The joint ventures can help strengthen the competitiveness of Chinese SMEs across global supply chains and support the country’s goal of raising cross-border trade to USD 2.5 trillion within a decade.
Tradeshift and the joint ventures offer a framework for digital connectivity and collaboration between China-based enterprises and businesses worldwide to help the country achieve its technology modernization goals.
Tradeshift entered a joint venture with Shenzhen XunLian Technology Development. The move will primarily provide supply chain financing to millions of businesses and will process more than USD 30 billion of gross merchandise value (GMV) worth of transactions per year for some of the largest state- and private-owned enterprises in China, claims the company.
More than that, the company’s strategic partnership with Baiwanghas paved the way for a joint venture named Baiwang Tradeshift. This year, the Chinese government replaced provincial Business Taxes (BT) with VAT for all service-based industries. This joint venture is with one of two companies in China that are authorized by the government to implement and market e-invoicing solutions for VAT compliance.
The 85-person joint venture serves more than 100 customers, including companies in the insurance, banking and hospitality industries. Baiwang Tradeshift has processed more than 20 million invoices over the last three months.
Additionally, in October, Tradeshift announced that it expanded into Australia and New Zealand to further meet the global demand for its cloud software designed for business networks.
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