NEW YORK, June 21, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST) announced today the formation of a Joint Venture ("JV") with Rural Commercial Bank (Beijing) Information Technology Limited or the Rural Commercial Bank Development Alliance ("Bank Alliance"), for the purposes of introducing to and integrating Wecast's V PaaS with the Alliances 70+ rural commercial lending member banks across China. The JV will be 80% owned by Wecast.
In recent years, many Chinese rural commercial banks have been transformed from rural credit unions to better finance the agricultural sector and farmers, as financing bottleneck is a common challenge for small farms. Farms, which employ almost a third of the China's 1.4 billion people, yield about 9 percent of China's gross domestic product, though with low productivity. The annual turnover of agricultural products, including seafood, flowers and fresh products (which are traded in 462 large-scale agribusiness markets across China), is more than 4.8 trillion RMB and is financed and settled through individual Rural Commercial Banks ("RCB") which are members of the Bank Alliance.
The JV's goal, through Wecast's V PaaS, is to streamline and enhance the entire agricultural transaction and settlement process between RCBs and the farmers that they are processing transactions for. By introducing V PaaS functionality to RCB's, RCB's can rely on a closed trade precision sales ecosystem that will help reduce the 5-10% spoilage rates that currently exist in the agribusiness marketplace. V PaaS will help facilitate self-trade through Artificial Intelligence (AI) matching and blockchain-based settlement all while simultaneously eliminating the multi-layered congestion of middlemen and brokers and therefore improving margins for both RCB's and agricultural producers.
About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading provider of total B2B business solutions for today's constantly evolving business landscape. With a focus on 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power our V PaaS (Virtual Platform as a Service), WCST is creating a closed trade ecosystem for buyers and sellers designed to eliminate supply chain and transactional middlemen and create a more direct and margin-expanding trading path for principals. WCST is applying BASE + V PaaS to focus on 3 Core Cloud Areas: I. Brand, Content & Intellectual Property Cloud; II. Product Sales Cloud; III. Transactional Finance Product Cloud. With the three clouds functioning both independently and interdependently, Wecast is creating a vertical, transactional and flexible platform for today's global enterprises.
The Company's mission and vision is to be the world's leading cloud-based, total B2B enterprise solution & platform provider that empowers businesses to grow with Big Data technology.
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Wecast Network, Inc.
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SOURCE Wecast Network, Inc.