[12 Dec. 2019, Hong Kong] – Assured Asset Management (“Assured”), a Hong Kong-based technology-driven asset manager, has launched its Traceable Accounts Payable (“TAP”) platform with the Shui On Group. TAP is a blockchain-based digital payment system backed by approved supplier account receivables and contract payables issued by anchor enterprises. The partnership aims to leverage TAP to illuminate transaction flows deep within Shui On’s construction supply chain.
TAP addresses a crucial pain point for business leaders: the lack of efficient, reliable and transparent methods for SMEs buried within supply chains to access liquidity. TAP leverages blockchain technology to record the transfer of goods and services and provides verifiable records of SME involvement in deep-tier anchor operations that enable access to liquidity regardless of SME size. TAP adds a new capacity for liquidity providers, banks and credit investors to access the yields of SMEs while using the credit profile of anchor enterprises through verifiable and immutable sourcing records.
Assured is partnering with the Shui On Group to integrate Assured’s core competency in financial technology development with Shui On’s Chinese construction supply chain to launch the platform. Together, the two firms aim to release a solution that benefits all stakeholders within Shui On’s supply chain, including Shui On, SME counterparties and financial institutions.
“Technology-enabled supply chain finance for small and medium enterprises is a significant growth opportunity in today’s financial industry,” said Robert Cheung, CEO of Assured Asset Management. “The TAP platform enables end-to-end financing within the entire supply chain using modern technologies to resolve the difficulties of SME credit risk assessment and address the unique financing needs of SMEs. We are delighted that Shui On resonates with the value of TAP and are excited for a great partnership going forward.”
“A robust supply chain is instrumental for Shui On. By creating an immutable audit trail, the TAP platform will benefit SMEs within our supply chain as well as our core business by illuminating transactions deep within our supply chain and reducing the risk of fraud and error,” said Allan Zhang, Executive Director of Shui On. “This partnership will provide a powerful solution to strengthen the overall efficiency and transparency of our construction supply chain. We see great long-term business value in adopting TAP to issue account receivables among our suppliers.”
Assured and Shui On will begin the onboarding process in December 2019 and anticipate opening the TAP platform for liquidity providers in Q1 2020.
About Assured Asset Management
Assured Asset Management is a global asset management firm that provides professional and institutional investors with direct access to high quality assets worldwide. The firm leverages core competencies in technology, risk management and global networks to drive efficient investing amongst dynamic market conditions and deliver a superior financial experience. It offers carefully structured investment products and elite advisory services to individual and institutional investors while engineering supply chain financing solution for corporates and fund management solutions for financial institutions. Assured Asset Management is headquartered in Hong Kong and operates in over five countries internationally. Further information can be found at assuredam.com.
About Shui On Group
Shui On Group, founded in 1971 by Mr. Vincent H. S. Lo, is principally engaged in property development, premium commercial properties’ investment and management, construction businesses. Headquartered in Hong Kong, the Group has the following main subsidiaries currently.
–SOCAM Development Limited (SOCAM), which is principally engaged in property and construction businesses, with operations spanning the Chinese Mainland, Hong Kong and Macau. The company was listed on the Hong Kong Stock Exchange in 1997.
–Shui On Land Limited (SOL), the Group’s flagship property development company in the Chinese Mainland with a proven track record in developing mixed-use, sustainable development communities. The company was listed on the Hong Kong Stock Exchange in 2006.