Study Finds 90% of Responding Organizations Experience Challenges with Financial Close Process

DALLAS, TX / ACCESSWIRE, Sep 25, 2020 – (ACN Newswire) – Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today released a study evaluating organizations' use of ERP systems and financial software during the global COVID-19 pandemic and its impact. Nine out of ten respondents said they experience challenges with the financial close process, with the top challenges being 1) a time-consuming process, 2) the risk of experiencing manual errors, and 3) under-supported to achieve their goals.

A commissioned study conducted by Forrester Consulting on behalf of Trintech surveyed 336 finance and IT leaders globally on challenges experienced in digital transformation efforts. Respondents reported their organizations' processes and strategies are rife with challenges due to data accuracy and lack of collaboration. However, there are opportunities for organizations to pinpoint their problem areas and utilize modern technology and strategic approaches to help propel themselves toward long-term success.

Key findings include:

– Complex environments cause challenges with executive collaboration and financial close technology. Organizations operate in complex ERP environments and use an average of nine different vendors and 18 instances across the enterprise globally which leads to disconnects in collaboration and communication among the C-Suite and other leadership stakeholders and trouble with data availability and accuracy. This increases the risk of financial misstatements and potentially incorrect insights. 44% of respondents cited errors due to manual processes as one of the biggest challenges during financial closes.

– Adopting advanced technologies can benefit the entire organization. Many organizations can benefit from supplemental financial close applications that work across this complex and disparate ERP environment while also introducing advanced technological capabilities such as AI that benefit the entire organization. Currently, CFOs spend almost 17% of their work week analyzing financial information and only 12% on business strategy-related activities. Advanced technologies can free up time and help CFOs spend more time on strategy.

– The financial close process will be overhauled in the age of AI. Eighty percent of respondents said AI will play a large or central role in their organization's next wave of financial management technology. Organizations must take advantage of and invest in technologies like AI, robotics, automation, and risk management so the finance office can overcome its own challenges while leading the way in the organization for the ROI on these advanced technologies.

"Prior to the pandemic, we heard many business leaders say digital transformation is a priority, but too many overlook finance as a crucial and foundational element of this transformation. Investing in the right technology to maintain business continuity in a remote environment and beyond is no longer a "want", it's a critical need," said Teresa Mackintosh, CEO at Trintech. "This survey revealed that complex ERP environments hinder the ability to produce necessary financial statements and track key metrics to get a true view of the business. Looking to supplemental solutions that integrate across these complex ERP environments to ensure data accuracy, automation, and collaboration in the C-Suite are paramount to ensuring long-term success for your organization."

According to the study, "Finance teams are notorious for lagging behind their enterprises' digital transformation efforts, though not for lack of trying. While many large enterprises focus on their technology teams, they overlook the transformational necessity of the finance teams, leaving them with outdated systems and frustrated employees and lacking skill sets. To effectively position themselves for long-term success, organizations must deliver on these increasingly challenging demands in the short run and find a way to manage the complexities that come with being an enterprise-level organization."

Key Recommendations:

Growing pressures due to rising customer expectations, fast pace of change, and the ongoing impacts of the pandemic will force organizations to invest in modern finance solutions or face perilous consequences. This in-depth survey yielded several important recommendations:

– Organizations need to make bold investments in finance for business survival and growth. Decision makers must overhaul their current thinking and recognize that great finance systems – including clear visibility and controls – can make or break the business. Leaders need accurate, real-time financial information through streamlined financial close software to make important decisions about business health and investments.

– The right technology will bring consistency and automation to critical financial processes. Respondents said they prioritize integration, breadth, and automation when selecting financial software. These characteristics are critical to solving issues around fragmented data, inconsistent processes, and out-of-date information that can drag down business success.

– Make sure to invest in governance and CFO-CIO collaboration for best results. Leading organizations must combine people, processes, and technology for best results in modern finance systems. The technology is a starting point, but real success can only happen when key stakeholders are aligned and clear on roles and responsibilities.

– Push the limits of AI in core finance processes. All financial software aims to automate and reduce manual effort, but leading solutions are changing the game with real learning and intelligence. Go beyond the buzzwords and ask your supplier for real examples and references from customers who can speak to the power of real AI.

Please tune in to our webinar, "Leveraging Advanced Technology to Succeed in a Complex Financial Close", on October 16th to hear more about our survey findings and recommended next steps. https://pr.report/6H-IMBOJ

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech's portfolio of financial solutions, including Cadency® Platform, Adra® Suite, and targeted tools, ReconNET™, T-Recs®, and UPCS®, help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company's cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Adrienne Kim
Vested
917-765-8720
trintech@fullyvested.com

SOURCE: Trintech, Inc.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ZALL Smart Commerce Group To Expand Its Singapore Operations

SINGAPORE, Sep 25, 2020 – (ACN Newswire) – Asia's leading B2B e-commerce group, ZALL Smart Commerce Group (ZALL), announced that it will be expanding the scale of its operations and investments in Singapore. ZALL will invest in its Singapore business, including Commodities Intelligence Centre (CIC), a Joint Venture between ZALL, the Singapore Exchange (SGX) and Global eTrade Services (GeTS). It has increased its recruitment efforts, with a number of open roles for its operations and trading teams in Singapore. ZALL is also investing into technology to further enable Singapore SMEs to trade more freely across Asia.

