proud. At the time, a lot of media friends have been doing some advertisement or wrote some articles about that, or to forward this news in the friends circle. All those memories are very fresh, and even until now, I want to express my gratitude to that in this opportunity. A lot of people are still asking, "What next? After this satellite, what next?" With that satellite, you did make a lot of number ones, but why does a commercial bank wants to launch a satellite?
This is a hot topic for everyone. Well, not long ago, in a weekend, our chairman asked me. I received a message, saying from Lhasa, that you launch those satellites. What does that mean? I said, "It's a good news." That means our satellites can cover most part of the country and can even send you a message from Lhasa. Well, I have a colleague here to test the signal from the CT as well. Take this opportunity, I want to show you, even though the satellite is in the universe, you probably can't see that. This is a land case sample for the end equipment. It is a relatively similar size of your phone. On top of it, there are two connections. One is for GPS, and the other is for our communication signal. What's behind this equipment?
Well, actually, we had a very concise but very talented tech team. They come from all kinds of background, like TP-Link or traditional internet companies. It is around 10 people. Very small investment, within less than half a year, they developed, at least in China, is a very good equipment to communicate with the satellite. It's a very good news to us. We launch the satellite is not for advertisement, in fact, we want to know deeply about each industry, know about their business models. Only until you understand this better you can truly find the scenarios or technologies or the points for them to combine together, that can help you develop your business. You can search this simple communication equipment in any online market, the price is costly, for ours it's only CNY 2,000. Very cheap cost because we develop it ourself and cut down the cost.
Only by doing that we can, in the future, truly apply it in the business. If the cost is too high, it's only a story to tell. Now we are trying the best to understand technology and to apply it into finance scenarios. With all those investments, we can translate those unique or even sometimes cheap data to help the business transformation.
You can see that with such a terminal, it helped mapping our strategic thinking. Internally, I think many of our peers already see this slide already. We have a vision, and we have satellite in the sky and also the IoT on the ground level. We also have millions or tens of the millions of the terminals to collect the data. We have our industrial insights and technological insight. We can further reduce the cost and then to have some very unique data with a very low cost. We are also building the account as an entrance to serve tens of millions of the customers in the real economy, I think, which has already been mentioned by Mr. Hu in his presentation. Ultimately, the data and account need to be translated into income.
We'd like to rebuild the trading system to make sure that we can help to take care of even trillions of the digital financial assets. What do we need to do? Based upon this vision, we're actually building the largest matrix and the most robust trading bank. There are three so-called most. To be specific for the past one year, there are some peers and incumbent company who come to us and talk to us. They, to some extent, are truly convinced by our transaction bank. They believe that all the corporate business has been integrated into the transaction bank business. If you know banks well, you know many of the banks started to build their transaction bank business, but many of them are only in the commodity financing and for the supply chain.
For us, payment and the collection and the settlement can all be done. Bills also included. Our bills is not only in the corporate bills, but also other kinds of the business and bills are also being integrated. At the same time, some of the offshore license and the cross-border OSA account are also being built in. To be specific, when some of the peers talk to us, they are truly convinced. Only with Ping An Bank we will be customer-centric and strategic-centric to take care of the needs. While at the same time, and they also envy us, and because they have a very robust team. In this middle desk, we recruited many of the development. They are working together to help to build this very unique data power. Undoubtedly, I think this is a leading one in our industry.
Where another envy we have is that we're actually having the fragile yet collaboration. Our IT and the risk control development are working as a joint team. We're working together to make sure that we take care of each project and then to take care of the traditional development. We will be able to sit down together. You can see that sometimes the issue's being proposed by our IT technician. With such a robust team, you can see it's also not easy for us to reach what we are here today. I'd like to thank Mr. Xie, and especially from the past to now. This is also a very good snapshot of our transformation for the past five years and how those strategies being translated into concrete measures.
You can see at different department, we have already become customer-centric, taking the transformation and be fragile. Be fragile means that it's more like a physical structure optimization. We are in need of a very robust team to help us to take care of those strategies. Within our matrix, we have an aggressive, hardcore, yet diversified team. Their average age is 33 years old. If you take a look at the financial industry, probably 33 years old is quite young. All of them with a postgraduate degree, they're working with seven to nine years, and they also have wide experience and are quite aggressive. With such a team, let's see. It's only talking about the technology. In our technology team, we have people with a tech background, accounting for 50%, while in our business team, we have the big data and model talent.
They are quite rare to be seen in the market. Our technology-to-business man ratio, for example, if I have a project manager, there will be three IT technicians to support this product manager. The ratio is 3:1, where within our teams, around 48 of them have the internet industry background. This is a very young, very motivated, hardcore, yet diversified team. You can see with a very robust strategy and a very good team, what kind of accomplishment are we making? From the market share perspective, in the top 100 internet platform, you can see the customer coverage rate for us is 60%, while within our team, we call it a very aggressive development. If we save the development, and we believe the platforms are there, and the scenario we're going to serve are in this.
We need to be mobilizing all the resources to cover those platforms and even to have a so-called enclosed loop of capacity or competency. Let me just coin a phrase from well-known internet companies. We're not here to get in the order for the digitalization, but I think we are the one who is very near to what is going to happen in this industry, where in our traditional financial business, for example, offshore business, our market share is already 35%, and our business volume is higher than the top two and the top three players combined. We're also ranking number one, especially as in the bills market. We also have a market share of more than 8%. You can see that for the discounted bill business, because of the listed company reason, I'm not here to disclose those data.
We also have a very strong customer acquisition, even 30x higher than that of the traditional approach. The current account deposit, daily raise is more than 30%. For the whole year, the current account deposit for one year contribution would be CNY 100 billion-CNY 200 billion, where for transaction bank next year, it's going to contribute another CNY 150 billion as a current deposit. We also have a 30% for the discounted bill market growth, where at the same time, our NPL ratio is very limited. I'd like to thank Mr. Gou. Thanks for the risk control team of working with us to guarantee a very robust growth. We are not the least with all those developments being made. The growth has been maintained there.
Because of some reason, I think many investors may be more cautious on the following points when making the budget nowadays. For next year, we have multiple teams to work together. The team with performance would still have a revenue of more than CNY 2 billion. At the same time, the KPI for the weakest team was still more than CNY 10 billion. With such a robust team and a clear strategy, you see that we are actually continuing to battle. With all those well performance, this has already been the past. In the near future, what we are marching towards, especially we are a team led by Mr. Hu, and Mr. Hu reminds us all the time and telling he's not the father of the supply chain. You can see that, how can we take care of that?
Here are some kind of discussion. What's the nature of the transaction bank? Probably the transaction bank, as far as I see, and it was helping the client to realize the value transfer between different bank accounts. In this process, the customer enjoys the optimal experience. Here are two words. First of all, you need to have an account first, and then to do the value transfer, we all call it a transaction. You can see, no matter how this business grows, and this is a nature which is kept unchanged. This is also the pioneer in the supply chain mentioned to this point. What are those rivals? I think in such a data-driving society in China, as we are facing the whole society and the industry is being further digitalized, how can we leverage data to accelerate the development? This is a key.
Actually, the day before yesterday, there's a program talking about Digital China. To be more specific, let's first take a look at account. What is the definition of an account? Traditionally speaking, especially for the corporate account, it's already become a KPI account. For example, a bank with a newly opened account of more than 60,000. If the parent company asks me to make this number more than 80,000, it's opened account for the account opening reason. What's the nature of the account nowadays? Why should the banks have accounts? According to my understanding, the reason is because consumers, if they really want to transfer the value, they need to set up an account. It's not necessary to be a settlement account or the principal account. The value transfer can happen anywhere, in any format, and in any scenario, especially in an embedded scenario.
That's the reason we see the ever-changing demand in this regard. That's the reason we believe we need to redefine this event. Why this should be a financial account, not a non-financial account. Only by taking care of all those needs, we need to understand account is an entrance. As long as a customer can get used to us, as long as we can provide a service to the customer to get access to the customer, that's been called as an account. We believe that's the nature of account. By having such an understanding in mind, we were also discussing nowadays, we're facing digitalized economy. Data will be generated automatically, where for majority of the time it's a waste. Sometimes if you are working with some internet platforms, some of the information will be taken by those platforms.
Based upon the account, we should also upgrade that data is a part of the assets. It's already been recognized by the central government, but no one knows how to leverage data as a fifth production element. We believe where there is data, we can leverage transaction. Leveraging transaction to help to pioneer how the data could be translated into assets. This is our common sense. After that, we build a platform and working with the platforms to output our service. We call it as a very robust development strategy. Nowadays, you can see that working on this, we have three major product covering more than 1,000 platforms or the top tier platforms. That's the reason we say we have the best competency in this market. Well, with all those account product, we should also have an open account in the back office.
You need to make sure your capacity could be delivered to the customer, then the customer will be able to enjoy your service in an intangible approach in their own settings. Many banks are doing so. What's Ping An's advantage? We have the most number of the interface. All of our corporate business, no matter you have to open a bank account or not, you need to leave an API interface there. It's already been well prepared. Behind that, we should also have a very important mechanism that is for the win-win result. When we were thinking about exporting our service, we're not actually having a zero-sum game with our client. We need to make sure how we support the clients to make their money. In only this way, we can work with the customer.
