BEIJING, CHINA / ACCESSWIRE / February 25, 2021 / On February 23, 2021, OOWAY saw the successful launch of AREX and the release of the "White Paper on Financial Services for Cross-border E-Commerce Industry in China". With an attendance of almost 10,000 participants, the online event included our partners, ASEAN-China Commerce Association, Shenzhen Cross-border E-Commerce Association, Tuotuo Digital and Hongkong Fortunetech Limited.
Jim Rogers, co-founder of OOWAY said, "AREX is the way to make accounts receivables more liquid. This innovation can get rid of factoring, we can get rid of letters of credit and free up trade internationally and domestically!"
Peter Grindrod, Chief Scientist of OOWAY and well known applied mathematician and data technology expert, is also currently a professor of Oxford University, said "OOWAY is drawing on fast moving concept of methods from data science and the artificial intelligence (AI) to produce a world digital platform in AREX."
In 2020, China is the only major economy in the world to achieve positive economic growth. The country's international trade is expected to hit a record high, with the total value of imports and exports in goods reaching RMB 32.2 trillion, making it the top trading nation globally.
As international trade continues its progression, global international trade accounts receivables is expected to reach RMB 94.9 trillion. The generation of unending accounts receivables has caused cashflow problems and impacted the competitiveness of micro, small and medium-sized enterprises plying the international trade. This is largely due to the dearth of financing opportunities for micro, small and medium enterprises as they are relatively newer and smaller in size, lacking in assets, revenue that is gradually growing and insufficient data on their operations.
AREX is a new solution launched by OOWAY which will be the first accounts receivable exchange in the world. Using big data, artificial intelligence and blockchain technology, trading enterprises can look towards it to solve their financing woes.
AREX is an asset exchange aiming to disrupt traditional financial services in the digital trading arena and redefining trade factoring services. As a "New Factoring" force, it uses multiple cutting-edge technologies to realize the value of accounts receivables through securitization and creates another digital industry.
AREX facilitates intelligent online transactions and its inception allows the accounts receivable assets of international trading firms to be converted into digital assets. By making accounts receivables more liquid and monetizing them to solve cashflow issues for asset owners, it offers flexibility, choice and opportunity for them.
AREX is also a value creation ecosystem with trade-related parties from various international locations participating in it. Distinguished players in the business and financial communities support AREX members with their wide scope of services. Asset owners, investors, financiers, together with other ecosystem participants such as banks, insurance companies, cross-border E-Commerce platforms, cross-border payment platforms and business services providers, find themselves in a hub with a diversified pool of business opportunities.
Central to the success of AREX is the development of bMARS (Behaviour Model of Association Risk System) that allows the different credit grades of the varied assets to be pooled. Bruce Lau, Chief Data Director of OOWAY, shared: "At OOWAY, we use big data intelligence to evaluate enterprise business behavior for better control of risks. bMARS Cross-border E-Commerce Credit Rating Model is developed by OOWAY that is also able to differentiate the credit quality of the underlying assets."
The rapid expansion of cross-border E-Commerce has surfaced the impactful role of financial services. OOWAY's Research Institute also released a latest research report titled "White Paper on Financial Services for Cross-border E-Commerce Industry in China". The paper highlights the future trends and the development of cross-border E-Commerce activities and also analyzes the role of financial services in the support of the industry.
AREX redefines the boundaries and begins a new and exciting chapter for receivables financing. This innovation has altered the digital landscape for trade finance, bringing limitless opportunities for the various partners within the ecosystem that AREX creates. According to Darwin Yang, President of ASEAN-China Commerce Association, he reminded "AREX is a golden opportunity that brings members value-added services - a win-win for all in ASEAN and China!"
Company Name: Accounts Receivable Exchange Pte. Ltd.
Contact Person: Miss Ma
Email: info@sgarex.com
Website: https://www.sgarex.com/
SOURCE: Accounts Receivable Exchange Pte. Ltd.
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https://www.accesswire.com/631894/Announcing-the-launch-of-the-Asian-Accounts-Receivable-Exchange-AREX--Leading-the-Digitalization-of-Global-Trade-Receivables
