Beijing, China — C2FO, the world’s largest provider of non-bank funding, has been awarded as Best FinTech Operating Enterprise in Supply Chain Finance at the Sixth China Supply Chain Finance Innovation Summit Forum in Shenzhen.
“We are honored to be recognized by China’s most influential and concerned gathering of supply chain finance industry experts,” says Max Zhang, Senior Vice President Greater China at C2FO. “With over 100 entries evaluated against rigorous criteria, being selected for the award validates our win-win solution for corporates and their suppliers.”
Wanlian Supply Chain Finance Research Institute, in conjunction with the China Supply Chain Strategic Management Research Center of Renmin University of China, jointly launched a series of awards to select and promote the best supply chain innovation and practice enterprises for the industry, set industry benchmarks and models, and guide the healthy development of China’s supply chain finance. The Best Enterprise in Supply Chain Finance Award series recognizes companies that have developed innovative solutions at the forefront of finance technology.
Winners were selected on basis of “professionalism, justice, and public welfare.” Over 100 entries were evaluated from three dimensions of maturity, innovation and growth and more than ten indicators, including; authenticity of materials, data integrity, customer acceptance, capital acceptance, risk coefficient, profitability, supply chain economy, business maturity, development speed, business model, and supply chain financial business model. The Selection Committee was led Mr. Song Hua, Professor, Renmin University of China, and included experts from universities, associations, and regulatory bodies.
C2FO earned Best Fintech Operating Enterprise recognition for its unique marketplace approach to supplier finance which enables direct collaboration between corporates and their supply chains. Enterprise corporations can accelerate payment of approved invoices in exchange for a discount suggested by the receiving supplier; resulting in lower cost of goods, margin improvement, and higher returns on cash and short-term investments. Suppliers to enterprise corporations access the online C2FO solution for free to request early payment of their approved invoices at discount rates affordable to them, and at time horizons when cash flow is needed.
The C2FO solution is notable among supply chain finance alternatives in China as it is a direct relationship between corporates and their suppliers. The solution does not require underwriting, contracts, or complexity for suppliers which extends the benefit of supplier finance, affordable working capital, to small and midsize enterprises (SMEs). SMEs currently lack access to capital, often due to a high cost of borrowing. C2FO is often a lower-cost alternative for these businesses than personal loans, lines of credit, asset-based lending, factoring, or other funding alternatives.
Corporates benefit when their supply chains have access to low cost funding to grow their businesses, fund inventory purchases, manage cash flow, meet seasonal demands, or invest in product innovation. C2FO significantly reduces supply chain risk with its win-win solution.
The award ceremony took place at the Sixth China Supply Chain Finance Innovation Summit Forum, March 19 in Shenzhen. The event included China’s leading corporates, suppliers from supply chain companies, logistics companies, B2B platforms, external service platforms, factoring, financial technology companies, and financial institutions, as well as industry leaders of investment and financing institutions, and more than 800 cross-border corporate executives and media professionals.
C2FO thanks the judges and congratulates all the award winners on their excellence and innovation.