That's the reason we're now be having such a higher coverage over so many platforms. We have a clear model to help the clients to make money. Where only in this way, we have a very robust growth and coverage. To be more specific, for example, in a traditional business, bills. This open bank of the bills being launched for more than six months. We served 50 core platforms with 6,000 premier customers, and the discounted bill amount is RMB 46.9 billion . You can say that because of our new understanding over the open bank, and we're still leading the whole market in terms of the growth. For example, commercial bills discount, it was growing by 3x . We're also growing our discounted bill customer with a very robust development. For sure, we need to also have the big data, and AI anti-fraud technologies being embedded.
Just now we were talking about that, and now let's talk about transaction. Well, it's a process of value transfer. It's not purely financial services. It's not only a supply chain financial service. Our deeper thinking is how to solve the pain points of customers in their operation and in financing. To make financing cheaper for them and easier for them. For companies, why there are a lot of fraudulent cases? Because it's hard for them. If you can make things easier for them.
The things will be easier to solve. For Ping An Bank, we provided them a very useful tool that's Digital Pocket. In the app site, banks usually ask customers come to the counter and go to the online internet banking app. It's only a tool, but not solving customers' long-term problems fundamentally. For Ping An Bank, we have two specialty. First, based on their scenarios, we provide suitable products. For example, in card sector, in manufacturing, in merchants, in infrastructure, we will discern what they really need and provide services accordingly. The second is for non-financial services like taxation, purchasing, et cetera, because we have this advantage. For services they need, we can provide in this Digital Pocket altogether. That's why our MAU increased to 500,000 this year with this new business model.
It's no longer a simple connection or forcing customers to visit a counter or to visit online mobile bank app. Now is a totally new business model. MAU increased quickly. This targeted to SMEs. For big or medium-sized companies, we provided them digital treasury platform. We want to be the invisible CFO for them to embed our services into the flow of their transaction. Three, specialty here. First is complete. We almost cover all the corporate product and services, and we can output those capabilities in a modularized way. For those top companies, they rely more heavily on our bills module instead of the supply chain module. Second, we started quite late, and we input a lot of resources. That's why our structure is new and it's light. We can manage to roll out a service or function as fast as one day.
The last one is intelligence. In the past, we were only managing customers' fund, but now we are managing their operation as well to empower clients' business operation. Especially Ping An Group, all those years, it accumulated a lot of experience. We integrated all those experience and output to our clients. Another characteristic is the asset pool. We can help customers to link their AUM and RUM side. Some unique functions we have compared to our peers. First, we are totally online. Second, domestic and foreign currency is integrated so that we can help customers to manage their funds in a better way. Several examples here to show you. First, customers can use our application to directly purchase some services in a very preferred price. In the future, you will see even more services providers on our application.
For corporate, for supply chain or bills, we have around 200-300 of partners. Another part I want to mention is for card zone. The benefit of this zone is that we can integrate all the information of customers, that's for external. For internal empowerment, it can empower the front line to manage their customers with this online platform. Because in the past, they have to go offline and talk with their clients, or sometimes they have to go dinner together. This application or the function can empower business in the right way to integrate resources and to empower the business so that business owners can solve their business problems in an easy way. Next page, data, a keyword here. Recently, the government has a very similar expression, that is to cut customers' time on road and let data do more work.
As we improve our database and replace the traditional labor work with the online or artificial intelligence, we will reach even more customers and release higher productivity. Apart from the online app or systems, we want to use data to cover more compared to the offline branches, and to empower the frontline personnel so that productivity efficiency can be improved. We do have this capability to research deeply on one specific industry. Under this logic, our business is sustainable and we can cut costs in a sustainable way. Next page, Nebula IoT. It already covered 3,500 words, and for every day, the incremental data record is over 400 million. For the equipment we already linked is over 10 million. For the financing volume is over CNY 130 billion, covered six industrial scenarios. We have been discussing one topic internally. That is how to monitor the warehousing.
One colleague said, "If there is something happened, I will go there and to block the place." I said, "No, no one can go there. How will you seal the place up?" They can also to take the seals away. For a modern warehouse, actually, there are a lot of sensors, and the data can be transferred or passed via those sensors. It can be easy, it can be convenient as long as you have the technology to accumulate, to gather this data. We, Ping An's technology, we greatly improved the productivity. In the past, probably one people can only go visit three warehouse, but now he can visit over 30. That's a great help to the productivity. Another very important aspect to how to transfer our data into mid-office capability. We mentioned about that before.
We hired a lot of talents in each sector, like risk, marketing, product, and AI, et cetera. I will not elaborate more about those stories, about how to improve the approval efficiency, et cetera. The effect we want to have is to make things faster, make things easier, and to save the cost. The cost we saved, we can feed them back to our customers, give them back. On the data level, we have several examples. One is that with technology, we talked to 1 platform and linked two customer managers, and loan issuance customer number was over 8,000, and cumulatively, we issued CNY 3 billion. If we go with the traditional way, things will not be that easier to do, and we will not have these good numbers. This enhancement or improvement was due to the technology we have. We did an experiment before.
A traditional customer manager can only serve 70 customers, but now it increased it to 160 customers. This is the things that are happening right now. Just now, I shared our understanding on account in transaction and data, some simple idea to share with you. Ultimately, I want to say those are not for decoration, but indeed, we are applying those technology to bring out the synergy between this new model and our traditional business. In President Hu's report, he mentioned in this digitalization operation age, what's your new thinking for the customer value system? Well, actually, in your takeaway gift bag, there is a white paper book called Digitalization Value System. We believe every company, behind it, there is a massive industrial chain and platform ecosystem. On that, there is massive customer.
They are generating valuable data and reflecting their genuine financial health and their operation situation. Every second, this data are there. We mentioned account, what does it solve? Actually, it helped us to cover more customers. What does transaction solve? We can serve our customers in a deeper way, not just to issue loans. For the bank, our investment in the traditional business, how can we better leverage that and to empower the new business? All those have been solved by the new business model we have now to increase customer value, to monetize all the technology I mentioned. Those are the explorations Ping An Bank has made. Traditionally speaking, when we evaluate a company, we usually look at how much assets it has and what's its market position, market share, and what's its contribution to the bank. For example, what's your contribution in our AUM?
Under our new logic, we added several new standards. From single income, we now look at comprehensive income, and from a user value, we now look at ecosystem-based comprehensive income, the value. From the spot value, we look at the whole life cycle value. Several new factors we consider now, like data assets, that's the source, and behavior conduct, and the business operation, revenues contribution, and ecosystem premium. I will go one by one. Data asset, we will look at, for example, the frequency and the holding situation for their data assets. For the behaviors, we will look at their behavior online and their activity rate, their retention rate. In the past, those didn't exist. With the big data team, we found their activity rate and can have a better client profile and give it to branch.
That's the reason, from the operational perspective, we need to broaden it to five dimensions so that we can help to evaluate the value of the company. Evaluating the value of the company, it is for the bank only? Actually not. It benefits those enterprises first. These are some of the new value explorations we made. On the right side, you can see by leveraging IoT device, we will be able to take a look at the current usage by the equipment of this enterprise. By authorization from the client, it can also be accessible from our Pocket Bank app. Once being licensed, we will also, based upon this data, provide better loans to the customer. Besides loans, what can we use this data? We have the existing data. We can actually give it back to the customer with zero cost.
Those data are in the Pocket Bank app, therefore, we can provide an operational dashboard to the client. They can take a look at their real-time operation of the equipment. For example, it is an SME entrepreneur, and when they have spare time, they can take out their phone, take a look at the Pocket app to see whether the equipment is running and whether the team is working. This is how we really feed back to those clients. By monitoring those data, it's not only for operational dashboard only. If their equipment has been broken, it's just like the medical record of the individual personnel, and the upstream equipment vendor can also help those enterprises to repair and maintain the equipment. This can actually be acquired through the development. It is fair, and it can be used very well.
Based upon that, we can therefore build a secondhand equipment market. In this way, gradually speaking, we are no longer taking care of the financing, and we are supporting the enterprises of building an internet finance ecosystem to help them to reduce operational cost and take care of the difficulties in their operation. We hope that by this model, we can truly generate value from the data to leverage the data with human care to provide the financial service with human touch. We are still embarking this great journey. We believe we are the leading one. Just now, we were talking about how can we evaluate a single customer regarding their value, but how can we demonstrate our operational value? We believe as long as we gather all the customer together, ultimately, it will become the value of our corporate business operation.
Ladies and gentlemen, I'd like to show you a basic logic for this value translation, at least in the near future for our corporate business and for our development. These are some fundamental logics. First of all, we need to build a bigger sized team, and RU and the GTV are the key priorities for us. We hope that we can have more than 110,000 RU and more than 5 billion GTV. In the translation stage, we need to improve the MGM. In the past, probably we need to open 50,000 new account in corporate business. Now, I would like to see if your service be mounted to a big industrial platform and with around 500,000 merchants on that. We hope that a penetration ratio for the first year would be 10%, which means we need to get access to around 50,000 customers on that industrial platform.
