CCGN Singed Agreement with China UMS Liaoning Branch for Innovation in Financial Products of UnionPay
On April 8th 2016, subsidiary of CCGN, America Arki Network, signed a three-year agreement with China UMS Liaoning Branch for innovation in financial products of UnionPay in Shenyang.
1.China UMS agree to introduce America Arki Network to their merchant-acquiring business clients about its business and financial products. Meanwhile introduce some high quality merchants back to America Arki Network for related financial business application.
2.China UMS agree to take advantage of its own financial products, settlement platforms, and vast information to provide full financial service for merchants of America Arki Network for favorable prices.
3.When UnionPay signed-up merchants apply for financing with America Arki Network, China UMS agree to send recommendation letter for America Arki Network to refer when it runs independent investigation on the merchant. When the investigation is done and application is through, America Arki Network transfer the fund to UnionPay Clients Excess Reserves System, then the fund will be transferred to the merchant from UnionPay.
4. Collaborative product – receivable factoring financing.
(1) Highest credit line: 300,000 RMB.
(2) Period of loan: 3 months.
(3) Commercial paper receivables and non-UnionPay merchants POS statements can be credit basis.
(4) Commercial factoring financing rate: monthly 1%, annually 12%.
(5) Commercial factoring service fee: 1.5% of total financing amount, one-time payment.
(6) Method of repayment: one-time deducted of interest rate, monthly-repaid principle paid by China UMS on behalf of merchant.
Since the strategic partnership is formed between America Arki Network and China UMS, the commercial factoring financing program of America Arki Network has access to the UnionPay Clients Excess Reserves System. All the online payment on America Arki Network owned websites has access to UnionPay B2B B2C websites interface. That insured that the money flow keeps smooth online and offline. Up to December 28th, America Arki Network has provide 12 million RMB as commercial factoring financing fund to China UMS
Parent company of America Arki Network, CCGN has helped UnionPay to discover new channels, and also helped small-and-medium-sized enterprises (SMEs) by providing financing support and financial services with reasonable prices.
Chairman and CEO of CCGN, Mr Gao commented: "In the year of 2017, America Arki Network will cooperate with China UMS and bring innovation in financial products. Together we will helps SMEs who suffers from expensive and difficult financing problem. This cooperation will bring online commercial factoring financing and loans into the inclusive financial system. It is also an integration of financial technology and service innovation. We CCGN is always devoted into the innovation of finance, and has been using the IPC core in our risk control system. To having SMEs benefit from convenience, fast and reasonable priced financial services is our goal."