NEW YORK, June 21, 2017 /PRNewswire/ -- Wecast
Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST) announced today
the formation of a Joint Venture ("JV") with Rural
Commercial Bank (Beijing)
Information Technology Limited or the Rural Commercial Bank
Development Alliance ("Bank Alliance"), for the purposes of
introducing to and integrating Wecast's V PaaS with the Alliances
70+ rural commercial lending member banks across China. The
JV will be 80% owned by Wecast.
In recent years, many Chinese rural commercial banks have been
transformed from rural credit unions to better finance the
agricultural sector and farmers, as financing bottleneck is a
common challenge for small farms. Farms, which employ almost
a third of the China's 1.4 billion
people, yield about 9 percent of China's gross domestic product, though with
low productivity. The annual turnover of agricultural
products, including seafood, flowers and fresh products (which are
traded in 462 large-scale agribusiness markets across China), is more than 4.8 trillion RMB and is financed and settled
through individual Rural Commercial Banks ("RCB") which are members
of the Bank Alliance.
The JV's goal, through Wecast's V PaaS, is to streamline and
enhance the entire agricultural transaction and settlement process
between RCBs and the farmers that they are processing transactions
for. By introducing V PaaS functionality to RCB's, RCB's can
rely on a closed trade precision sales ecosystem that will help
reduce the 5-10% spoilage rates that currently exist in the
agribusiness marketplace. V PaaS will help facilitate
self-trade through Artificial Intelligence (AI) matching and
blockchain-based settlement all while simultaneously eliminating
the multi-layered congestion of middlemen and brokers and therefore
improving margins for both RCB's and agricultural
producers.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on 'BASE'
technology and infrastructure (Blockchain, Artificial Intelligence,
Supply Chain & Exchanges) to power our V PaaS (Virtual Platform
as a Service), WCST is creating a closed trade ecosystem for buyers
and sellers designed to eliminate supply chain and transactional
middlemen and create a more direct and margin-expanding trading
path for principals. WCST is applying BASE + V PaaS to focus
on 3 Core Cloud Areas: I. Brand, Content & Intellectual
Property Cloud; II. Product Sales Cloud; III. Transactional Finance
Product Cloud. With the three clouds functioning both
independently and interdependently, Wecast is creating a vertical,
transactional and flexible platform for today's global
enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason
Finkelstein
Wecast Network,
Inc.
212-206-1216
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wecast-to-form-joint-venture-with-the-rural-commercial-bank-development-alliance-300477438.html
SOURCE Wecast Network, Inc.