If we have more than 100 million client. In the initial stage, 10% of MGM is quite important. We do the transaction banking, and then we can actually provide or invent our service to improve the service being served or being provided by each. We communicate it together. It will ultimately help to build a better value for the whole Bank. This is the general operational ideas we have. Ultimately, as I mentioned, just like what Mr. Hu mentioned, we need to have a new definition of account and transaction. Correspondingly, it also works with our three major banks and eco-bank. It digitalize the bank and industrial bank. By so doing, we hope that we can leverage the power of technology to help to draw a promising blueprint and growth curve for our transaction bank.
We see that the galaxy of digital economy is a great market for us to explore. We will always live up to your expectation. Thank you. Okay. According to the agenda, it's the QA time. I'm happy to take your questions if there's any. Mr. Tan from Southern Daily. Mr. Yuan. Mr. Liam, happy to be here.
One question from me. I find out you mentioned you are the internet platform-based service. Currently, you have more than 10 billion devices there and also to empower the real economy by CNY 130 billion investment. Would you mind to comment on such a set of the statistics, how it's going to mean to Ping An Bank and the whole industry? Just now you also mentioned some good concepts. Is it possible for you to share with us some user case on innovation? Okay.
Well, for IoT, I think internally we have a BI dashboard. Later, let's see whether we can show you this BI dashboard on our official website. I think our action is quite meaningful to the bank. With such a foundation, we will be able to see how can we get access to the data, because in the past and all the operation nowadays is based upon data. We find out the industrial development is always higher than our expectation. At the very beginning, we believe probably after three years efforts, we can have 1 million devices being installed. You can see after two to three years, the device number is already more than 10 million. Well, at the same time, we also find out our team is become more pioneering and eager to challenge to be the number one .
We never thought it's easy to launch a satellite. You can see the industrial development is as fast as what we can see nowadays, just because we are in the financial industry. You can see with such a good user case, we will be able to try some new technologies, some new kind of scenarios in this market. This is the screenshot from our internal network. This is the real-time galaxy or constellation platform. It seems that we have a few more nodes, and currently we have more than 17,000 of the device. Please help me to switch to the satellite image. This is the status quo of the satellite. We have six satellites now. Please go to satellite one. It's probably not in China. Yeah. The satellite now is in the East Asia Pacific Ocean, marching towards the air of the U.S.
I think we are using the acceleration image. This is the trajectory of the orbit of this satellite. If you'd like to communicate with the satellite, you have to make sure that the satellite is within the air of China. Nowadays, we have multiple satellites. Once while there will be a satellite that can be communicated. This is number one satellite. I think every time when I was keeping an eye on it's not within Chinese territory. This is the trajectory or the orbit of this satellite. We also have the heights of the orbit and position of the satellite. I think probably let's take a look at the vehicle. A few vehicles. These are the so-called the 7.5 million vehicle data. Let me just show or choose a specific period of the time. We have around 10 million car GPS information.
We can search for them very easily. You can also review the history according to the time period. This is a car who is making a double trip. You can see the speed and the GPS precision being shown on the screen. You can take a look at all the vehicle information in real time. Now we also have the oceanic shipping or vessel information. Let's see, what are those visible information I can show you? Let's take a look at the breeding and husbandry. This is breeding and husbandry. There are a few video clips in Inner Mongolia, it is a real-time camera footage. It's a cattle farm. You see something different. You see the milking device is totally different from what we can imagine. Let me just show you the camera footage. We probably need to wait for a few seconds.
That was in the milking process, and this is a tank installing the milk. You have to make sure the cow is standing on a plate and then to do the milking directly. This is what's quite interesting. You can take an image of that, and I actually see the milking process of the cow on the Ping An Bank, the corporate business Investor Day meeting. This is how we show on that. You can see behind each of the device, for example, behind the breeding and the husbandry, we have a lot of very good projects there. Behind each project, we probably use an ear label from the cow itself. When you reach certain stage, you will also be able to notice which technician it is and how many liters of the milk is being done.
By through some lab test and the temperature from the ear label, you will be able to know whether the cow is safe or not, and also getting to know the weight changes and even better than you know your own weight. Okay? Last but not least, let me also show you the urban revitalization and the carbon reduction. In order to reach the net carbon neutralization strategy, this is a tea mountain, and we have some sensors being embedded into the soil. These are some atmospheric data, including the pH value of the soil and the electricity conductivity. These are the temperature in the local area. You can roughly understand what would be the production of these herbs. Let's also take a look at the carbon emission and the carbon reduction. We don't have such devices too much. It's still in the operational stage.
This is a client from Shanxi Province. It's the real time data in showing the carbon dioxide, the velocities, and humidities. If some concrete measures been taken by the government for carbon trading and carbon reduction, undoubtedly, those data will become a very important way of guaranteeing the quota of the carbon trading for each of the company. We have a lot of such data. This is actually a screen we have. It was helping you to walk you through all the assets and the process you may have. Well, this is the operation center. You can take a look. Here, for every equipment, we can see the access situation on this platform. Here, there are a lot of customer data, so I will not click into each one because of the privacy issue.
Taking this opportunity, actually a lot of bosses here, the banks leaders here, their first time to see this platform. Let's welcome an investor to ask one question. Do you think? There is a lady who is raising her hand quite often.
Well, thank you for this opportunity. I am Sunny from HSBC. My question is, your report is to redefine transaction banking. The keyword is new. Transaction banking in your corporate business, I think is one of the most unique businesses. The new, where does it show? For myself, I care about supply chain a lot. Your supply chain is the 1+ N + N model. That is the one core enterprises plus core companies subsidiary and upstream and downstream vendors and distributors. How can you break through the barrier of the strong reliance on the industry chain?
What the new I mentioned, there are six Chinese words. That's the key here. I said it before, now I want to take a new perspective from a customer's view for supply chain or integrated finance. Where is the new? First, instead of focusing solely on loan business, because traditionally speaking, the banks always think about loans when they do supply chain finance. With that, they may trap themselves into the dilemma of the traditional way. The core pain points of clients were not solved with that method. For example, they want to solve more problems, far more than only funds. Sometimes core platforms, they have massive vendors and consumers, or upstream, they have those suppliers.
Account system is the main problem they want to solve. How can they make the fund flow smoothly in the platform or to give to the upstream suppliers, related to all kinds of transaction issues? If we can solve this problem better in a compliant way, clients will be very willing to cooperate with us. Apart from that, sometimes we can solve more problems like taxation or liquidity, et cetera.
Naturally, their deposits will be segmented in our platform. At the same time, we can provide some seamless loan or financing services to them, that will be easier to get in. That's from the perspective of customers. From the perspective of core companies or the core enterprises, the main focus here is how can you make them feel that during the process, what can they get and what should they give out? When we do the business with them, if we can use IoT to bring down the risks for them or with the open banking, we can help the core enterprises to earn some benefits. They will be more willing to share their vendors and distributors' volume to us without taking too much risks. This is the main thing we are solving right now.
Due to time limit, thank you, Mr. Li Yue. Now we will have a brief release part for the white paper. We are cooperating with the Chinese Academy of Social Sciences and with the National Institution for Finance and Development. Today, we are honored to invite the deputy of the CASS and the National Institution for Finance and Development, Mr. Zhao Min, to join us. Let's welcome.
Distinguished guests, analysts and media friends, and investors, thank you for joining us in this part. I will take only three minutes to walk you through about this part. First is to look for the unchanged things in this changing environment. There is a volatile environment, especially in the economy side. How can we, during this time, look for relatively long-term certain things? There are several words to share with you. First, dual circulation new pattern. There are two pillars.
First, how to make finance serve the real economy better, second, how to solve the systemic financial risks. In the first perspective, there are three sectors we should pay more attention. First is Digital Economy. That's the topic for today. Second, Green Finance. In the future, I think several decades, it will become a keyword as well. Third, how to realize the commonwealth. It includes, but not limited to, inclusive finance. With that, the future direction actually put a huge challenge to financial institutes. That brings to my topic of Ping An Bank. It has been doing this transformation for five years. In 2015, I was the chief economist for Ping An Securities. As an outsider, I kept a very close eye on the changes Ping An Bank has made. It adjusted very quickly and is very decisive, and it moves very quickly.
During President Hu's report, especially in the corporate side, there is a lot of progress made. My impression on the deposit, that's the non-loan generated deposit accounted for 80% of corporate deposit. That impressed me a lot. That means you have very strong capability in the upstream and downstream chain management, and second, you have strong business capability. Well, now let's talk about the white paper. My team worked together with Mr. Li's team and co-wrote this white paper. That book is mainly about under this big data age, how can we restructure the system of customer value? How can we better use all kinds of data, and to integrate it with the customer's value to bring out customer's value in a better way? On the back of it reflects all the technology accumulation Ping An has been doing for all those years.
