Imitation is a recurring theme in our fast-moving and competitive market. Recognizing the volume of digitally connected people and businesses in Asia is among the world’s largest, SAP Ariba recently announced plans to make its cloud-based procurement applications available in China by the end of the year.
Tradeshift has been in China for the last three and a half years. Ever since Tradeshift opened offices in Suzhou in 2013, we’ve been developing localized solutions for Chinese suppliers and buyers and know what it takes to succeed.
Suzhou is home to nearly 100 dedicated Tradeshift employees in our product, engineering, and sales teams. Multinational companies with subsidiaries in China and domestic Chinese privately owned companies already rely on Tradeshift solutions to modernize their procure-to-pay processes to reduce costs and improve compliance.
Last March, we invested further in China by announcing a strategic partnership with Baiwang, a leading provider of tax-related services. We’re working together to accelerate the digitization of trade-based transactions in China, as well as global trade between Chinese companies and their cross-border trading partners. Baiwang has also built third-party apps on the Tradeshift platform for invoice issuing and validation, and for VAT compliance.
The company counts dozens of large Chinese enterprises like Bank of China, Ping An Group, and China Railways, as customers, many of which now have the confidence of using a solution that is compliant with Chinese invoicing and tax regulations. This is just the beginning. Expect more big news this Fall.
I welcome SAP Ariba to the world’s second-largest economy, and would be happy to show them around. I know of a few places for the best dumplings.
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