ZALL is one of the nine bidders who made the shortlist for the Singapore wholesale digital banking license with only three licenses will be awarded by end-2020. The digital bank foray will mark ZALL's fourth major project in Singapore as it aims to bridge the funding gap and support the expansion of local SMEs and micro-SMEs into Asia.

ZALL's Chairman, Yan Zhi believes that the pandemic has highlighted the importance of leveraging cross-border growth opportunities, especially between ASEAN and China to build more resilient supply chains. Mr. Yan's comments were shared at the recent FutureChina Global Forum 2020 (FCGF) that was attended by over 1,300 regional delegates who discussed the latest development trends and growth opportunities between China and ASEAN. From Singapore, the event was graced by Minister for Trade and Industry Mr Chan Chun Sing.

"While it is business as usual in China now, the rest of the world is still affected by the pandemic that has disrupted supply chains, cratering economies. Today, most of the trading and transactions have to be done online, creating an urgency for traditional businesses to leverage on digital platforms and digitally transform as soon as possible in order to survive," emphasized Mr. Yan Zhi, Chairman of ZALL.

"With confidence, we will eventually go through the difficulties, through the epidemic and fog before us, and the world in three years will only be better," said Mr Yan.

The pandemic has amplified Singapore's importance in driving ASEAN-China trade, a valuable proof point around ZALL's decision to establish its international headquarters in Singapore by launching Commodities Intelligence Centre (CIC) two years ago (2018). CIC is Singapore's first B2B e-trading platform for physical commodities powered by blockchain technology. It offers a global intelligent trading platform to more than a dozen countries, helping companies to reduce transaction costs, optimise the efficiency of their supply chains across cross-border trading, financing, logistics, compliance and risk management; and achieve greater trading synergies globally.

Despite the impact of the Covid-19 pandemic, CIC has seen sales revenues at approximately US$1 billion (S$1.36 billion) during the first half of this year (2020), which exceeded the total revenue throughout last year. Moreover, the number of customers on the CIC platform increased by 20 per cent as compared to 2019, resulting in a surge in the level of activity on the entire platform.

Mr Peter Yu, CEO of Commodities Intelligence Centre, shared, "Singapore has the ideal geographical location when it comes to commodities trading, playing a critical role in supporting regional trade. Singapore's nation-wide push for digitalisation has created the necessary environment to groom digital-savvy talents, and we look forward to inviting ideal candidates to join our growing team in Singapore."

"Be it COVID-19 or the recent spike in dengue cases, CIC offers opportunities for businesses of all sizes to mitigate crises by diversifying revenue sources and extending their global reach of their supply chains. In doing so, we are building business resilience against current and future pandemics," added Mr Yu.

About ZALL Smart Commerce Group

ZALL Smart Commerce Group (ZALL) is a leading Chinese B2B e-commerce group (ranked 139th of Fortune China 500 companies in 2020) with a global footprint across the world and is listed on four exchanges on HKSE, NYSE, SSE and SZSE. ZALL develops and operates Asia's largest B2B offline-to-online trade ecosystem in China and Southeast Asia, including Singapore, with more than 30 B2B platforms in China, US and Singapore, and a GFA of more than 10 million sqm of wholesale trade centres in China. In 2018, ZALL Group achieved a GMV of more than RMB 600 billion (US$85.2 bn), serving over 1 million SME customers worldwide.

ZALL has also obtained a virtual banking licence and currently operates Z-Bank in China since 2017, one of China's top 5 digital banks that has supported more than 5.5 million SMEs and individual customers. For more information, please visit http://en.zallcn.com/

About Commodities Intelligence Centre (CIC)

The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.

CIC aims to revolutionise commodity trading and facilitate cross-border trade through deal matching, trade finance, supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has achieved a GMV (Gross Merchandise Volume) of more than US$13.1 billion (S$17.9 billion), with over 5,000 registered users covering markets including Singapore, Malaysia, Indonesia, India, China, amongst other countries in Asia. For more information, please visit www.cic-tp.com.

For media queries
PRecious Communications for ZALL
ZALL@preciouscomms.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Study Finds 90% of Responding Organizations Experience Challenges with Financial Close Process

DALLAS, TX / ACCESSWIRE, Sep 25, 2020 – (ACN Newswire) – Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today released a study evaluating organizations' use of ERP systems and financial software during the global COVID-19 pandemic and its impact. Nine out of ten respondents said they experience challenges with the financial close process, with the top challenges being 1) a time-consuming process, 2) the risk of experiencing manual errors, and 3) under-supported to achieve their goals.