It has been investing hugely into technology R&D. It is not a perfect book, but we did put our heartfelt work on that, and we welcome all kinds of discussion. Dear Ping An guests, all guests here, let's wish you a happy and healthy life. Please stay with us here. Let's welcome President Hu, and to reignite the official release part for the white paper. Welcome. Please stand in the middle and press your hand on the screen, and look at the camera. Let's count down. Three, two, one. Well, thank you. Please take a seat. Now let's take a photo first. Thank you. Dear guests, you all know that for all these years, Ping An Bank's asset quality has been maintained quite well. All kinds of metrics have been leading among peers. Risk alliance has played a very important role. The third sub-report will be presented by President Guo. Let's welcome.
My dear investors and friends from the media, good afternoon. Risk control has already become our core competitiveness. You can see that our asset quality has already helped us to be further improved. The risk management work is always helping to inject new dynamics into our competition. I have three points to walk you through. First of all, take each steps to go across the so-called circle. Just like Mr. Pan said, we have to further improve our performance for the past five years in this ever-changing economic trend. Our industry is pioneering this whole market for proactive adjustment. In 2017, the government actually released the mining industry, the emission limit. In Q4, we started to phase out from those backward production capacities. We have already restored from $130 billion.
At the same time, in 2018, the consumable industry was decreasing. One year before, we started to withdraw, especially those weak enterprises. Jointly speaking, the total withdrawal bottom is already more than CNY 110 billion. We also started to withdraw from those low-tier platform customer. At that time, our inventory exposure size been downgraded by 31%. Well, for the past five years, we have already withdrawn around CNY 600 billion of the corporate risks and potential risk assets. Through the cleaning, we find out and collected the right of assets of more than CNY 49 billion, so that can help us to further well control our risks. After five years restructuring, the assets portfolios being greatly improved.
Our corporate loans in the Q3 of 2016 accounted for 66%. Now it's already less than 38%. In the corporate business perspective, we also have some premier high-quality customer. At the same time, currently, the non-performing client is only 26 with CNY 5.7 billion. NPL ratio is only 0.8% to new customer, which can help to lay a solid foundation for the asset quality. After five years' hard efforts, our asset quality has already ranked in the top. By the end of Q3, the NPL ratio is 0.5%, decreasing by 40%. We further improve ourselves as top two in this industry. It's also been greatly decreased. Decreasing rate is 0.3%. Our provision coverage is 265%, 8% ranking top two. Also, the provision is being accounted for 42% of the total revenues.
In H1 of this year, the phase II and the phase III loan is ranking top one among all stock banks. Risk control has already become our core competitiveness. With such well-performed development, we have mechanism plus team as a fully dimensional risk management team. We leverage mechanism and institution to confirm our risk culture, leveraging professional teams for robust execution, to build ourselves into a well-performed team. We leverage technology to empower risk control, to empower the teams, and to empower the management. In the second part, I'm also going to share with you another point. We have an independent management system to make sure we have a well-developed risk control business. Independency is a core risk for the risk control. As long as you guarantee the development, you can make sure the judgment is objective to have a very good validity.
Where we have a full independence. Independent profiling. We have the vertical dispatching system. All the risk people are being modulated based on the business lines. We also have the independent KPI and also the risk dimension head. Will also have its KPIs being established. Also have the de-promotion and promotion for independent approach. Will be nominated and also have the vote power. Where the independent authorizing means that a risk president and also the business risk director will be authorized and be dynamically monitored. We make our compliance more independent. The headquarters is going to have the vertical management over the compliance hand to make sure we have a coordinated approach. Regarding centralization, we have centralized risk policies. We have the centralized management of the risk policies to have the same risk appetite, same business direction, the same inclusion criteria.
We also have a centralized monitoring of the credit line to make sure that we well manage the risk appetite and to reduce the non-compliance. We also have a centralized loans approval. We have the same standard and the same management. We are the only one to exercise a centralized approval by the headquarters. We also have the centralized clearing. We have a special assets task force to take different ways of taking care of the assets so that we can take care of the final steps of the assets. We keep the route to be sent teams. Also leveraging investment model to do the forward-looking research to make sure that it can be translated into the risk policies. At the same time, we also have the development in a very robust approach. Land means the land monitoring.
We have the headquarters, the branches, and the industrial BUs to set up special task force to take care of the customer need. We also have the dynamic management strategy. We're going to have the synergetic approach between headquarters and branches to have the professional judgment over the client. For those prime, high-quality customers, we're going to expand our coverage. Where for the default customers, or those potential and high-risk customers, we're going to withdraw from their business. Where portfolio management, to guarantee risk management and business development are being well received by this. We now have a risk tolerance criteria rather than just seeking for the development. We're going to control the whole system with systematic risks to make sure it can be moved to those well-performed areas to support the business development and expand the market. Portfolio development has two major strategies.
First of all, operational organization means that the risk management risks and data could be included into KPI. KPI results will also be taken to decide the quota of the risks and the team management. Secondly, for the accountability system. You can see that we need to assess whether the asset quality is within the tolerance range and then to hold the accountability for any of the non-compliant people. Generally speaking, principally speaking, we are not going to go through them one by one. We also have the forward-looking risks. We are going to further improve the momentum. The risks and the business, while jointly speaking develop a better momentum to seek for future development. Where on one side, we are deep diving into the industry to leverage the industrial business units.
Around 60% of the sub-sector coverage is inside with the industrial policies covering more customers. At the same time, we are building our industrial chain to release the potential. We set up the industrial policies to connect the upstream and the downstream to form 7 industrial chains. In a single industrial chain, we have more four layers of the upstream into the raw material industry. The downstream covers three layers to reach the end consumer. We also support the closed-loop marketing to well establish our risk control. Innovation support can also build new momentum. We have innovation breakthrough to build the new development. We also have a scenario-based risk control. Also, we build a well-established multimodal development. All the monitoring devices can be based upon IoT and big data to improve the monitoring efficiency, and the granularity will raise the empowerment from technology.
We have 57 products being built upon the different scenarios, and around six products has already been seen as automatic approval. We jointly located CNY 88 billion of the new supply chain financial product. Only by 50 minutes, a single credit approval will be done. For the customer, they don't need to present any paper document. They just file the application online and will be able to get the financing with a few seconds. Secondly is data driving and green finance, we're catching up with the international development. How to deep dive into 211 subsectors in green finance, clear the risk policies to guide the business development. Regarding approval, we build a joint team for the green channel. Where regarding the quota, we also provide a credit quota and industrial quota, especially we reserve more for the key projects.
By taking proactive measures on risks, we can support the business for explosive growth. Well, you can see currently our Green Finance quota is being increased by 134% compared with the beginning of this year. A well-coordinated team is also a great guarantee for this business. We have five professional teams, including the investment, like the government review team and the risk managers and the special client management team, and also the legal teams. They have four features. Be professional, and you are actually taking care of the dedicated team to make sure we have a more professional expert. Second one is the stability. Around 70% of the review and post-alarm and the clearing people, they have already have wide experience. Those experienced people can actually help us to improve the work. Coordination means that different teams can work together. Fourthly is empowerment. We can actually export talent.
The senior talent export is more than 60%, including the president of six sub-branch and the six key department responsible person within the parent company. My third part is technology empowerment to open a new chapter for the future. Technological empowerment, there are two key results. The first one is intelligent risk control platform. That is human machine integrated data brain. Where on the right side, it's the special management team. We call it as cloud platform. Well, we can say that the smart risk control last year, we won the Gartner 2020 Eye on Innovation Award. This is the most influential award worldwide, most authority award. It's the first time for a domestic China bank to be awarded with such an honor. It also shows our fintech is ranking number one in China. Where at the same time, a smart risk control means leveraging future to define the now.
We have the pre-loan, in-loan, and after-loan and alarming process to be digitalized, managed. Also integrating with eight intelligent scenarios to improve the risk control power, and then to make further investment. Well, eight intelligence means intelligent due diligence, intelligent approval, and post monitoring and also analysis. In this way, we can further improve the risk control and capacity and the assets quality. For example, intelligence credit can actually make sure that it takes less than 5 days to approve all the transaction and around 65% of the business would be standardized. For smart pre-warning, for both 180 days and 90 days is 90%.
For the approval process is 100% online. It empowers management, risk control, and loan issuance. There are four scenarios that I want to introduce. First is for the smart approval with four steps to evaluate the business, and it can set up automatic approval for standard business. For the non-standard, we will go to the labor work to do the approval. Cumulatively, we have CNY 96 billion of loans being issued through this platform, and the time length is around 15 minutes. Every day you can see the system is doing the automatic check on the health of the business and to check the customer risks in real time. The non-standard business I mentioned, we will have human to do the approvals to increase the efficiency. For each business, the approval time has been shortened by 50%.
Next page, we'll segmented the policy and risk policies into the parameters, and that the standard can be consistent. First, we strictly control the access. We have around 500 industrial access standard and 400 approval credit lending to the products. The second, we will control the limit strictly. Third, we will control the process to check the approval time and to see the system in a timely way. The last one is we will have a tightened control of the value. We set nine types of financial pledge products by our own and five types of property and 124 types of the pledged valuation model. With all those rules, we can detect the risks in an early way and to control the standard consistently. The third one is pre-warning system. We can know the signs in an advanced way.
