ZW Data Action Technologies Initiates Supply Chain Finance with Digital Asset and Crypto Payment
February 02 2021 - 8:30AM
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:
Sherry
Zheng Weitian Group
LLCEmail: shunyu.zheng@weitian-ir.com Phone: +1
718-213-7386
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