Singapore-based Financial Services Technology Group, ADERA, to Broaden and Deepen its Business Presence in Chongqing, China; Signs 1st MOU and Letter of Intent to Develop the First Supply Chain Financing Platform for Cross Border Trade Activities between Singapore and Chongqing and Undertakes 2nd MOU to Establish a Fintech and Data Centre in Chongqing
Adera Global Pte. Ltd. (“ADERA” or the “Company”), an innovative financial services technology group headquartered in Singapore with a track record of more than 35 years, is pleased to announce that it has entered into two Memorandum of Understandings (“MOU”) and a letter of intent to broaden and deepen its business presence in Chongqing, China.
Key Highlights:
Supported by major Chinese institutions in the banking and trade industries, the supply chain financing platform will utilise ADERA’s blockchain solutions and it will be jointly developed together with two established Chinese partners, Chongqing JiangBeiZui CBD investment Group and CCIF Pte Ltd
Greater economic collaboration will facilitate more trade between Singapore and Chongqing and the supply chain financing platform will enable enterprises in Singapore and Chongqing to digitalise and standardise their trade processes and invoices
With enhanced accountability and transparency via the supply chain financing platform, it fosters greater trust and confidence between financing institutions and transacting parties, leading to lower risks to business transactions and faster access to financing
The fintech and data centre established by ADERA will be located in Bishan, Chongqing and it will focus on the development of fintech solutions, artificial intelligence and secured data capabilities, among other new technology innovations
ADERA will also be participating in SMART CHINA EXPO 2020, where the Company will showcase its latest fintech and digitalisation innovations in this Virtual Expo
The MOUs and letter of intent are part of the China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity and it is the third intergovernmental cooperation project between China and Singapore which mainly covers four key areas of cooperation: financial services, aviation industry, transportation logistics and information, and communication.
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Previously, such intergovernmental cooperation projects have effectively facilitated the origination and completion of several China-Singapore cooperation projects. In 2018, 16 cross-border financing projects under the China-Singapore Demonstration Initiative on Strategic Connectivity were followed through.
Strategic Collaborations with Established Chinese Private Enterprises and Government Agencies in Chongqing
Chongqing, in southwest China, is one of four municipalities directly controlled by the central government – the other three are Beijing, Shanghai, and Tianjin. Chongqing has posted double-digit economic growth for more than a decade and in 2019, Chongqing posted a GDP growth of 6.3% Y-o-Y to RMB 2,361 billion in 2019.
ADERA’s first MOU and letter of intent relates to the development of the first supply chain financing platform for cross border trade activities between Singapore and Chongqing.
Utilising ADERA’s blockchain solutions and technology capabilities, the supply chain financing platform will be jointly developed together with two established Chinese partners, Chongqing JiangBeiZui CBD investment Group, a state-owned enterprise, and CCIF Pte Ltd, a state-related business agency.
In addition, the supply chain financing platform has obtained the support from major Chinese institutions in the banking and trade industries that comprise of Bank of Chongqing, YuMaoTong Foreign Trade Service Platform and Chongqing Tianlian Citrus Network Technology Co. Ltd.
To facilitate a greater volume trade activities between Singapore and Chongqing and improve efficiency between business enterprises in both countries, the blockchain-based supply chain financing platform will integrate multiple e-invoicing standards in China to conform to the PEPPOL e-invoicing standard that is recognised internationally.
With enhanced accountability and transparency via the supply chain financing platform, it can foster greater trust and confidence between financing institutions and transacting parties, leading to lower risks to business transactions and faster access to financing.
The pilot supply chain financing platform is expected to be introduced by the end of 2020 and there is potential to replicate the platform across other key markets in China and connecting more business enterprises and transactions between China and Singapore.
The second MOU is signed between ADERA and Chongqing Bishan District Government to establish a fintech and data centre, spearheaded by ADERA, which will be located in Bishan, Chongqing. The fintech and data centre will focus on the development of fintech solutions, artificial intelligence, and secured data capabilities, amongst other new technology innovations.
Commenting on these milestones, Mr. Lennon Tan, Chairman of ADERA, said: “The MOUs and letter of intent reflect our strong commitment to serve the business communities in both Chongqing and Singapore with our technology innovations and deep industry experience.
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Working together with our established MOU partners in Chongqing, we look forward to develop an enhanced ecosystem of trust that transcends geographical barriers and creates new value propositions that will benefit stakeholders.
Paving the way for the mainstream adoption for digitised supply chain documentation and data integration, we believe that our blockchain-based supply chain financing platform will lead to a higher volume of cross border trades and faster access to supply chain financing while lowering risks at the same time among transacting parties.”
Mr. Lennon Tan, added, “Sharing a common vision of developing and commercialising new technology innovations with the district government in Bishan Chongqing, our fintech and data centre in Chongqing aims to be a gateway to enable more advanced technology applications to create a more inclusive community.”
In addition, ADERA is participating in the SMART CHINA EXPO 2020, which is an annual gathering for international enterprises, industry leaders, scholars and experts, and government officials to share and explore the latest developments in the fields of smart technology, smart industry, smart manufacturing, and smart application.
Due to the COVID-19 pandemic, SMART CHINA EXPO 2020 has been transformed into a virtual platform and ADERA will be showcasing its latest fintech and digitalisation innovations in the following areas:
– Blockchain driven cross-border e-invoicing & supply chain platform
– Digital identity solutions enabling enrolment to verification
– Fintech transformation for banking institutions with workflow automation & intelligent kiosk
– Biometric contactless attendance and temperature-taking system with contact tracing
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