We have been building this Sky Eye System to detect risks and to solve those black swan and gray rhino event in an early way. In the past, it was a single or like a sole rule model. Now it's a more complex model. We make it scenario-based. Now it's over 160,000 customer samples and over 80 million big data training algorithms. Some numbers to share. For the 90 days, I mentioned, the pre-warning accuracy increased from 42% to 90%, and for 180 days, increased to 90%. For the risk news promoting volume, it was cut by 53%, and customers pre-warned decreased by 47%. Next page, for smart post-loan management. We strengthened the management and cut the human involvement, the interference to let the machine do the main work so that efficiency can be greatly increased.
Our goal is that in 2022, 30% of our customers will be automatically served without human interference, and 40% we can do it in a simple way with some degree of human interference. The 30%, we will do it as a main focus. Next page, for recovery, especially during the pandemic time, we didn't need to go out, and we can do the recovery collection work online. Now the process is 100% online, and we have this recovery robot and it registered a historic good performance. We also developed some functions which are one of the first in the industry. For example, one-click litigation. We connected with the courthouse system, and that solved the problem of a slow and complex litigation process and high cost. The time it take for a lawsuit case decreased to 25 days from 180 days.
Next page, we cut down the proportion of labor work, and we managed to make operation analysis totally online. With the Kanban system, we can see the performance in real time to monitor the branch and the sub-branch and the regions team performance. Now for the KPI management, it is 100% automatic. For the task management, it is 100 automatic as well. Next page. We want to cooperate with external partners to create this win-win special asset ecosystem, to provide one-stop services to our customers. With this special ecosystem platform, we already connected with 1,700 active investors, 6,000 lawyers, 2,800 law office, and 362 top evaluation company, and 570 mainstream collection companies. We effectively satisfy the need for all participants to look for assets, look for fund, and look for services. We provide a smart service, like the core scenario application.
We refer or recommend lawyers the best-suited cases to them, and to refer the to-be evaluated assets to those evaluations institute, and to introduce the suitable asset portfolio to investors. Let me conclude what I talked before. Risk culture. Our bank take asset quality as the bottom line, the lifeline, and we have the mechanism, have the team, and we are using technology to empower business. We are building the smart risk control, smart special asset management, and smart compliance platform. Technology-based platform is vital for us to control risk as well. Today, everything is changing quickly, and Ping An Bank, we're use an innovative way to control risk as well and to make risk a good assistant to business. That's our core competitiveness. Thank you.
Let's see what kind of questions you have for President Guo.
I'm Liang Fengjie from Zheshang Securities. My question is, for the third quarter, all NPL-related metrics are performing quite well. For SML and overdue, actually went up quite quickly. What's the reasons behind, and how do you view the trend for your asset quality? Thank you.
Well, I think all of you are paying attention to this question a lot. For the overdue and SML, and overdue by 90 days, QOQ speaking, it went up. Let me give you an answer. There's some single cases that's on the Group. We are de-risking. That's why you saw the tick-up in SML and overdue. I take this opportunity to report to you the situation here. For SML, within one quarter, the fluctuation is actually quite normal to us. The key is whether you have the capability to solve it in a timely way. That's the key.
For this quarter, the slight pick-up in SML ratio is because the liquidity problem Baoneng had. For the overall property loan, we had asset quality maintained very well. In the third quarter, the NPL is 0.63%, the NPL for the property sector. In the last one half, it was 0.57%. Across the industry, Ping An Bank saw the less defaults. We did a calculation since 2018 in the bond market of property sector. If the calculation is right, our default ticket size is RMB 1.2 trillion, around RMB 1.2 trillion. Only three companies is related to us, others, we have exited much early before. For these remaining three, actually, we have solved most part of it. The second point I want to mention is for the credit lending we gave to it is fully pledged.
For the pledge we had, the property have been delivered. There is no risk for the uncompleted projects. The coverage ratio for us is very high. That's the second point. The third point, with a high pledge coverage ratio, our estimated ultimate exposure to Ping An Bank is not big. For example, the Hainan Airlines. A year ago, the problem. Based on the plan it has right now, the principle, we will have 100% be guaranteed to take back, and we can also take back some part of interests. That's the situation we had with the Hainan Airlines. We have a team there to guarantee our benefit, and I believe this will be the similar case with Baoneng Group. With that high coverage ratio for the pledge, so the ultimate risks are low. Now their loan are categorized as SML.
The overdue part is not that much. We categorize it as SML and charge full provisions. This is not the bottom line that regulators asked. We charged based on our own standards, quite high for the provisions. The fourth point I want to report to you is, just now, I talked about the smart risk control. For the pre-warning system, as early as the beginning of the year, it already detected the risks of Baoneng Group. Its exposure has been fully calculated into our risk budget, and we already prepared our write-off line. Once it become NPL, we can write it off right away. If it did not turn to NPL, well, in that case, that's good news to us. Even with the situation we have now, Baoneng's case will not affect our risk metrics that much because we have been prepared much earlier before.
The fifth point I want to make is for recovery. As said, it is a strong pledge. Once we collected back the loans we had with Baoneng, it will be a great boost to our revenues. Currently speaking, we already made some progress. The city government already set up a special team to speed up the solving of Baoneng crisis. We will keep close eye on the progress and to adjust our disposal strategies in a real-time way.
Mr. Guo, I'm Jang Jang Wang from Snowball. I have a question to you. In the five cards strategy initiated in the corporate business, while for Ping An Bank, you leverage your advantage from the parent company and continue the investment in the corporate business. In the early days, we didn't do any retail transformation. You actually have some aggressive strategies in the corporate business. That's the reason, in 2016, your NPL ratio is around 1.47, while later, because of the retail transformation, and we did a lot of write-off and make sure the transformation's been well done, in the near future, and for the corporate business, are there going to be some rebounds over the NPL ratio?
Well, we mentioned about aggressive. It therefore, lead to the problems in the later stage. In my report, I mentioned we have the platform plus the team, where these are not existing in the past, especially the technological empowerment. This being said in recent years. Right before the year of 2016, I think the risk culture was there, and also don't have the technological power and such a robust team to do so. Right after the year 2017, it's already five years now. We have already well established the mechanism plus the institution and plus the platform for a systematic yet organic development. In terms of the corporate governance, Mr. Xie was mentioning, the asset quality is a lifeline of our business. At the same time, we have the integrated support to make sure that everything could be well conducted.
This cannot be done in some banks. In Ping An, we did a very good job. We have a very agile yet predictive risk control mechanism. If you can take a look at the work, and we also stick to this. There's no so-called transfer. We send our team to the hospital. The team itself is treated. The team is very happy. This is the team's responsibility. Everyone is working hard. Also the smarter risk control is also something we need to do to further empower the risk management. In the past, there was a clear distinction between the front and the back office. You can see there are some difference. The team itself has made a great effort to ensure that the project is completed on time and with high quality. This has also allowed us to better understand the market.
You can see that for the asset quality lifeline, it's already become a consensus action made by the whole bank. It was also been mentioned in the previous presentation. We see the performance of the new customer. In our corporate business, half of them are the new client, but the NPL formation ratio is less than 0.8%, laid a very solid foundation for risk control. While at the same time, our retail client accounted for 60%, and retail NPL ratio also reached the ideal situation. It was getting back to before the COVID-19. It's already gone back to the 2018. The whole team is working very hard. I think we have to do a good job. We have to do a good job.
Guo Hang. I am from Jing Daily. I come from Jing Financial. I have a question regarding risk control. Recently, we find out there are some liquidity shortage for the real estate developers, and even some of the companies started to have the default issue. Enterprises has a default issue. What are those risk control measures did Ping An Bank take in order to well resolve the issue for some existing and new business?
Sorry, I wasn't clear on the question. Can you repeat the question?
Well, for the larger real estate developers, they have some liquidity shortage, and I find out some company already started to have the default issue. For such developers, do you have any kind of specific risk control measures to help to resolve the risks in the existing and upcoming business? While talking about Baoneng, I was also talking about the property development business.
Well, let me just also share my insights on the property development project. Actually, in my presentation, I have the first slide is going to walk you through the property business. Because it's a sensitive issue, so I just give you a few points now. I used to plan to talk about the property market from the beginning of my presentation, especially from 2018 to now. In the markets, there are so many defaulted enterprises, but less are working with banks. How can we do so? For the past 5 years, we have a proactive management and a prejudgment. They play a very important role. I have a set of the data. Let me just name it to you one by one. Among these 60 companies, and we have five companies being well resolved.
For the 11 corporations we are working with, for eight of them, because of the early warning, and they have already been withdrawn. For the rest part, even if they have some of the problems, but right before the risk exposure, and you can see it's already been well taken off. People may ask me what's the reason for this. Let me just share with you some of the strategies we took in this regard and how we changed the policy accordingly. In 2016, the central government first proposed that housing for living, not for speculation. Since 2017 on, and we're going to do the explanation on every six months. This dynamic name, this is quite important. In 2018, we are also going to leverage the risk assessment mechanism.