A commissioned study conducted by Forrester Consulting on behalf of Trintech surveyed 336 finance and IT leaders globally on challenges experienced in digital transformation efforts. Respondents reported their organizations' processes and strategies are rife with challenges due to data accuracy and lack of collaboration. However, there are opportunities for organizations to pinpoint their problem areas and utilize modern technology and strategic approaches to help propel themselves toward long-term success.

Key findings include:

– Complex environments cause challenges with executive collaboration and financial close technology. Organizations operate in complex ERP environments and use an average of nine different vendors and 18 instances across the enterprise globally which leads to disconnects in collaboration and communication among the C-Suite and other leadership stakeholders and trouble with data availability and accuracy. This increases the risk of financial misstatements and potentially incorrect insights. 44% of respondents cited errors due to manual processes as one of the biggest challenges during financial closes.

– Adopting advanced technologies can benefit the entire organization. Many organizations can benefit from supplemental financial close applications that work across this complex and disparate ERP environment while also introducing advanced technological capabilities such as AI that benefit the entire organization. Currently, CFOs spend almost 17% of their work week analyzing financial information and only 12% on business strategy-related activities. Advanced technologies can free up time and help CFOs spend more time on strategy.

– The financial close process will be overhauled in the age of AI. Eighty percent of respondents said AI will play a large or central role in their organization's next wave of financial management technology. Organizations must take advantage of and invest in technologies like AI, robotics, automation, and risk management so the finance office can overcome its own challenges while leading the way in the organization for the ROI on these advanced technologies.

"Prior to the pandemic, we heard many business leaders say digital transformation is a priority, but too many overlook finance as a crucial and foundational element of this transformation. Investing in the right technology to maintain business continuity in a remote environment and beyond is no longer a "want", it's a critical need," said Teresa Mackintosh, CEO at Trintech. "This survey revealed that complex ERP environments hinder the ability to produce necessary financial statements and track key metrics to get a true view of the business. Looking to supplemental solutions that integrate across these complex ERP environments to ensure data accuracy, automation, and collaboration in the C-Suite are paramount to ensuring long-term success for your organization."

According to the study, "Finance teams are notorious for lagging behind their enterprises' digital transformation efforts, though not for lack of trying. While many large enterprises focus on their technology teams, they overlook the transformational necessity of the finance teams, leaving them with outdated systems and frustrated employees and lacking skill sets. To effectively position themselves for long-term success, organizations must deliver on these increasingly challenging demands in the short run and find a way to manage the complexities that come with being an enterprise-level organization."

Key Recommendations:

Growing pressures due to rising customer expectations, fast pace of change, and the ongoing impacts of the pandemic will force organizations to invest in modern finance solutions or face perilous consequences. This in-depth survey yielded several important recommendations:

– Organizations need to make bold investments in finance for business survival and growth. Decision makers must overhaul their current thinking and recognize that great finance systems – including clear visibility and controls – can make or break the business. Leaders need accurate, real-time financial information through streamlined financial close software to make important decisions about business health and investments.

– The right technology will bring consistency and automation to critical financial processes. Respondents said they prioritize integration, breadth, and automation when selecting financial software. These characteristics are critical to solving issues around fragmented data, inconsistent processes, and out-of-date information that can drag down business success.

– Make sure to invest in governance and CFO-CIO collaboration for best results. Leading organizations must combine people, processes, and technology for best results in modern finance systems. The technology is a starting point, but real success can only happen when key stakeholders are aligned and clear on roles and responsibilities.

– Push the limits of AI in core finance processes. All financial software aims to automate and reduce manual effort, but leading solutions are changing the game with real learning and intelligence. Go beyond the buzzwords and ask your supplier for real examples and references from customers who can speak to the power of real AI.

Please tune in to our webinar, "Leveraging Advanced Technology to Succeed in a Complex Financial Close", on October 16th to hear more about our survey findings and recommended next steps. https://pr.report/6H-IMBOJ

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech's portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company's cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Adrienne Kim
Vested
917-765-8720
trintech@fullyvested.com

SOURCE: Trintech, Inc.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ADERA to Broaden and Deepen its Business Presence in Chongqing, China

SINGAPORE, Sep 15, 2020 – (ACN Newswire) – Adera Global Pte. Ltd. ("ADERA" or the "Company"), an innovative financial services technology group headquartered in Singapore with a track record of more than 35 years, is pleased to announce that it has entered into two Memorandum of Understandings ("MOU") and a letter of intent to broaden and deepen its business presence in Chongqing, China.

