Given China's status as the world's largest trading nation and its cruciality to many supply chains, businesses are interested in any solution that makes it easier to trade with counterparties in the country. Because of this, Tradeshift, the leader in supply chain payments and marketplaces, is another Fintech growing strong in the country.
By using Tradeshift, exporters can access the Chinese market on a familiar platform and connect with buyers and suppliers via the platform's audited and regulated network. Tradeshift lets all registered parties trade via a cloud system. Businesses can settle invoices instantly, if necessary. And the supply chain and finance are completely digital. Gone are manual processes of paper invoices, PDFs, Excel, and other financial and supply chain documents.
Third-party applications enhance Tradeshift's proposition for exporters, in a manner similar to Salesforce AppExchange. There are currently over 230 apps available, including a partnership with Chinese peer-to-peer lender CreditEase and French credit insurer Coface. These allow exporters to manage all their processes digitally from a single platform. For example, with Coface, users can quickly assess and actively monitor the creditworthiness of a Chinese buyer.
"Through our platform, we connect multinational companies with their suppliers and customers in China," says Mikkel Hippe Brun, senior vice-president APAC for Tradeshift. "Doing business in China can be challenging for foreign companies. There are big technical, cultural and financial barriers for companies trying to enter the market. We wrap a complex set of national requirements into a simple product that can be sold as a service at a low cost. It is by the scale of our operation that we can help drive down the cost of doing business."