In other words, we do it to see whether the capital chain has been broken, and to see whether there is going to be some of the problems with the liability of those developers. We're leveraging the three tools to help our business plan to help to identify those high-risk clients. Since 2016 on, we also initiated the risk categorization tools. In the past, we do it in tier one to tier two cities, and we find out problem issues are there in tier three and tier four cities. Later, we find out some Tier 2 cities also encountering the similar problems. After we initiating this model, we break down the traditional approach, and then to modify the so-called tier two and tier three risk cascading mechanism in tier two cities.
Some tier two cities, I was unable to penetrate in. I can penetrate into some tier three cities in this way still. We're basing upon this risk cascading model to prejudge whether the city could be well developed or not. According to this, we find out the central bank, when they release the Three Red Lines, our structure has already been fully optimized. I can also name you some of those data. By the very beginning of 2017, we have six people who's already been withdrawn in the next few years. Inventory real estate business, also been withdrawn in the next five years. The withdraw number is already more than CNY 85 billion. This is also a data I'd like to report to you on the property management principles that can help us to avoid the risks.
Well, in the near future, of course, the market is still changing. We need to still comply with the government regulation. First of all, we need to well control the loans and the mortgage size, and then to well control the real estate market. There are 3 points. First of all, we're going to continue with the name list mechanism. Well, you know that entity is very important. If you don't have a well-selected entity, it's very hard for you to resolve the risks when it comes. Secondly, regarding the geographic location, we're still going to choose some cities with the inflow of the population, with a strong industrial support. Regarding the project, we were going to choose this project with a geographic location, with a better product promise, and also the best selling rate.
If we can take care of this issue, we will be able to take care of the risks in the real estate market, where for the existing market, we do the risk review. The review we're sitting down recently, in the near future, we'll also take care of the post-mortgage and post-loan management. We recently found out the capital monitoring started to see some signals of a problem. We need to further consolidate our performance in this regard. Due to time reason, the final question, please. Thank you.
I'm Xiao Feifei from CITIC Securities. I have two questions. The first question is regarding non-credit assets, it seems that you did a lot of provision on that. How the provision strategy in Q4 and the next year would be? Just now, Mr. Guo also mentioned about the corporate business. I'm reassured. Well, for the retail business, today, you don't provide us too many specifics, so let me ask you, how you're going to dispose the retail assets? Do you mean you do for the 30-day overdue and 60 overdue, whether there's going to be statistic difference? What would be the size of the write-off? Thank you.
Move out of the balance sheet. Let me talk about the non-credit part first. Well, for this year, because we have more profits being gained, and also the provision coverage of the loans has been growing very fast. In the non-credit part, we also started to improve our provision. Well, for this year, especially in H1 of this year, in Q3, we have already made CNY 17.9 billion for provision, and increased by CNY 600 million compared with the same period of last year. The non-credit market still has less risks.
You can see the risk asset for the past is only CNY 1 billion. You can imagine, in H2 of this year, it is impossible for us to do so because we still need to follow the regulation. For the whole year, we find out the non-credit provision still going to be lower than that of last year. That's the general picture for this year. Regarding the retail, we are supporting the industry. You find out the retail is also seeing very good returns. We can actually take care of those credit costs. Don't worry. As long as the retail business has the needs, every time we do the write-off and you find out retail side means that no matter how many they reported, we will always be able to provide them the corresponding requested cover.
If you have any questions, you can actually raise your questions in the group Q&A session. Thank you. Thanks a lot, Mr. Guo. Thank you. Just as what's been mentioned, today is a corporate business and a risk investor day. I think we're still asking about the retail business. Let's welcome the final part. Let's now welcome our Chairman, Mr. Xie, to be on the stage for the remarks.
Friends of Ping An Bank, good afternoon. Well, for today's Investor Day, in fact, you know that is for risk and corporate, and also just after the release of third quarter report. I wasn't planning to give remarks, but since the day before yesterday until this morning, I read the corporate reports and risk report, I think it's necessary for me to say some words. Otherwise, President Hu may be mad at me. The story between me and President Hu in the corporate part, there are many of them. I want to share some of my feelings first. First of all, I want to say something to the corporate team, that is, you are becoming prosperous after all those hardships. I have been telling President Hu that once we retired, especially during lunchtime, I told that many times to him.
I think when we are limited in the resource, we cut the corporate size to support retail. This is the right decision. At that time, we already thought ahead that there might be a series of hardships, difficulties, but we did it. I couldn't share all the stories during that lunchtime in today's occasion. After we retired, I think I can share some more. Four feelings here. First, to corporate and risk people, I want to deliver my heartfelt gratitude. Five years ago, Ping An Bank has identified its retail transformation path. Corporate at that time, to stand from a big picture perspective, give out resources to fully support the retail development. You know, at that time, our NPL was massive. Our PB was 0.6 multiple of today's figure. Only 0.6. It's impossible to the external financing, and internal organic growth to support business growth, impossible as well.
Corporate had to give out their resources to support retail. At that time, corporate guys, they were complaining that you are favorable to retail. You should know, a family with this many children, and with only one bite, what should we do? We have to guarantee something and to sacrifice in some other aspects. Today, with this momentous achievements retail made, corporate played a vital role. Huge contribution. More importantly, facing this limited resource, this dilemma, corporate team, they didn't choose to sit idly. Instead, they kept exploring, kept making innovations, putting pressure on themselves, and formed their unique skills. Every metric in our reports, every scorecard we delivered, every new business model we made, all showcased that corporate has restarted with a fully refreshing new image.
In President Hu's report, he said, "Even though we are restarting corporate business, the ratio between corporate and retail stays 60 and 40. We stay committed to the retail transformation road, and we keep making retail the priority." The picture I'm showing all of you on the screen is in 2017 when corporate people and the risk team, they visited Jinggang Mountain. After that meeting, corporate started to cut its size across the board, in balance sheet and off balance sheet. We did a calculation from 2017 to the end of 2018. How much we cut? Almost CNY 600 billion. During that process, we innovated a series of models, approaches, and all kinds of awareness training programs. Now it may be simple or might be light, easy to tell that story. At that time, we were so nervous, so prudent.
Now I have to take this opportunity to say those words. To risk and corporate, express my deep, heartfelt gratitude. Without your sacrifice at that time, without that strong, decisive implementation, we will not be the bank we are today. Second feeling I had is as we enter in the second stage of retail transformation. The importance of corporate business is becoming even more prominent. First is, in the fundamental of liability and liquidity management, corporate keeps playing a vital role. Later on, probably people are going to ask President Cai how to grow liability in the retail side. Now we can say we already find the logic for retail liability growth. No matter what, corporate to the whole bank's liability work, or in the management of liquidity, is playing the biggest role, as always, because this is the characteristic of bank.
Since last year, with the technology empowerment and the concept of building an ecosystem together, corporate has made great progress in deposit, especially in CASA, and made non-prominent contribution to the whole bank's liability. From last year to this year, liability cost dropped hugely for Ping An Bank. The work is quite well. The second I want to mention is in the asset side, corporate can play its capability well in asset detection, risk control, and pricing, and to look for better assets and create products for retail, so as to increase the AUM on the retail side. Now the mechanism is mature for the synergy between corporate and the retail. With better coordination in the future, we believe the second stage of retail transformation will be successfully and smoothly finished.
We will take this golden time window of the stable development of the whole bank, and to take this strong momentum of corporate regrowth, and to allocate resources appropriately to become stronger and bigger. Third feeling I want to share is that corporate has walked out its right, yet unique path. I believe you have shared one feeling after today's report that there are two advantages for this bank. One is technology, and the other is integrated finance. These two trump cards, we will hold on to them. Technology is the driver will increase efficiency and drive for innovations. Today, in transaction banking and risk report, in that two reports, apart from big data, artificial intelligence, data, model, all those well-known technologies, I believe you also had very deep impression on IoT, satellite, 5G, and quantum communications, et cetera.
Those technology, when you apply them well, will not only cut your cost, but also increase your efficiency, cut risks, and better customer experience. More importantly, it will change the concept of corporate business, and to expand the boundary of corporate business. A year before last year, Li Yue, the presenter of transaction banking, he said he wanted to launch a satellite. I asked why. He said, "There are a lot of areas we couldn't reach. We should rely on satellite, rely on IoT." I asked, "How much does that cost?" I couldn't give you that figure, otherwise our peers might learn from us. It's a secret for us. I gave him a "Yes," and with one word as well. If it's less than eight satellites, you don't need to report to me. Report to me only when you launch 10 of them.
In November, we are about to set the number two Ping An satellite. Just now, you also have experienced the presentation of Nebula platform. I don't know how you felt when you watched the herds, the farm, and when those husbandry situation. In the past, the most difficult part for supply chain finance is you don't know the real financial health or the transaction background of a company, an enterprise. Now, we are using the IoT technology to solve that problem. With the real transaction background, the NPL is very low. The main task for us is to prevent from fraudulent cases. That's why we are using technology to better support SME as well. For the behavior data, logistics data, husbandry data, we accumulated are valuable. On Monday, I visited Heyuan City to do this rural prosperity program.
