ChiaHuan Li, Director of Global Partnerships, DHgate – Camel Financial:
DHgate was established in 2004 as China's first cross-border B2B e-commerce platform dedicated to empowering small businesses to access global markets. Today DHgate serves over 15 registered international buyers from over two hundred and thirty countries and regions, connecting to over 2 million Chinese suppliers with over 40 million products listed on the platform. A few years ago, during the time when the market was expanding and customers were increasing dramatically from over 200 countries, we urgently needed to find a solution to enhance the ability for customers to pay in local currency. At the same time, we needed to consider minimising exposure to foreign exchange risk. Barclays reached to DHgate and proposed the NetFX solution.
Jordan Xu, Relationship Director, International Corporates, Barclays:
Our relationship with DHgate started from 2015. At that time, one of the pain points for DHgate was that it could not support its users to shop on the website in their preferred local currencies. When we realised the problem, we came up with the solution by applying our auto FX platform – NetFX, empowering DHgate with the capability of local currency acquiring and multi-currency pricing. The solution soon improved users experience, increased sales on the website and made DHgate one step further to achieve its company vision of “Buy Globally and Sell Globally.”
Managing high volumes of transactions, across multiple currencies, requires a robust FX risk management approach. Barclays understands our business and was able to offer a solution that helped DHgate maintain its brand reputation and provide a great customer experience, while ensuring us managed FX volatility.
James Allan, Head of Corporate Banking FX, Barclays:
DHgate gives the opportunity for buyers and suppliers to use their platform to trade with one another internationally. We've been working with DHgate to consider the role of foreign exchange both to manage risk within their business and also to generate further revenue in promoting the use of their platform. In considering this, when buyers and suppliers are offered the opportunity to use local currency to complete their transaction, DHgate saw a significant increase in the level of use of their platform and Barclays has supported them in that outcome.
Camel Financial is a cutting-edge Fintech company hatched from the international e-commerce section of DHgate. Camel Financial plans to have more breakthrough financial innovation and together we hope to work with Barclays to explore more new business opportunities and create more mutually beneficial cooperation along the way.
We look forwards to further expanding and deepening our cooperation with DHgate, as well as supporting Camel Financial to improve its own finance service capability. We will make joint efforts with DHgate to promote China’s Belt and Road initiative and the global trade development.
We are always amazed by Barclays tailor-made solution, as well as its professional service. We are looking forward to continued collaboration in the foreseeable future.