Fintech companies, banks and governments are all trying to improve the finance for suppliers in/get a part of the action in the supply chain finance business. Retailers are providing new services as well.
Retailer DHGate expands platform
Retailers are providing more and more services to ensure that their suppliers are supported. DHGate the global retailer, who provide an all-in-one purchasing platform, have announced the formal launch of its large-volume trade platform. DHport is powered by DHgate's "Cross-Border Cloud Service" and, they claim, is the first platform of its kind to integrate traditional cross border trade with comprehensive foreign trade services through its digital platform.
DHGate now enable international traders, suppliers, and wholesalers to not only trade through DHport, but also complete all needed supply chain services, such as payment, logistics, and finance, as well as requested applications to diverse government agencies including custom clearance, inspection, tax returns, etc. This service has already yielded results for decreased costs, increased efficiency, and reduced time to complete the export process. DHGate claim that, “Launch of DHport formally marks the beginning of a new era of global digital trade.”
Cloud based service
DHport integrated all major exporting procedures involved in international trade through their Cross-Border Cloud Service.
DHport allows domestic suppliers to select their own cross border service providers for every step of the export process through its digital trading platform. Prior to DHport, domestic suppliers have traditionally been forced to visit multiple locations, submit multiple documents, certifications, and papers to complete the export process. Today, with DHport, through the Cross-Border Cloud, domestic suppliers are able to finish all needed procedures in a matter of minutes.
Wuxi Meiyang Machine Co. Ltd was the first enterprise to try DHport. The Wuxi Trading Co. is registered in Beijing, their factory is located in Wuxi, they export goods out of a port in Shanghai, and undergo product inspection in Tianjin. With the power of the Cross-Border Cloud, they were not only able to lower their logistics cost by 10%, but were also able to finish the entire customs clearance process in 7 minutes from a single location. In the past, this process usually takes over 7 days to complete.
CTMfile take: Is this the future of global trade: retailers providing the platform which integrates services from banks, trade service suppliers and fintechs? It may not dominate, but an important new alternative is now available. They won’t be the first.
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