Our team developed an equipment to gather the soil data on that city. In the countryside, those data will help Bank to serve SMEs better. Relying on those data, we set up our own risk models, help us to be more confident in making financing cheaper and easier for those SME companies. This is a blue sea for us. Only one case example I'm sharing with you, actually has been applied into all kinds of the parts of supply chain finance. We talked about the Five-in-One model. What is my ultimate goal? I want to integrate the capability of private banking and wealth management to give this service to mass or long-tail customers with the help of technology. This will help to realize the goal of commonwealth with lower cost. A new business for us.
You know that from a long-tail customer segment, they generate the most low-cost liability. It may be costly when you want to cover them with the labor work. With AI application, we can cover them well with low cost. This year, I can be very confident or assured to tell you that for Ping An Bank, our technology prowess is market leading, especially in the finance and global markets business is the same. In China, I think we are one of the best.
We are talking about the leading banks. I still remember we demonstrated that on one investor day, how capable that is. It means that we are just leading the way among all the competitions. We find out integrated finance is the nuclear weapon. This is how Ping An Bank can enjoy this unique advantage. We're not only there for giving the loans. We need to grasp the opportunity for the radio signal development and working with the capital market and direct the financing market. We can help the customers to well manage the assets balance sheet. I think probably Zhou Qiang made the report today, but I think Zhou Qiang probably didn't report our insurance. For the underwriting mechanism, including the investment. For Ping An Group. Especially, we find out the credit loan, the investment is more than CNY 3 trillion.
In this ecosystem, we can actually play a lot of story. Internally, we need to help the customer to well manage the balance sheet. We need to help our corporate customer to well manage their balance sheet. I think Li Yue probably already informed you, the Smart Wealth platform. It's not having a very good name, but I don't know how to modify it, actually, for this name. To have the liquidity and the leverage balance, and also with the best efficiency and lowest cost. While for banks, by leveraging integrated finance, we can not only help to demonstrate how robust the development is, while at the same time, we can also leverage small capital to actually develop the business.
To actually help to deposit those cases, then to have the leverage effect to truly make the so-called dual-light development, including light asset and light development. We also have a very strong mechanism to help to well organize all the resources. You can see nowadays, we were well-based in the bank. Mr. Hu is actually working as a President. With the advantage from every part. In the near future, the integrated finance is still going to leverage more resources outside the parent company to support us, then to enable the bank to actually play extreme part on both dual light resources. My fourth feeling is that I say that we now have a robust foundation of the five-year trend. The corporate business is embracing the best opportunity for development. We'd like to stick to the development with dual empowerment.
To make sure that retail business can actually have mature capacity for development, we can empower the customer. More importantly, we can leverage the corporate finance for its value to drive the mutual empowerment for both sides. This is a verified mode. Coming next, we'll just stick to the needs and further improve our business, which means a broader yet well-defined development, and which means great development in the corporate culture. More importantly, our team need to be more energetic. Currently, for the corporate business, and they are developing very well. We have the seasoned team to support us. You see, the U.S. team. I was wondering, what can we do?
They said, "We're going to climb the mountain on the 6th of November." They said, "You are supposed to climb the mountain with them." We need to research the young people regarding the future and how they're going to help to take over our business. They start the journey from 8:00 A.M. until 12:00 P.M., and then to just withdraw, and then to have the lunch. Those young people, they are quite dynamic, and they are the future. Around five years ago, we have announced our retail transformation strategy to the market. This direction's never been changed. For the five years development, and we see that the development is being more integrated. We took a lot of transformation, and even we are making transformations on the mid and back offices desks. You can see that something we do cannot yet been decided.
It's so different from the beginning. You can see that we can actually help to identify the best positioning of each. Coming next, we can leverage the in-depth technological empowerment. I truly believe that our corporate business is going to find a unique opportunity for the second growth curve. In the retail transformation strategy, it also present more highlights in the near future. Thank you very much.
Thank you. Thanks for the Chairman. For the corporate business line, we're actually taking the changes all the way. Just like our Chairman said, in the near future, we're going to have the development more robustly. We call it internal circulation of Ping An Bank with resources and with integration, we're going to be more closed. Today, we see that here comes to the end of this corporate business and risk investor day. Let me pass some question mic to Mr. Zhou. Yesterday, we just released our Q3 report. I think many of you probably going to be quite interested in our Q3 report. Let's leave some time for some questions here. Let me just pass the microphone back to Mr. Zhou Qiang. Thank you.
Thank you. Thank you very much. I see today the stock price was around increasing, and which means our corporate business is actually getting to the version 2.0. Well, in the final part, it's me who's going to chair this session. We attach great importance to this job. For the Q&A, we'd like to hear your response. Let me just ask our Board Secretary to do the job.
Well, coming next, let me have a few people to be on the stage, including Cai Xinfa and Hu Yuefei, and our vice president, Xiang Youzhi, to be on the stage. If you have any questions regarding risks, you can also ask Michael Guo. Due to the time reason, let's get into the Q&A directly. Let's make it in this way. We have one question, one person, and also leave some questions for someone else. Ladies and gentlemen, I think I have just one question. Just now, we asked a lot of questions regarding the corporate business. Let me ask you, the corporate business. Ping An Bank is a bank with a lot of scientific development. When we do the analysis, no matter for the development from multiple perspectives, we say that we are actually a company with a very strong technical gene.
Well, Mr. Cai, right after you onboard Ping An Bank, you have been here for quite a few years. May I ask, regarding the technology, how it's going to support the private bank and the wealth management business? Thank you. From the Q3 report, I can also see that it seems that the retail business growth has been slowed down. This is probably going to be quite a sharp question. What's the reason? Would you mind elaborating on that? In the next three to five years, how you're going to comment on the sustainable growth or growth momentum? Thank you.
The first question was asking about technology. For example, how the technology is going to impact the business development. There are a few points. The first point, you can see many of the private banks and their service. For example, some of the product actually need to be very stringent and managed. For example, if possible, if you watch the video online, then I'll ask people to watch them online. These kind of things could actually be done by us. We are also among the first batch of the companies can do so.
While at the same time you can see we can make those investment quite smart. Making sure that some good investment and the rules could be mounted into the system, then people can choose whether they open it and take a look at it or not. It's applicable to general public, but it also works for some private bank customers. Where at the same time, I think that technology really works for the so-called development in a comprehensive approach.
I see some of the clients, actually, it seems they are some big clients, but actually they are not. By improving the development, you can see this is also another dimension we're taking care of. Internally speaking, it's actually helpful to further improve our management. Let me also answer another question regarding AUM. Our AUM in Q3, the growth is lower than in Q2. I think it's sometimes because of the seasonality issue. Some of the wealth management is still being well-managed by the offline channel. For example, PV, they have their own pace of managing the work. In Q3, sometimes the work could be slowed down. Another part is that for Q3 of this year, because we are working with some of the private and investment bank customer, and many of their products are actually not in this industry.
In Q3, we find out the CSI 300 has been decreasing. That means you can generate another extra 10%. We have a higher market ratio, but it seems that there's some slight decline. As I mentioned, let me also share with you some of the forecast. Generally speaking, if we take a look at the Chinese wealth management market, we see it's a blue sea. Even if we see a lot of people are there, but the growth was quite robust. At the same time, we also have multiple ways of service because the service quality is being compromised. That's the reason we are leveraging integrated finance. That is a private bank plus the investment bank, and also the financial vehicles plus medical service, especially some wealth patient, they pay attention to the development.
As far as I say that in the next few years, we're still going to see very robust growth. Thank you very much. Okay.
Just as Kevin introduced that this is the very first time for us to invite some Xueqiu online celebrity. Let's welcome one question from them.
Thank you. I'm Julia from Xueqiu. One question goes to President Guo. In your report, you mentioned that for the past several years, corporate was reducing its size, and that affected the foundation when you compare it to your peers. When you restarted corporate business, what is the biggest weakness you saw in this process, and how will you make breakthrough or improvement on that? Question to President Hu. After three hours of report, you can ask this question very clearly. It's not easy. Impressive.
Well, for weakness, in this Investor Day, to be honest, we are showing all the good sides of us to showcase the room for expectation. For both media friends and analyst investors, we want you to be positive on our current stage and future growth. Internally, we did spend a lot of time to talk about what are our weaknesses when comparing to peers. We spend a lot of time on that. How to learn from the best practice bank to make up our shortage.
This should be a key work that we do. When people talk loudly, talk about good sides, well, it can be just the shortages. For example, when I talk about two parts, I was loudly. First is the growth of customer number. I said that from 2000 to this year, 2019 to this year, within less than two years, our customer number increased by 33%. I also mentioned for the first three quarters, that incremental was 2.19x of last year. I was very loud on these two numbers.
Well, it actually reflects that we have a relatively weak customer foundation now. 500,000 customer clients for a commercial joint stock bank, especially we are one of the oldest bank. This number is not big. Customer number surely is only one side. We focus on the quality even more. We want to be a boutique corporate banking. We don't aim for how many for those low-value or non-value customers. We think those are unnecessary. A certain amount or a certain scale is necessary for business growth. We have been putting a lot of focus on how to enhance the value of existing customers. We did some big data-based analysis to see where are the possible room comes from, and to see which customers we have the most possibility to grow, and to refer some suitable products and services to them. That's with the help of technology.
