China Internet Nationwide Financial Services Inc. Launches Supply Chain Financing Services

Infrastructure
26.10.2017 09:04 am

China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS) ("CIFS" or the "Company"), a leading financial advisory services company, today announced the expansion of its service offerings with the launch of its supply chain financing services (the "SCF Services"). The SCF Services provide owners of small to medium sized enterprises (the "SMEs") with holistic supply chain financing solutions and value-added services in order to reduce financing costs and improve efficiency during a business transaction. With an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains, the SCF Services will be operated through Fu Hui (Shenzhen) Commercial Factoring Co., Ltd., a recently incorporated, wholly owned subsidiary of the Company.

Jianxin Lin, Chairman and Chief Executive Officer of CIFS, commented, "Driven by the increasing globalization and complexity of supply chains, supply chain financing has gained growing popularity in recent years in China as more and more companies, including both buyers and sellers, rely on third party services to provide much needed extension of buyer's account payable terms, inventory finance and invoice factoring, etc. For example, business factoring, which is the most common and largest sub-segment of SCF in today's China, more than doubled in transaction volume and reached over RMB 500 billion in 2016 according to statistics by China Association of Trade in Services, making it one of the fastest growing segments of the financial service industry."

Mr. Lin continued, "Since our inception in 2014, we have been aiming to become a one-stop shop to meet the financing and capital needs of SMEs who are often ignored or underserved by commercial banks in China. Leveraging our strong track record of helping SMEs through our existing advisory services in commercial payment, international corporate financing and intermediary bank loans, we firmly believe that we can capture our fair share of the fast-growing supply chain financing services market in the coming years."