NEW YORK, March 3, 2017 /PRNewswire/ --
Consumer Capital Group Inc. (OTCQB: CCGN), a subsidiary of CCGN, America Arki Network, signed a three-year agreement with China UMS Liaoning Branch for innovation in financial products of UnionPay in Shenyang.
- China UMS agree to introduce America Arki Network to their merchant-acquiring business clients about its business and financial products. Meanwhile introduce some high quality merchants back to America Arki Network for related financial business application.
- China UMS agree to take advantage of its own financial products, settlement platforms, and vast information to provide full financial service for merchants of America Arki Network for favorable prices.
- When UnionPay signs up merchants that apply for financing with America Arki Network, China UMS agree to send recommendation letter for America Arki Network to refer when it runs independent investigation on the merchant. When the investigation is done and application is through, America Arki Network transfer the fund to UnionPay Clients Excess Reserves System, then the fund will be transferred to the merchant from UnionPay.
4. Collaborative product - receivable factoring financing.
(1) Highest credit line: 300,000 RMB.
(2) Period of loan: 3 months.
(3) Commercial paper receivables and non-UnionPay merchants POS statements can be credit basis.
(4) Commercial factoring financing rate: monthly 1%, annually 12%.
(5) Commercial factoring service fee: 1.5% of total financing amount, one-time payment.
(6) Method of repayment: one-time deducted of interest rate, monthly-repaid principle paid by China UMS on behalf of merchant.
Since the strategic partnership is formed between America Arki Network and China UMS, the commercial factoring financing program of America Arki Network has access to the UnionPay Clients Excess Reserves System. All the online payment on America Arki Network owned websites has access to UnionPay B2B B2C websites interface. That insured that the money flow keeps smooth online and offline. Up to December 28th, 2016 America Arki Network has to provide 12 million RMB as commercial factoring financing fund to China UMS.
Parent company of America Arki Network, CCGN has helped UnionPay to discover new channels, and also helped small-and-medium-sized enterprises (SMEs) by providing financing support and financial services with reasonable prices.
Chairman and CEO of CCGN, Mr. Gao commented: "In the year of 2017, America Arki Network will cooperate with China UMS and bring innovation in financial products. Together we will help SMEs who suffers from expensive and difficult financing problem. This cooperation will bring online commercial factoring financing and loans into the inclusive financial system. It is also an integration of financial technology and service innovation. We CCGN is always devoted into the innovation of finance, and has been using the IPC core in our risk control system. To having SMEs benefit from convenience, fast and reasonable priced financial services is our goal."
About Consumer Capital Group Inc.
Consumer Capital Group Inc. plans to implement three primary strategies to expand our market presence within the industry: (i) increase Arki E-Commerce's lending capacity through the cash generated from operations and capital raised from this offering; (ii) increase the Company's offering of financial services by expanding the business into financial consulting services throughout China; and (iii) expand the Company's geographic coverage for both microfinancing, financial advisory service and wealth management business to major metropolitan areas such as Beijing, Shanghai, Guangzhou through the establishment of sales force. We believe that we can experience significant growth in these areas because there is a large number of established SMEs and sole proprietors in need of capital resources but lack the ability to finance either due to their limited size of business or local banks' preferences to finance bigger and more established companies. In addition, we believe that our wealth management business will be able to provide potential investors a more attractive return comparing to traditional investment products.
CEO & Chairman of the Board
Consumer Capital Group Inc.
136-82 39th Ave, 4th Floor, Unit B
Flushing, New York, 11354
SOURCE Consumer Capital Group Inc.