ZW Data Action Technologies Initiates Supply Chain Finance with Digital Asset and Crypto Payment
BEIJING, Feb. 02, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies, Inc. (Nasdaq: CNET) ("ZW Data" or the "Company"), an integrated online advertising, precision marketing, data analytics, and other value-added services company, today announced the official initiation of “The Finance”, its supply chain finance solution that targets the growing key opinion leaders (KOLs) and online-to-offline (O2O) e-commerce industry with options of digital asset and crypto payment.
ZW Data’s blockchain based supply chain finance solution, “The Finance,” is the latest service application rollout of its decentralized ecosystem which is powered by the Company’s Blockchain Integrated Framework (BIF) for omnichannel retail marketing, and follows the launch of its innovative livestreaming platform in Guangzhou earlier in December 2020. The Finance service will be integrated with the Company’s livestreaming platform and the mobile payment partnership with WePay in order to build a reliable and efficient ecosystem for all users and to streamline its ecommerce process, seamlessly linking the data management of information, logistics, transaction, and finance. More information about the WePay could be found at: http://www.vfuchong.com.
In particular, the blockchain-powered platform will establish linkage and compatibility with digital assets through licensed digital assets and crypto exchanges，such as China’s new Digital Currency Electronic Payment (DCEP) system, as well as leading crypto assets such as Bitcoin and Ethereum.
The traditional finance sector has been outpaced by innovations in FinTech for a while and has struggled to create trust between various parties. The Finance fosters network cooperation, strengthens existing business connections and accelerates cash flows within the supply chain, in which a similar structure of decentralized finance (DeFi) can be further applied in accordance with China’s law and regulations and financial policy.
Offering unique benefits and opportunities to the Company’s livestreaming service, the Finance provides account receivable and inventory financing solutions to address the challenges by inventory management in livestreaming retail as well as small-medium enterprises (SMEs) sales.
This ensures that all information exchanges be secure, verified, and trustable throughout the platforms in real-time with automatic validation in smart contracts. The seamless execution of transactions can be implemented by blockchain-based technologies and applications as well as other big data and IoT services to ensure verifiable premium data accuracy.
Handong Cheng, Chairman and Chief Executive Officer of ZW Data, commented, “We believe The Finance allows us access to leading digital assets like BTC, ETH or China’s DCEP. We will partner with major regulated and licensed exchanges, while providing financing solutions for small and medium-sized KOLs or other O2O merchants with options in DeFi. We believe the Finance will provide us with the competitive advantage as it will integrate our livestreaming business with supply chain financial solutions and provide a potential extension on the resale business of SMEs or KOLs’ intellectual properties with the smart contracts on the blockchain developed through DeFi. We currently estimate that our livestreaming ecommerce business integrated with supply chain finance will bring in at least US$50 million revenue in 2021 and will maintain a double-digit growth rate in the future. We expect to continuously provide updates on the status of our progress to our investors in 2021.”
About ZW Data Action Technologies Inc.
Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for general public, enterprise clients, and government agencies. More information about the Company can be found at: http://www.zdat.com/.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies will be those anticipated by ZW Data Action Technologies. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Weitian Group LLC
Phone: +1 718-213-7386