iSoftStone Unveils the Curtain of Cloud Factoring Transformation as Factoring Crowding-out Effect Appears
In the current economic context, great attention has been paid to development of financial industry, a pillar of the nation. The industry has launched a range of opening-up measures, demonstrating China's confidence in “stabilizing the financial industry” to the world. In particular, while emphasizing the expansion of the financial sector, the regulatory capacity and intensity should be further enhanced.
Recently, the CBRC issued the Notice on Strengthening Supervision and Administration of Commercial Factoring Enterprises, requiring the factoring industry to guard against and defuse risks and strictly control market access. After rapid growth and industry shuffling, the commercial factoring industry ushered in strong regulation. Insiders believe that it is extremely urgent for the factoring industry to embark on the path of standardized digital intelligence transformation and upgrading.
In this regard, iSoftStone, with a profound industry accumulation, analyzes the development status and trends of the factoring industry, and introduces a factoring cloud platform for innovative commercial factoring business process, so as to provide facilitate innovative transformation and high-quality development of the factoring industry.
How to downs avoid decline right after flourishing development?
As a new financial industry, it has embraced a “honeymoon period” in the early stages of development. According to the survey by the CBRC, as of the end of June 2019, there were 12,081 registered commercial factoring enterprises nationwide, an increase of 4,222 and 540 respectively over 2018 and early 2019.
Meanwhile, the industry crowding-out effect brings about the industry shuffling. In the first half of 2019 alone, 434 commercial factoring enterprises were canceled or revoked, accounting for 46.85% of the total, close to the total of the previous seven years, according to data released by the Commercial Factoring Expertise Committee of CATIS.
Currently, the factoring industry is under attack from both the outbreak and elimination trends, bringing about worries of future development. To avoid downs after ups, the factoring industry has to uphold correct development direction.
Empowered by cloud platform service, factoring cloud of iSoftStone brings new opportunities
iSoftStone has been a trustworthy partner for many enterprises during their transformation and upgrading. Therefore, facing the predicament of the factoring industry, iSoftStone has provided a mature and rapid solution.
iSoftStone makes good use of digital cloud platform service to facilitate transformation and upgrading of the factoring industry. It innovates the business process of commercial factoring, introduces factoring cloud platform, and establishes a mature and leading commercial factoring system. Such platform provides professional factoring Saas service for factoring companies, buyers and sellers, funders and operators, and offers full loan process management of factoring business. For example, the platform may carry out risk control in full process management to safeguard factoring fund security.
Promoting mutual benefit and win-win, the factoring cloud empowers the industry through practice
“One may only know that something is difficult after he did it”. The factoring cloud of iSoftStone has empowered the industry with its mature technical capacity and abundant practical applications over the years. In 2015, iSoftStone signed a contract regarding factoring products with Beijing Agricultural Investment Commercial Factoring Co., Ltd. (“BIAIF”). With the help of perfect business process, smooth departmental business flow, mature early warning management and sound expense management, BJAIF provides excellent professional and personalized commercial factoring services for “agriculture, rural areas, and rural residents”, small and medium- and micro-enterprises and their upstream and downstream customers.
Since then, Haihui Commercial Factoring (Tianjin) Co., Ltd., Shenzhen Xingshun Commercial Factoring Co., Ltd., Tianjin Galaxy Commercial Factoring Co., Ltd., Shenzhen Lezhuanxin Commercial Factoring Co., Ltd. and other factoring enterprises, have successively used factoring products of iSoftStone. Factoring products provide mobile commerce, ERP interface and other functions to help the above-mentioned enterprises to achieve business transformation and upgrading, and promote win-win in the entire value chain.
In promoting China's economic construction, innovative development of commercial factoring is playing an increasingly important role, which may help to reduce financing costs and promote development of real economy. Insiders predict that the commercial factoring will become the most popular financial industry. In the future, iSoftStone will make greater efforts in digital products and services such as factoring cloud, promote digital transformation and upgrading, and boost supply-side structural reform to drive prosperous development of the digital economy.