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E-invoicing, SCF & E-procurement

AR Financing Platform Velotrade, first to obtain SFC Licence in Hong Kong

Wednesday 12 December 2018 | 11:10 AM CET

AR financing platform Velotrade has announced it has obtained a Type 1 Regulated Activity licence by the Securities and Futures Commission in Hong Kong.

After announcing it is the first of its kind to receive the Type 1 Regulated Activity licence in Hong Kong, the platform is now ready to provide institutions with access to new investment opportunities in the alternative asset class.

Since commencing operations in 2017, Velotrade has handled cross-border financing deals in Hong Kong, China, Singapore, Taiwan and Vietnam with automotive; electronics manufacturing; brand name supermarket chains; and leading garment industry players. Now the company is set to deliver receivables financing solutions for increasingly large scale local and international transactions, backed by the reassurance provided by Hong Kong SFC approval.

Velotrade enables corporates to meet their cash flow needs by monetizing unpaid invoices. Qualifying companies upload their outstanding bills that they need to turn to cash onto Velotrade’s online platform where approved investors bid on individual invoices. Once the bidding process is complete, the invoice seller receives immediate payment of typically 80%, minus platform costs, with the balance payable once the debtor makes the final settlement, less a yield to investors.

More: Link
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