We want to expand our coverage or reach out to those customers. If we can transform those users into our customers, if we have that capability, we can surely manage our existing customers well. Another part is incremental. With big data analysis, we do not rely solely on loan product to expand customer base. Under that prerequisite, the incremental customer number we had will be even more valuable. Number growth should be even bigger, because if you are using loan to acquire customer, loan is limited, so customer number might be limited. Now we have 6 million or even to 10 million user numbers. We are working to migrate or transform them to a new concept of customers. One weakness is customer base or a shortage. Weakness, you call it. We would speed up our work to make up this shortage.
The second point I want to mention, apart from customer base, we have another one that is the asset side capability. Frankly speaking, for the past four years, we were mainly focusing on cutting down the size. President Guo shared one number, CNY 600 billion we cut down, both in and off balance sheet. It sounds like all right compared to our CNY 5 trillion asset. You should think about the time. Four years ago, we were only CNY 2 trillion asset bank. On the basis of that, all the way we have been cutting the size. Corporate indeed shouldered huge pressure. As chairman said, we were very nervous and prudent for all the way we have been through. The cutting down we did for the past several years, we do felt something are lacking for the loan growth on the corporate side is not that satisfactory.
There is a little bit pressure for corporate business. If we don't issue loan at all, well, it will not be a right thing to do. In the asset side, once we meet the risk preference of President Guo, he's really good at his work and very stringent in the standard. He's risk-averse, and he's a person looking for perfection. Any asset business wants to have a yes from him, it's not easy. We are taking our capability in data and technology to make sure that frontline people detect the right customer and the right asset. This, I have to talk about the synergy between corporate and retail. Corporate can provide premium assets to retail high-end customers. For the group, the insurance, they have trillions of assets. They need to find good assets, and corporate can help them with that. That's my brief answer. Thank you.
Third question goes to online. Let's welcome Ma Kunpeng.
Thank you for this opportunity. First of all, I want to say sorry because I couldn't be on site. I had another very important meeting. My question is regarding fee income, and, well, actually your bank has been performing quite well in that aspect for the first half. Fee income is very important to bank's business, so we care about that a lot. In third quarter report, well, we noticed that there is some fluctuation. I'm wondering what's the reason behind it, and I want to know the trend afterwards. Could you elaborate on that? Thank you.
For fee income, I will take this question. Two aspects to answer your question. First, for the first three quarters, our fee income business grew quite well in our third quarter. The growth, if you compare, actually is quicker than our revenue growth, especially in wealth management and the private banking and the corporate settlement business, as well as investment proceeds, we made quite good results. We think there is still more room for growth. In 1H report, we said that the precious gold business, we are gradually cutting down.
That's one factor in play. Another reason is for credit cards on the basis of last year's foundation. Last year, the epidemic, it affected the performance of credit card. The fee income was affected. This year, credit card picked up its growth. This is not apples to apples. If you look at it, our credit card expenses this quarter are more. That influenced the figure to some extent. Also there is accounting factor.
The third factor is that the card issuance, that I mentioned for the expenses on credit card grow quite a lot. That expenses, we categorize in the fees expenses. The income you are not going to see right now, but in the future, you will see that. A slight fluctuation we think is acceptable, and will not affect the general trend. To your question, Mr. Ma, you probably are wondering about the whole year's trend and what about future. What I can say here is looking into the full year for the growth points we have now, we'll keep that momentum, and you will see even better performance, especially in this year, the credit card, because of last year's influence, we had a pressure on this year. As a recovered growth in next year, you will lay a solid foundation for next year's growth.
We have an ever-increasing volume of the custody, and also transaction business and corporate business. You can see that right after the development. Also, the inter-banking business was also growing. For example, the trading capacity of our bank being further improved, which can help to boost our performance in the longer run. I also would like to say that because of the accounting rule adjustment in the past, our installment business of the credit card is being placed into the income, but now it's being built into the interest income. You can see all the numbers are actually comparable. We make sure that we stick to the dual-light asset and the strategy. We hope that in the near future that we have more revenues to make sure that our middle business revenue could actually be further improved in the longer run. Thank you very much. Thank you.
Thanks for Mr. Xiang. We allow only two questions, one online and one offline. Let's welcome Mr. Jang, please.
Thank you. Thanks for the management team providing me the chance for the question. My question goes to Mr. Cai regarding credit card business, where we clearly notice that for Ping An Bank, since the interim result, we're working on the credit card business. While credit card business on one side generate high returns, while at the same time it also under great pressure. Well, for Ping An Bank in the near future, how can you make sure that you do a very good job on this? Thank you.
Let me just answer your question regarding credit card. You say that in recent years, our Chairman also asked us to work through the credit card business. Our conclusion is that for credit card, and we're making money after the installment with interest, you need to find those customers who are in need of financing. This is a kind of the customer, they have a tight budget. They're not kind of having too much redundancies, and just pay off whatever they ask for.
This is a strength we have. We're going to play our advantage to make sure we identify such a customer with a very good risk control. We did a good performance in this regard. Well, on the other part, what we are trying to do is for some other customer, just like all of you sitting here, you don't want to do the installment, and you don't want to do the financing, but you consume a lot, you use a credit card.
Making sure there will be some primary service also being provided, for example, the 12% discount on the gasoline refill service. Well, for this kind of customer, we have to make sure that credit card business and the wealth management business could be well linked. This is the second thing we do to make sure that the credit card business need to be well performed. We need to make sure that the credit card and the wealth management could be strongly connected. Well, for this year, a big improvement has been made. Just now, we mentioned about the malls. When we open the new account, some of the customer, they use the debit card to repay their credit card. Last year, the number used to be 50%, and now it's 80%, while their current deposit has been increased by RMB 10 billion .
If you can make this number 30%, the current deposit will be even larger. It will bring you a lot of risk-free income. This is what we need to do between the credit card business and the wealth management business. What we are doing now is to well manage the business, and when we make this pie bigger, well, we also make sure we can work with the wealth management to make sure that the final part, and especially the revenue, could be well taken off, and also taking an integrated approach for the development, which has been proved to be very fine. Well, I think in the near future, because this is what is being said. Okay, thank you.
Thank you. Let's raise a question to our online audience, the final chance. Coming next, let's welcome Xu Ran from Morgan Stanley.
Thank you. Thanks for the management team providing me this chance. Congratulations. Congratulate on your profit growth in Q3. Investors were probably going to keep an eye on what is going to happen in the near future. Mr. Xiang, in the next one year, what's your trajectory of the profit? We see that the capital replenishment has been further improved. What's the motivation behind your ever-growing revenue? Thank you.
Let me just respond to your question easily. Regarding the future forecast, I think I have the following points. In the interim result, our Chairman also mentioned, because at a different phase of the development, we also see different business, especially for the past five years. We truly embark a different journey, where in the near future we believe it's also the time for us to release our profit.
The reason is because in the past, majority of our revenue has been used to digest the non-performing loans in the past, and now all the NPLs being digested. Even in the near future, if the works could go very well, it can become a new growth point for the business. You can take a look at our financials to get to know that. At the same time, from our business growth perspective, we made some interbanking days and also retail days, and also the corporate and the risk investor day. You can feel that internally, our business department is actually making sure we further consolidate our strengths. In the past, we really wanted to further improve our work. This is a great momentum for our future development. We hope that you can pay actual attention to us. We are still very confident on that.
For sure, even if in this market, especially in the environment, we still have a lot of uncertainties. With such uncertainty, we need to have some more certainties by exploring the uncertainties, making sure we consolidate our leadership. We're not going to be a strict A student, but still want to be a well-performed one. Well, you can see that I mentioned about the capital. In the past, we were being limited by two factors. Actually, two factors means the same story. If you make too much provision, and you won't be able to have many profits be made, and you can't replenish your capital in return. More importantly, you make too much provision, and your tax write-off cannot be done immediately. In our balance sheet, we have the deferred tax, regarding around CNY 30 billion-CNY 40 billion.
For this year we can roughly do the work, especially the deduct part is still around CNY 10 billion. If we made less provision in the near future, if it has less deferred income tax, we do more work on write-off and can help us to release more capitals. You can see this is actually something we're quite confident on. We're still going to have the development strategy in the longer run. In Q3, you can see that our capital replenishment is still growing compared with Q2. This truly rely on different factors can help to deliver such a scorecard. In the near future, we'd like to play the following thing. First of all, more benefits, less provision, more write-offs, and leveraging the dual-light strategies for the development.
Imagine if we have a very robust growth business in the market in the near future, then we will not exclude the possibilities for refinancing. Ultimately, we won't allow the capital to hurdle our business development. That's all for my answer. Thank you very much.
Thank you. Thanks for Mr. Xiang.
We will always develop the business by providing enough capital support. Ladies and gentlemen, let's come back to the previous point. We built a new momentum, start a new growth curve. We are still very confident that we're going to grow in the near future. Ladies and gentlemen, thank you for participation. We're going to spare our efforts in the near future more. Thank you very much.