Sydney, 9 June, 2016 — Octet, a global financial technology company, has welcomed Asiafactor (CN) Limited as the latest licensee of the Octet platform. A successful Chinese supply chain finance organisation, Asiafactor will leverage Octet’s revolutionary supply chain management and financing platform to enable its customers to manage and pay international suppliers, saving time and freeing up their cashflow.
Asiafactor will offer the Octet-enabled platform to serve both existing domestic small to medium enterprises, as well as to a vast range of prospective exporters throughout China. Customers leveraging the platform will be able to use their existing credit cards or other financing facilities to pay global suppliers at competitive exchange rates, removing the need for hard-copy forms and disclosure of secure financial information.
Asiafactor customers across China will also gain access to more than 10,000 suppliers and customers using the Octet platform through licensees in Australia, Canada, USA, Turkey and China.
“Asiafactor’s partnership with Octet will provide peace of mind to small and medium exporters in China, who will now be able to use all the funding facilities available to Asiafactor’s clients when transacting with overseas and domestic buyers and suppliers,” said Clive Isenberg, Managing Director of Octet.
It follows a recent landmark partnership between Octet and Australia’s largest business bank Westpac Banking Group to launch Business Link, an Octet-enabled supply chain management platform.
Asiafactor’s new payment platform will give more options and account terms to local Chinese small and medium suppliers who previously insisted on trading on a “cash only” basis due to regulatory restrictions and antiquated systems. Asiafactor’s members with approved credit limits will also find it easier to negotiate with their suppliers to accept payments through the platform
“We understand the restrictive cash flow issues faced by small and medium businesses in China and are always looking for ways to utilise innovative technology to assist companies grow,” said Ang Li, Asiafactor Assistant President. “Our latest partnership with Octet means we can provide companies with a market forum to communicate and trade quickly and fluidly. Each step of a trade transaction can be easily verified, a critical point for supply chain financiers such as Asiafactor.”
Octet is a supply chain management and financing platform that brings enterprise-grade tools to small businesses. Octet enables buyers and sellers to track, validate and authorise each step of the supply chain, with full visibility of all supporting documentation, and ability to facilitate payment through multiple methods including cash, credit cards and loan facilities.
Octet’s platform has been used by more than 1000 Australian and New Zealand importers and over 10,000 suppliers spanning 60 countries, facilitating transactions worth a total of more than $1 billion. Licensees of Octet’s platform include Octet Finance (Australia and New Zealand), Westpac Banking Group (Australia), the Bank of Nanjing (China), Accord Financial Inc. (North America), Octet Express Payment Institution AS (Turkey) and Asiafactor Ltd (China).
Asian factoring (Shenzhen) Co., Ltd. focuses on providing accounts receivable financing and value-adding services to small and medium enterprises. With many years of accumulated experience in cross-border supply chain management, they operate the leading supply chain financial services model and Internet services platform.
Asiafactor is dedicated to providing small to medium enterprises with a set of supply chain financing tools including: accounts receivable management, credit investigation and assessment of credit risk. This culminates in an innovative integrated factoring services platform.