SY Factoring Limited was invited to attend the 2021 Western China Commercial Factoring Industry Development Forum

  2021-04-26


On 21 April 2021, Mr. Jen-Tse Chen, executive director of SY Factoring Limited (“SY Factoring” or the “Company”), was invited to attend the review meeting and serve as a judge at the "Sixth China Commercial Factoring Innovation Case Review Conference" organized by Commercial Factoring Expertise Committee of CATIS ("CFEC") in Chengdu, China.


(Photo: Mr. Jen-Tse Chen, the second from the right, serving as a judge on site)


As part of deepening the understanding of commercial factoring by enterprises and providing guidance in terms of the development of innovative business model, the CFEC, in the last five years, has been recognizing the achievements of both individuals and companies who have demonstrated outstanding contributions to the industry.


On 22 April 2021, under the guidance of the Chengdu Municipal Financial Regulatory Bureau and the support of CFEC, SY Factoring was invited to attend the Western China Commercial Factoring Industry Development Forum 2021 held in Shuangliu, Chengdu, organized by the Chengdu Supply Chain Finance Association. The event involved discussions and exchanges with various experts from the industry, which provided invaluable suggestions for the development of the commercial factoring industry in the western region.



Under the forum’s theme of "Singing the "A Tale of Two Cities" in Chengdu-Chongqing Finance and Building a New Pattern of Factoring Development", Mr. Cheng Hua, deputy director of Chengdu Municipal Financial Regulatory Bureau, presented an award to newly established Commercial Factoring Expertise Committee of Chengdu Supply Chain Finance Association during the ceremony.


As part of the forum, Mr. Jen-Tse Chen was invited to give a speech in which he shared the advanced practices of Sheng Ye in the field of supply chain finance technology along the lines of "Technology Empowered Business Factoring". Sheng Ye Capital is a leading supply chain fintech platform with over 7,400 customers. Through its "1+N+Fintech" model, it has been able to be deeply entrenched within the ecosystem of blue-chip core enterprises. In his speech, Mr. Chen also mentioned the huge potential of the commercial factoring market and shared how Sheng Ye has been able to leverage its experience to continuously strengthen its platform-based strategy, improve efficiency by using digital technology and innovating supply chain financial products.


(Photo: Mr. Jen-Tse Chen giving a speech)



Mr. Jia-Ping, Han, Director of the Credit Research Institute of Chinese Academy of International Trade and Economic Cooperation and Director of CFEC, also pointed out that trade is ushering in the "credit + digital + era", in line with the theme of "Development Trends of China Commercial Factoring Industry". Based on a series of data and the current situation, the prospects of the commercial factoring industry are promising. It is estimated that from 2020 to 2025, the scale of China's commercial factoring business will double, with the annual business volume is expected to reach RMB 3 trillion.


Other well-known companies participating in the forum also contributed their industry best practices and experience in the area of supply chain financial risk management during the session.


During the roundtable discussion on "The Way of Factoring Development in Sichuan and Chongqing", representatives from CFEC, Chongqing Business Factoring Association, Chengdu Supply Chain Finance Association Business Factoring Expertise Committee, representatives of Chongqing Factoring Company, Chengdu factoring Company, and representatives of national factoring companies had in-depth discussions and differing viewpoints which resulted in many suggestions for the development of the factoring markets in Sichuan and Chongqing.


(Photo: Group photo at the event)


By promoting the exchanges and cooperation between factoring enterprises in Chengdu and Chongqing, as well as the healthy and sustainable development of commercial factoring in the two regions, the forum was able to facilitate the development of commercial factoring to empower the real economy and serve the small and medium-sized enterprise community in Chengdu, Chongqing, and other western regions. SY Factoring is honored to be invited to participate in this forum and endeavors to continue its contribution to the development of the western commercial factoring industry.