Highlights:

– Supported by major Chinese institutions in the banking and trade industries, the supply chain financing platform will utilise ADERA's blockchain solutions and it will be jointly developed together with two established Chinese partners, Chongqing JiangBeiZui CBD investment Group and CCIF Pte Ltd
– Greater economic collaboration will facilitate more trade between Singapore and Chongqing and the supply chain financing platform will enable enterprises in Singapore and Chongqing to digitalise and standardise their trade processes and invoices
– With enhanced accountability and transparency via the supply chain financing platform, it fosters greater trust and confidence between financing institutions and transacting parties, leading to lower risks to business transactions and faster access to financing
– The fintech and data centre established by ADERA will be located in Bishan, Chongqing and it will focus on the development of fintech solutions, artificial intelligence and secured data capabilities, among other new technology innovations
– ADERA will also be participating in SMART CHINA EXPO 2020, where the Company will showcase its latest fintech and digitalisation innovations in this Virtual Expo

The MOUs and letter of intent are part of the China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity and it is the third intergovernmental cooperation project between China and Singapore which mainly covers four key areas of cooperation: financial services, aviation industry, transportation logistics and information, and communication.

Previously, such intergovernmental cooperation projects have effectively facilitated the origination and completion of several China-Singapore cooperation projects. In 2018, 16 cross-border financing projects under the China-Singapore Demonstration Initiative on Strategic Connectivity were followed through.

Strategic Collaborations with Established Chinese Private Enterprises and Government Agencies in Chongqing

Chongqing, in southwest China, is one of four municipalities directly controlled by the central government – the other three are Beijing, Shanghai, and Tianjin. Chongqing has posted double-digit economic growth for more than a decade and in 2019, Chongqing posted a GDP growth of 6.3% Y-o-Y to RMB 2,361 billion in 2019.

ADERA's first MOU and letter of intent relates to the development of the first supply chain financing platform for cross border trade activities between Singapore and Chongqing.

Utilising ADERA's blockchain solutions and technology capabilities, the supply chain financing platform will be jointly developed together with two established Chinese partners, Chongqing JiangBeiZui CBD investment Group, a state-owned enterprise, and CCIF Pte Ltd, a state-related business agency.

In addition, the supply chain financing platform has obtained the support from major Chinese institutions in the banking and trade industries that comprise of Bank of Chongqing, YuMaoTong Foreign Trade Service Platform and Chongqing Tianlian Citrus Network Technology Co. Ltd.

To facilitate a greater volume trade activities between Singapore and Chongqing and improve efficiency between business enterprises in both countries, the blockchain-based supply chain financing platform will integrate multiple e-invoicing standards in China to conform to the PEPPOL e-invoicing standard that is recognised internationally.

With enhanced accountability and transparency via the supply chain financing platform, it can foster greater trust and confidence between financing institutions and transacting parties, leading to lower risks to business transactions and faster access to financing.

The pilot supply chain financing platform is expected to be introduced by the end of 2020 and there is potential to replicate the platform across other key markets in China and connecting more business enterprises and transactions between China and Singapore.

The second MOU is signed between ADERA and Chongqing Bishan District Government to establish a fintech and data centre, spearheaded by ADERA, which will be located in Bishan, Chongqing. The fintech and data centre will focus on the development of fintech solutions, artificial intelligence, and secured data capabilities, amongst other new technology innovations.

Commenting on these milestones, Mr. Lennon Tan, Chairman of ADERA, said: "The MOUs and letter of intent reflect our strong commitment to serve the business communities in both Chongqing and Singapore with our technology innovations and deep industry experience.

Working together with our established MOU partners in Chongqing, we look forward to develop an enhanced ecosystem of trust that transcends geographical barriers and creates new value propositions that will benefit stakeholders.

Paving the way for the mainstream adoption for digitised supply chain documentation and data integration, we believe that our blockchain-based supply chain financing platform will lead to a higher volume of cross border trades and faster access to supply chain financing while lowering risks at the same time among transacting parties."

Mr. Lennon Tan, added, "Sharing a common vision of developing and commercialising new technology innovations with the district government in Bishan Chongqing, our fintech and data centre in Chongqing aims to be a gateway to enable more advanced technology applications to create a more inclusive community."

Showcasing ADERA's Latest Fintech and Digitalisation Innovations in SMART CHINA EXPO 2020

In addition, ADERA is participating in the SMART CHINA EXPO 2020, which is an annual gathering for international enterprises, industry leaders, scholars and experts, and government officials to share and explore the latest developments in the fields of smart technology, smart industry, smart manufacturing, and smart application.

Due to the COVID-19 pandemic, SMART CHINA EXPO 2020 has been transformed into a virtual platform and ADERA will be showcasing its latest fintech and digitalisation innovations in the following areas:

– Blockchain driven cross-border e-invoicing & supply chain platform
– Digital identity solutions enabling enrolment to verification
– Fintech transformation for banking institutions with workflow automation & intelligent kiosk
– Biometric contactless attendance and temperature-taking system with contact tracing
capabilities

About Adera Global Pte Ltd ("ADERA")

Serving global banks, financial institutions, telecommunications and government agencies around the world, ADERA is a financial services technology group headquartered in Singapore providing a platform of innovative fintech, digitalisation and data security solutions.

