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On December 20, 2024, VTeam Group and Zhonglian Cloud Chain Commercial Factoring Co., Ltd. (hereinafter referred to as “Zhonglian Factoring”), a factoring company under a central state-owned enterprise (SOE), officially signed a strategic cooperation agreement on two-factor international factoring, marking the official establishment of China’s first two-factor international factoring strategic partnership. Regarded as a milestone event in China’s commercial factoring industry, this signing creates industry history and implies that the international factoring business in China’s commercial factoring sector has entered a new stage on its development.
At the signing ceremony, industry leaders including Mr. Wei LI, Secretary-General of the Commercial Factoring Expertise Committee (CFEC) of CATIS, Mr. Qingshan YE, Chairman of ChinaUnicom Leasing, Ms. Liyan WANG, head of Bank of China Group Investment Fund Management. (Beijing) Co., Ltd., Mr. Ming HE, General Manager of Zhonglian Factoring, Mr. Yi PENG, Deputy General Manager of Zhonglian Factoring, and Mr. Fongtai WEN, Chairman of VTeam Group witnessed this groundbreaking moment. Mr. HE and Mr. ZHANG, VTeam’s CFO, representing their respective organizations, signed the strategic cooperation agreement.
Zhonglian Factoring, jointly established by Bank of China and China Unicom, has previously provided factoring and supply chain technology platform services to Bank of China, China Unicom, and their partners, making it one of the key factoring companies affiliated with central SOEs.
At the signing ceremony, Mr. HE highly praised the far-reaching significance of this collaboration, stating the signing of this strategic cooperation agreement on two-factor international factoring represented a powerful alliance between an international factoring company and a leading SOE in China, signifying mutual recognition of their respective strength and factoring service capabilities while boosting the international development of China’s commercial factoring industry.
Mr. WEN stated that VTeam Group has been committed to innovating and developing international factoring business. The cooperation with Zhonglian Factoring would create development opportunities for both parties and serve as a solid bridge for the overseas development of Chinese companies. Mr. WEN pointed out that by sharing resources and complementing each other, both parties will greatly enhance their international financial service capabilities, providing strong financial service support for Chinese enterprises’ globalization strategies.
During her speech, Ms. XU, General Manager of VTeam’s International Department, shared VTeam’s three innovative cooperation models of two-factor international factoring, including two-factor export factoring, two-factor import factoring, and two-factor offshore factoring. With this innovative service, VTeam, through its global network, has partnered with domestic banks and factoring companies of central SOEs, and renowned private enterprises to provide international financial services for the overseas development of Chinese enterprises, such as export trade financing, offshore trade financing, overseas project financing, overseas bank account opening, cross-border payment, and currency exchange etc.
Mr. Wei LI delivered a keynote speech as a distinguished guest. He noted this cooperation represents the first strategic partnership signing in the field of two-factor international factoring for China’s commercial factoring industry, carrying significant value and effect on factoring business in China. He also stressed that VTeam Group has long been an innovative practitioner in China’s commercial factoring industry, not only achieving remarkable results domestically but also showcasing strong competitiveness and influence internationally.
The successful signing ceremony not only highlights VTeam Group’s leading position in two-factor international factoring but also serves as a pioneering model for China’s commercial factoring industry to develop international factoring business. Looking forward, both parties will deepen cooperation to jointly explore new paths for two-factor international factoring business, promoting the industry’s international development!
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