Targeting at The Belt and Road Initiative, Experian Facilities Chinese Companies to Seize Opportunities in Overseas Markets
Beijing, China, May 5, 2017 — As the Belt and Road Forum for International Cooperation is to be held in Beijing soon, more attention has been attracted on Chinese enterprises’ efforts to develop trade and cooperation in marketplaces along the Belt and Road. With more than 125 years of experience in the global market and presence in 37 countries, Experian actively expands its business in China and focuses on "the Belt and Road" initiative with commitment to facilitating Chinese enterprises cope with complex environment and challenges in countries along the Belt and Road and even broader overseas markets, accordingly to enhance their credit status as well as marketing and business operations. With our services, Experian aims to help Chinese enterprises achieve risk control in overseas markets more effectively, seize the opportunity for internalization more smoothly and vigorously develop cross-border trade.
“Chinese enterprises face numerous challenges in their path of going global and developing overseas trade. First and foremost is the certification of their export qualification in overseas markets; second is the lack of insights into overseas markets, including local environment and consumption habits; third is insufficient understanding of local partners, counterparties and suppliers during their export of products and services," said by Isaac Wang, General Manager of Credit Service in Experian Greater China, "Leveraging our global data resources and analytics capabilities, Experian offers thoughtful advices for Chinese enterprises to develop overseas markets and help them resolve common difficulties occurring in cross-border trade, and facilitate them smoothly expand markets along the Belt and Road accordingly.”
As a global information services company across 37 countries, Experian has made a blueprint on the Belt and Road, with its credit business ranging from Eastern China, Russia, Europe, Italy, Spain to Africa. In terms of Maritime Silk Road, Experian also has over 20 years of rich experience and unique advantages in Southeast Asia and South Asia. Based on the market insights accumulated in markets along the Belt and Road, Experian can facilitate Chinese enterprises in expanding business.
To meet needs of developing business in marketplaces along the Belt and Road and other overseas markets for Chinese enterprises, Experian effectively solves below five major problems that Chinese enterprises frequently face:
- First, difficulty in overseas credit certification. Lacking integrated cross-border credit system between China and global, Chinese enterprises are often plagued by credit certification. For this purpose, Experian provides overseas certification recommendation services for Chinese enterprises who export to the marketplaces along the Belt and Road, and make those high-quality export enterprises recognized by overseas markets. Especially for SMEs, Experian serves them with standardized score based on corporate scoring model, and provides supplier certification services to help enterprises easily obtain financing and have access to lower interest rates’ loans from local banks.
- Second, difficulty in overseas market insight as well as credit investigation and monitoring. To collect overseas market information, Experian focuses on public information from courts, government registration and other institutions in the countries of Europe, Southeast Asia and South Asia, and informs domestic enterprises in the first time to provide business decisions. Meanwhile, through its global credit network, Experian provides Chinese enterprises with local supplier qualification audit service, and help them investigate and monitor the credit of their local partners. In this way, Experian helps to evaluate the credit status of customers’ counterparty, and monitor their risk change to prevent their counterparty’s dishonest behaviors. Therefore, Chinese enterprises can develop business along the Belt and Road with less concern.
- Third, difficulty in looking for cross-border partners and exploring new customers. Looking for partners and traders in overseas markets is key to developing cross-border business, but it is not easy for Chinese companies. Through real-time global enterprise information inquiry service, Experian helps Chinese enterprises spend less time exploring potential local customers and suppliers. Besides, per Experian’s research results, Chinese enterprises can have a comprehensive understanding of business status and credit dynamics of local customers and suppliers, which contributes to achieving cooperation with local enterprises and expanding business opportunities along the Belt and Road.
- Fourth, difficulty in establishing an international decision-making platform. Since countries along the Belt and Road have different geographical and market characteristics, Chinese enterprises should make decisions based on these characteristics, and strike a balance between internationalization and localization. Thanks to its strong data resources and analytics capability, Experian provides customers with a standard decision-making platform and integrated solution featuring cross-regional market, cross-customer credit life cycle and cross-data source, while increasing flexibility of localization and helping customers quickly adapt to market changes. Experian’s customers range from banks, automotive industry, consumption finance, Internet finance to many other areas. Through introducing third-party data and its experience in risk management, Experian provides its customers with tailor-made solutions.
- Fifth, difficulty in preventing overseas fraud risk. During their cross-border trade, e-commerce platforms, payment companies, financial service companies, airlines and banks often encounter fraud and identity theft in terms of opening customer accounts and making online transactions, resulting in unnecessary losses. Experian’s anti-fraud solutions cover Europe, the Middle East, Africa, Asia Pacific, North America and Latin America. After years of development, Experian establishes and operates a number of state-level anti-fraud and risk services in countries along the Belt and Road, and support Chinese enterprises and institutions to carry out business in India, Russia, Spain, New Zealand, UK, South Africa and other regions. Meanwhile, Experian China Anti-Fraud and Risk Service Center, officially established in 2016, now provides cross- border e-commerce providers focusing on the Belt and Road with anti-fraud services and overseas personal identification services named Prove-ID. This service assists Chinese enterprises to focus on developing businesses along the Belt and Road by detecting fraud and preventing losses caused by frauds.
To prevent risks of fraud that Chinese enterprises may have encountered in overseas markets, Guo Wei, General Manager of Decisioning Analytics in Experian Greater China, said: "Per anti-fraud report released by the company last year, 59% of respondents in the Asia Pacific region expected frauds will continue to increase in the next five years. Meanwhile, loss of online fraud in Singapore, India, Malaysia, UK and Russia accounted for quite a few proportion of their GDPs. Therefore, to develop trade in these countries, Chinese enterprises will face higher risks of frauds. Experian provides National Hunter service in India, UK, Russia and other countries, deals with nearly 100 million of application transactions per year, and facilitates local banks and institutions to share fraud data and information to effectively prevent losses caused by frauds.
With development of the Belt and Road, Experian is also constantly developing new businesses to help Chinese enterprises develop business along the Belt and Road, including providing overseas credit report services and introducing data analytics tools from mature markets. Experian will continue to focus on the Belt and Road initiative and expand business investment accordingly, so as to better serve the Chinese enterprises.
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