With an established track record of more than 35 years, ADERA aims to enable our customers to digitalise and enhance their business models to broaden access to new markets, improve end- users experience and develop greater business efficiency.

For more information, please visit ADERA website: https://aderaglobal.com

Issued on behalf of Adera Global Pte. Ltd. by 8PR Asia Pte Ltd.

Media Contact:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Yan Zhi: Promote the Entrepreneurial Spirit in Global Expansion

SINGAPORE, Sep 11, 2020 – (ACN Newswire) – China's top executives from state-owned and private enterprises recently gathered for a press conference organised by China's State Council Information Office (SCIO) in Beijing to talk about entrepreneurship and the role of innovation in the development of enterprises. The event saw participation from among China's top business leaders including Ning Gaoning, Chairman of Sinochem; Liu Yonghao, Chairman of New Hope Group; Zhou Yuxian, Chairman of China National Building Materials Group; and Yan Zhi, Chairman of ZALL Group ("ZALL").

Yan Zhi, Chairman of ZALL Holdings Ltd (Photo credit: The State Council Information Office of China)

Yan Zhi, Chairman of ZALL shared, "I feel that it is very important, especially during this unprecedented crisis, such as the Covid-19 pandemic, to promote the entrepreneurial spirit which is a mindset that embraces the love for his or her hometown; social responsibility; positive attitude; and innovation. ZALL has managed to grow our footprint across the world underpinned by our values as we ride the wave of globalisation and innovation, and I envisaged this trend to continue."

As one of the first companies in China to operate traditional wholesale markets, logistics, and ports, ZALL has developed Asia's largest B2B offline-to-online trading ecosystem in China and Southeast Asia. Combining online platforms, offline marketplaces and supply chain networks, ZALL empowers customers, merchants and enterprises with access to more convenient, efficient and accurate services, from trading, logistics to property and finance.

"We are developing a new generation of global intelligent trading platform powered by the application of new advanced technologies, such as Artificial Intelligence, Blockchain, Big Data, and modern supply chain management that will become the driving force and catalyst for China's "dual-circulation" economy," added Mr Yan.

ZALL Smart Commerce Group., the global e-commerce entity under ZALL, recently reported that 2020 first half-year revenue grew by 3 per cent year-on-year to reach RMB 35.76 billion (USD 5.24 billion), and achieved net profit of RMB 281 million (USD 41.14 million), despite the impact of the Covid-19 pandemic. Revenues from supply chain management and trading business largely contributed to the Group's total turnover at around RMB 34.96 billion (USD 5.12 billion).

Commodities Intelligence Centre (CIC), Singapore's first physical commodity B2B e-trading platform powered by blockchain technology also saw revenues cross USD 1 billion in its 2020 first-half revenues, surpassing its entire 12 month revenues from 2019. As a joint venture between ZALL Smart Commerce Group Ltd., Singapore Exchange (SGX) and Global eTrade Services (GeTS), CIC offers a global intelligent trading platform to more than a dozen countries, helping companies to reduce transaction costs, optimise the efficiency of their supply chains across cross-border trading, financing, logistics, compliance and risk management; achieving greater trading synergies globally.

ZALL is also one of the nine bidders who made the shortlist for the Singapore wholesale digital banking license with only three licenses set to be awarded by end-2020. The digital bank foray will mark ZALL's fourth major project in Singapore since 2018, as it aims to bridge the funding gap and support the expansion of local SMEs and micro-SMEs into Asia.

With a strong commitment towards social responsibility, ZALL was the first company to activate and mobilise their global supply chain networks and resources to deliver emergency supplies within 48 hours of the lockdown to the Wuhan epicentre. The Group has provided 11 air cargo shipments of medical supplies, including masks, and personal protective gear to 556 hospitals and medical institutions in Hubei province in China, and has setup seven emergency hospitals and three fangcang sheltered hospitals to alleviate the severe hospital bed shortage at the epicentre.

Beyond supporting China's fight against Covid-19, ZALL has stepped up efforts to empower governments around the world in the fight against Covid-19, and has published two e-books that is translated into more than 20 different languages to share their knowledge and experience with fighting the pandemic in China and Wuhan. The Group also donated a total of RMB 185 million of medical supplies to 16 countries and regions around the world, including Singapore and affected countries, such as Japan, France, Czech Republic, Cambodia, Indonesia, Peru, Ecuador as well as Central And West African countries.

"As an entrepreneur, the basic spirit that one must have is to love one's country and hometown, and if one is not even able to love their hometown, we can't really expect them to love anything else," said Yan Zhi.

About ZALL Smart Commerce Group

ZALL Smart Commerce Group is a leading Chinese B2B e-commerce group (ranked 166th of Fortune China 500 companies) with a global footprint across the world and is listed on three exchanges on HKSE, NYSE and SSE. ZALL Group develops and operates Asia's largest B2B offline-to-online trade ecosystem in China and Southeast Asia, including Singapore, with more than 30 B2B platforms in China, US and Singapore, and a GFA of more than 10 million sqm of wholesale trade centres in China. In 2018, ZALL Group achieved a GMV of more than RMB 600 billion (US$85.2 bn), serving over 1 mil SME customers worldwide.

