Singapore-listed Kitchen Culture Holdings, a leading premier kitchen solutions providers in Asia, has entered into a legally binding memorandum of understanding  with OOWAY Technology.

This sets out key understandings relating to the Company’s business cooperation with OOWAY in connection with OOWAY’s strategic cooperation with Camel Financial Services Holdings (Guangzhou) Co., Ltd. (骆驼金服控股(广州)有限公司)

OOWAY and Camel Financial are cooperating to provide credit rating services, integrated supply chain finance solution and other ancillary services for merchants operating in Hong Kong on (敦煌网)(“DHG”).

Earlier on 29 September 2020, OOWAY entered into a strategic cooperation agreement with Camel Financial to provide Camel Financial with the technology to manage risk.

OOWAY  will utilise its Credit 3.0 platform known as the Behaviour Model of Association Risk System (“bMARS®”) to establish a correlation between behavioural patterns and credit risks of merchants on DHG’s portals more objectively.

This will enhance Camel Financial’s ability to identify high-risk customers, in connection with and to facilitate the collection of proceeds from the sale of goods by such merchants.

In addition, OOWAY will provide an integrated supply chain finance solution for merchants operating in Hong Kong on DHG’s portals, including provision of credit lines for instant cash withdrawal or order financing of offshore USD or onshore RMB.

This empowers DHG to provide upgraded services to merchants on DHG’s portals. DHG is one of the largest B2B-cross-border e-commerce trade platforms in China.

Currently, DHG has over 2 million merchants globally and over 28 million global registered enterprises and individual buyers from over 222 countries and regions.

Dubbed the online Silk Road, DHG was selected by The Ministry of Commerce of the People's Republic of China as one of the e-commerce demonstration enterprise case studies for 2013-2014.

In 2013, the transaction volume of the e-commerce platform exceeded RMB10 billion, with an average annual growth rate of 40%.

Camel Financial is the nominated financial solution partner to the e-commerce giant, providing financial services such as facilitating receipt and payment of funds, account management, cash withdrawal and other financing support for merchants selling on DHG’s portals.

LimWeeLi KitchenCultureMr. Lim Wee Li (林伟利), Executive Chairman and CEO of Kitchen Culture, commented, “We are looking forward to partner with OOWAY Technology in this venture. China and the ASEAN region are poised to become the centre of the global digital supply chain and this is only possible with proper credit assessment, access to financing and capital resources within the supply chain. We hope to grow from strength to strength by capitalising on the synergies from all parties in this collaboration.”

Kitchen Culture and OOWAY Group had on 13 August 2020 entered into a sale and purchase agreement in relation to the proposed acquisition by the Company of 30% equity stake in OOWAY Technology.

The agreements and understanding provided under this MOU shall be subject to the completion of the Proposed Acquisition, which is in turn subject to and conditional upon the approval by the shareholders of Kitchen Culture at an EGM to be convened on 7 October 2020.

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