During the 4th China International Import Expo (CIIE), the German enterprise software giant showcased the latest SAP technology solutions and forged a strategic agreement with the Industrial and Commercial Bank of China (ICBC).
An article by OpenGov Asia stated that there are key factors that suggest a huge upside for China: a large and young market that enables rapid commercialisation of digital business models, a rich digital ecosystem that extends beyond a few tech giants, the government allowing space for digital companies to experiment, as well as being a consumer of and investor in digital technologies. It was also indicated that the Chinese economy could become more dynamic as a result of digitalisation, allowing more enterprises to compete globally and possibly export Chinese-made digital business models.
Demonstrating the digital economy as a key driver for growth over the next few decades, the country held its annual China International Import Expo (CIIE) at the National Exhibition and Convention Center in Shanghai. (InsideSAP Asia often references articles from websites in other languages to bring you as much information as possible.) The CIIE, which was launched by the government in 2018, remains a crucial forum for the nation’s opening up and improving international economic cooperation and free trade.
SAP, along with other industry-leading companies of the Fortune Global 500, attended the event for the fourth year in a row and set up a booth that showcased the latest SAP technology solutions and delivered an immersive experience to the audience. Since officially taking on the role last August, Dr. Huang Chenhong, Executive Vice President of SAP and President of SAP Greater China, has been meeting with colleagues, customers, partners, and other industry leaders, aside from overseeing the company’s operations. During the 4th CIIE event, he said in a speech:
“The CIIE is not only an important bridge for strengthening Sino-foreign cooperation, but also an excellent platform to showcase innovative results. SAP has participated in four consecutive sessions and this time cutting-edge digital technologies such as cloud services, as well as the latest applications that support business transformation and industrial development.”
The German tech giant’s Business Transformation as a Service (BTaaS) offering RISE with SAP and the cloud transformation success stories of more than 50 clients were showcased in SAP’s exhibition area at the conference. The Industrial Internet, cloud-based SAP Concur Expense Management solutions, and digital intelligence collaborative supply chain innovations were also featured at the booth.
Meanwhile, according to James Veale, Co-Founder at GreenToken by SAP, the supply chain solution was an “instantaneous hit” at the stand where the local team promoted it to leaders who came from various sectors, including Energy and Natural Resources, Consumer Products and Industrial Machinery and Components.
Delivering SAP Technology Solutions and Services to the Chinese Market
Moreover, Dr. Huang noted that SAP expects to establish several strategic agreements with Chinese firms and governments at all levels in order to create a “win-win situation” for the industry and further foster the growth of China’s digital ecosystem. One of which is SAP’s recent partnership with the Industrial and Commercial Bank of China (ICBC) that aims to promote the rapid development of industrial financing and improve efficiency and reduce the risks of financial services by adhering to the premise of the industry that empowers the real economy. (InsideSAP Asia often references articles from websites in other languages to bring you as much information as possible.)
SAP stated that it will provide the state-owned commercial bank with a professional team to collaborate in terms of accelerating digital transformation, industrial finance, global corporate initiatives, financial technology, and joint innovation as a strategic customer and partner in the financial industry. Committed to delivering comprehensive financial products and services to almost 700 million individual customers and over 9 million corporate customers, ICBC intends to work closely with SAP to gradually build an industrial financial service platform and improve risk management and control, in addition to capturing and effectively using data from financial industry chains.
In a video keynote address presented at the conference, Christian Klein, Chief Executive Officer and Member of the Executive Board at SAP, said that SAP is very pleased to have a strategic collaboration with ICBC in the areas of industrial financing, sustainable development, and digital transformation. He further shared:
“Both parties will work together to empower China’s small, medium and micro-enterprises, accelerate industrial transformation, and promote the development of the digital economy. Based on ICBC’s industry insights and SAP’s advanced technology, the two parties will jointly establish a world-class supply chain financial platform and jointly create the “next-generation best practices” of industrial integrated financial services.”