ZALL has also obtained a virtual banking licence and currently operates Z-Bank in China since 2017, one of China's Top 5 digital banks that has supported more than 5.5 million SME and individual customers. For more information, please visit http://en.zallcn.com/

For media queries
PRecious Communications for ZALL
ZALL@preciouscomms.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

XanPool Concludes US$4.3 Million Series Pre-A Financing

HONG KONG, Sep 11, 2020 – (ACN Newswire) – Hong Kong-based fintech startup XanPool (xanpool.com) is pleased to announce it has raised US$4.3 million in a Pre-A financing round led by blockchain technology and service provider OK Group, alongside Hashkey and Gumi Cryptos, to spearhead its infrastructure expansion into the eastern hemisphere.

Xanpool's Jeffery Liu, CEO on Left, and Artem Ibragimov, CTO on Right.

XanPool's payment infrastructure allows instant processing of traditional and cryptocurrencies without custody risk. Conventional crypto exchanges require long waiting times – several hours days to days – to clear deposits and withdrawals. Several high-profile exit scams in the space has led users to be wary of keeping substantial amounts of crypto-currency on an exchange.

XanPool C2C software enables users to settles their crypto-currency to local-currency trades in seconds instead of hours, without taking custody of customer funds throughout the entire process. This is done by having users run XanPool's custom APIs, which are built into local payment solutions such as FPS in Hong Kong, IBFT in Pakistan, and InstaPay in the Philippines.

Essentially, the C2C technology allows individuals and businesses to participate in market-making between cryptocurrencies and the local currency by "plugging" their financial infrastructure (such as bank accounts and e-wallets) into the XanPool network. They will then join an extensive C2C network of over 500 liquidity providers across the Asia Pacific region.

XanPool currently has over 75,000 transacting users in over 8 South East Asian countries, and has plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.

Commenting on the successful funding round, Estrella Du, a representative from OK Group's Investment Department, said: "The Eastern Hemisphere has seen massive adoption of digital payments; we think XanPool's first-principles reconsideration of crypto on and offboarding infrastructure can drive massive efficiency in the Asian ecosystem. OK Group is excited to partner with XanPool in building the next generation payment infrastructure."

Jeffery Liu, Chief Executive Officer at XanPool, said, "Our aim is to build the most affordable infrastructure for the processing and of cryptocurrency, and routing of local currency; the money raised will allow us to expand beyond Southeast Asia and reach out to a wider group of users on the Eastern Hemisphere."

XanPool's architecture has applications in cross-border payments as well, says Jeffrey. "Besides our geographical expansion, one of the focus areas for our next few quarters will be the traditional-online merchant payment space. Merchants across Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure.

"Cryptocurrencies can enable instant, peer-to-peer cross-border routing and settlement, cutting out the middle men. Imagine a Pakistan merchant accepting Hong Kong dollars with FPS and receiving Rupees through IBFT within a few minutes."

Daniel De Weyer, former Global Director at SWIFT, after having worked for over 20 years at SWIFT, has also joined the XanPool team as a Director. As such, Daniel will assist in and lead some of XanPool's geographic, and product expansion effort westwards.

About XanPool

XanPool software allows anyone to seamlessly enable Crypto to Fiat on or offboarding. Instantly executing and settling transactions without taking custody of customer funds. Our unique C2C software solution and liquidity network makes the onboarding and offboarding infrastructure in crypto much more user friendly, and resilient against existing infrastructure dependency (such as bank partners). We allow institutions and retail to on and off board regardless of their infrastructural limitations.

XanPool analogizes its collective technology to a "SWIFT-like Network", but instead of taking days or weeks to settle, XanPool, using only more modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and speeds which are magnitudes faster, within seconds. Visit xanpool.com.

Jeffery Liu, Chief Executive Officer at XanPool, is available for interviews.
Media: Fred Tan, Marketing & PR Manager
Email: Fred@XanPool.com & Support@XanPool.com
Phone: +852 5334 3110 (WhatsApp only)

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

China Success Finance Announces 2020 Interim Results

HONG KONG, Aug 29, 2020 – (ACN Newswire) – China Success Financial Group Holdings Limited ("China Success Finance" or the "Company", together with its subsidiaries the "Group", stock code: 03623) is pleased to announce its unaudited interim results for the six months ended 30 June 2020.

During the reporting period, faced with challenges brought by the outbreak of Coronavirus Disease 2019 ("COVID-19"), the Group paid close attention to the market trend and adopted prudent and steady development strategies. While steadily developing its traditional guarantee business, the Group sustained its other businesses pragmatically. However, operating environment in various industry remained weary while the global economy continued to suffer from uncertainties, the steady development of the Group's major operations was unable to offset the negative impact of abovementioned factors. During the reporting period, the Group's loss before taxation and loss for the period were approximately RMB 2.7 million and RMB 17.5 million respectively (2019 Interim: approximately RMB19.9 million and RMB 20.8 million respectively). The Board did not recommend to distribute an interim dividend for 2020.

