Asiafactor (CN) Limited will join with global financial technology company, Octet, as the latest licensee of the Octet platform.

Octet will use the collaboration with Asiafactor to help build its customer base in China and will connect to more than 10,000 suppliers and buyers already using the Octet platform across Australia, North America and Turkey.

Following on from a landmark deal with Westpac earlier this year, the Octet platform has already been used for more than $1 billion worth of goods in transaction between global suppliers and buyers.

The new platform will provide new options for Chinese SMEs; using the platform, buyers are able to use a range of funding options including unsecured loans and credit and therefore, are not restricted to general ‘cash basis’ trading terms.

“Asiafactor’s partnership with Octet will provide peace of mind to small and medium exporters in China, who will now be able to use all the funding facilities available to Asiafactor’s clients when transacting with overseas and domestic buyers and suppliers,” said Octet managing director, Clive Isenberg.

Asiafactor assistant president, Ang Li, is confident that the partnership will increase processing time for SMEs, as well as securing transaction verification and boosting fluidity across the payments sector.

“We understand the restrictive cash flow issues faced by small and medium businesses in China and are always looking for ways to utilise innovative technology to assist companies grow,” he said.

“Our latest partnership with Octet means we can provide companies with a market forum to communicate and trade quickly and fluidly.”