The app allows SMEs in China to apply for credit based on the invoice approval and buying-power of their enterprise buyers.
“This provides a powerful peer-to-peer financing option for hundreds of thousands of China-based exporters,” said Mikkel Hippe Brun, co-founder and senior vice president, APAC, at Tradeshift. “It’s a true fintech partnership and will build solutions enabling businesses to take greater control over their working capital health, leading to a stronger and more reliable supply chain in China.”
In a statement, both companies said CreditEase will work with Tradeshift to jointly develop solutions that “enhance traditional supply chain finance services’, with the aim of providing a “unified, innovative, automated and on-demand online financial service.”
Ning Tang, CEO of CreditEase, said the objective was to optimize the entire supply chain funding process. “The collaboration between CreditEase and Tradeshift will be extended from the electronic invoice to the upstream and downstream supply chain processes, creating a closer trade link for global sourcing and supplier interconnection,” he said.
This latest announcement comes after CreditEase invested in Tradeshift through a Series D round in 2016.
The market for SCF in Asia will be on the agenda for the first-ever SCF Forum Asia, organised by the Supply Chain Finance Community in Singapore on 24th May.