Mr. Zhang Tiewei, Chairman and Executive Director of China Success Finance indicated, "In the first half of the year, COVID-19 brought unprecedented shocks to the global economy. Faced with the difficult time, the Group focused on the prevention and control of epidemic, meanwhile grasping the opportunities brought by the government's financial support to micro, small and medium sized enterprises and prosperous development in the Greater Bay Area. Through giving full play to its own advantages, the Group provided customers with more professional and efficient comprehensive financial services, while assisting customers to overcome hardships during the epidemic."

In terms of guarantee business, with innovation and technology as its focus, the Group actively enhanced the development of financial technology business through investing resources, meanwhile exploring new service models to satisfy customers' demand on personalized financial services during the reporting period. Capitalizing on the opportunities brought by the government's financial support to micro, small and medium sized enterprises and the establishment of Foshan Financing Guarantee Fund, the Group further optimized its guarantee business, thereby enhancing its market competitiveness and laying a solid foundation for future business expansion.

Regarding financial leasing, factoring and asset management businesses, due to the increase of market uncertainty, the group continued to review its businesses in a prudent and pragmatic manner, in order to reduce cost and improve efficiency. Meanwhile, capitalizing on the government's favorable policies, the Group made good use of its existing resources and actively explored opportunities in the field of integrated financial services in the Greater Bay Area, whilst strengthening its partnership with financial institutions and financial technology companies to jointly explore diversified cooperation models, thus providing customers with more comprehensive, efficient integrated financial services.

In the first half of 2020, a provision for impairment loss was recognized in the reporting period. Additionally, since the Group's investment in associated enterprises recorded losses and operating expenses increased, a net loss was reported despite a substantial revenue growth in the Group's major operations.

Looking forward, Mr. Zhang Tiewei said, "While the government has doubled its efforts in supporting micro, small and medium sized enterprises and the development of inclusive finance, the Group will seize the occasion to steadily develop its traditional guarantee business, while promoting the development of its financial technology business, in order to respond to market demand. In the future, the Group will continue to take root in the Greater Bay Area. With regards to market opportunities and its long-term development strategy, the Group will continue to explore new investment opportunities in agricultural projects by investments, equity purchases and acquisitions, in hopes of improving business flexibility and profitability, thus maximizing returns for investors and shareholders."

About China Success Finance Group Holdings Limited
China Success Finance Group Holdings Limited is a leading private financial group in China, and the first financial group with guarantee service as a major business in China to be listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Group has elevated from its traditional business in guarantee and microcredit since its listing, to a diversified and comprehensive financial service platform with services including asset management, fund management, investment and acquisition, financial leasing, financial guarantee, overseas capital, housing finance, and microcredit. Meanwhile, the Group maintained its business foundation in the Pearl River Delta Region with Foshan as the center, and provide comprehensive and professional financial services to the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

For more information, please visit the website of China Success Finance Group Holdings Limited: http://www.chinasuccessfinance.com/

Media Enquiries:
Anli Financial Communications Limited
Ms. Judith Cheung 852-3956 1646 judith.cheung@anli.com.hk
Ms. Kenix Luk 852-3616 0807 kenix.luk@anli.com.hk

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Rimba Raya launches Seruyan River Cleanup Movement 2020

Seruyan, C Kalimantan, INDONESIA, Aug 29, 2020 – (ACN Newswire) – In celebration of World River Day on September 27, Rimba Raya Conservation (Rimba Raya) has partnered with the Seruyan Regency Environmental Agency to launch the Seruyan River Cleanup Movement 2020 #satusampahseribubencana (one waste, one thousand disasters).

Rimba Raya Technical Director Moch. As'ari addressing the opening ceremony at Seruyan River Cleanup Movement 2020

Head of Environmental Agency Priyo Widagdo hitting the gong to mark the opening of Seruyan River Cleanup Movement 2020

The movement was launched with an opening ceremony in the pendopo (official house) of the Seruyan Regent, with the theme "Waste-Free River, Healthy Community, Beautiful Village".

"We believe that this movement will make the people of Seruyan feel more responsible toward their own environment and appreciate the local and the planet's health," said Moch. As'ari, Technical Director of Rimba Raya.

"Our target is to collect 8 tons of waste from 11 villages and two sub-districts all along the Seruyan River," said Sylviana Andhella, Executive Director of Rimba Raya.

During the Seruyan River Cleanup Movement, Rimba Raya will hold several activities. This will include writing and drawing competitions for primary to senior high school students to inspire and encourage the younger generation to be more aware of their environment and the need to protect it.

Rimba Raya will collaborate with Balai TN Tanjung Putting National Park and Orangutan Foundation International (OFI) in these activities, which will be conducted until the final event, on the 17th of September.

At the opening ceremony, the Head of the Seruyan Regency Environmental Agency said, "With this series of activities, we hope to create awareness, and an ongoing motivation to care for the environment and keep the rivers clean. With our continued efforts, we hope that the Seruyan river will become a destination for tourists which will certainly have a positive impact on the economic growth of this region."

Rimba Raya Biodiversity Reserve is a project that focuses on Ecosystem Restoration. It aims to restore and preserve the tropical peat swamp forest which is essential habitat for orangutans and is managed under the principles of ecology, economic and social management.

Rimba Raya acts as a vital buffer zone for TN Tanjung Putting National Park. The project implements initiatives that positively impact 14 villages across two sub-districts (Seruyan Hilir and Danau Sembuluh) in the Seruyan Regency, Central Kalimantan.

Rimba Raya initiatives are developed by InfiniteEARTH with a focus on assisting local communities to improve their economic status and embrace the positive impacts of being a REDD+ project.

"We need to engage and empower local people to actively contribute to preserving the peat swamp forest. If we work together, we can protect mother earth and keep her from harm," said Djonni Andhella, President Director of Rimba Raya.

Rimba Raya empowers local community members to play a role in protecting and conserving the peat forest with a long-term philosophy, "Local Community. Forest. Climate". The project aims to work towards consistently achieving the UN's SDGs, both within the project area and the bordering villages.

In addition to the Seruyan River Cleanup movement, Rimba Raya, in cooperation with the Seruyan Regency Public Health Office, has launched the Floating Clinic Initiative aiming to provide health services to communities along the Seruyan River. These services include general public health, prenatal care, pediatric care for children, as well as improved nutritional advice and supplies.

To build awareness, we have also introduced a 'Peatland Education Program' for primary school students, conducted in cooperation with the Peatland Restoration Agency.

All the proposed activities are conducted in accordance with COVID-19 health protocols which include social distancing, the wearing of protective masks and no mass crowding.

Contact:
Frita Junita
Communication Officer, Rimba Raya Conservation
Email: rimbarayajakarta@gmail.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Trintech Enhances Its Enterprise System of Accounting Intelligence with Release of Cadency 9.0

DALLAS, TX / ACCESSWIRE, Aug 14, 2020 – (ACN Newswire) – Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today announced the release of Cadency 9.0. The latest update to Cadency's comprehensive System of Accounting Intelligence offers new, innovative support for transaction and account reconciliation, journal entry, systems integrations, artificial intelligence and overall usability for large enterprises.

"As our customers continue to focus on agility and sustainability during this time, the enhancements we have made in Cadency 9.0 deliver greater controls, enhanced visibility, increased efficiencies and certainty of accurate financial reporting that our large enterprise customers demand," said Michael Ross, Chief Product Officer at Trintech. "We've continued to heavily invest in Cadency's System of Accounting Intelligence to ensure these enterprises have the visibility and control to manage every aspect of the financial close from one central cloud-based platform, whether they are in the office or working remotely."

As a central part of the update, Cadency 9.0 consists of several foundational enhancements to improve the Cadency user experience; providing intuitive, easy-to-use and standardized functionality that drives greater efficiencies in your daily workflows. A new, collapsible sidebar navigation allows users to navigate to any page with a single click, reducing the overall time spent navigating between pages. In addition, the reporting experience has also been enhanced with streamlined navigation, search, edit, export, view, and run/schedule capabilities to reduce the time and effort of generating reports.

Cadency 9.0's transaction and account reconciliation enhancements are designed to enhance the speed, accuracy and transparency for what ultimately creates the foundation of a reliable financial statement. Customers will gain greater visibility into overdue journals, decreasing overall financial risk by ensuring SLA's are being enforced per policy and the journals are approved on time. In addition, the introduction of Aged Item Email Notifications will provide greater transparency and control into the management of reconciliations.

Trintech has also made extensive investments in its System of Integration with the addition of two new APIs, Cadency GL Reconciliations API and Cadency Close Task Field API. These integration and automation capabilities increase your organization's efficiency by reducing the manual period-end close activities and time spent supporting an audit, reduce your cost as fewer manual hours are spent on task management and audit preparation, and reduce the risk of a miss in an audit or key control by requiring supporting documentation on those critical tasks.

Lastly, in order to provide our customers with additional controls into computing actionable risk ratings on their journals, we have further invested in our Financial Controls AI(TM) capabilities with the addition of 3 new evaluation criteria to our Risk Rating Engine (RRE): Intra-company transactions, topside Journal Entries and period-end adjustments.

Cadency(R) is the only System of Accounting Intelligence that combines all financial close activities into a single, seamless process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, compliance and reporting.

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech's portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company's cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kristina Pereira Tully
Vested
650-464-0080
trintech@fullyvested.com

SOURCE: Trintech, Inc.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Trintech Enhances Its Enterprise System of Accounting Intelligence with Release of Cadency 9.0