6th Aug 2015 08:11
LONDON (Alliance News) - cloudBuy PLC said Thursday it has signed a memorandum of understanding with the government of Yiwu, a city in Zhejiang province in eastern China, to upgrade the Yiwu physical marketplace using cloudBuy's technology and international partnerships.
cloudBuy, the global provider of cloud-based e-commerce marketplaces and business-to-business buyer and supplier systems, said the Yiwu Commodity Market is a wholesale market covering 5.5 million square meters, with more than 75,000 shops selling 1.8 million different items and attracting more than 210,000 visitors daily.
According to the cloudBuy, the city is investing GBP800 million in new e-commerce infrastructure along with an agreement with China Telecom to support the new e-commerce centre and build a new Yiwu data centre.
"Signing this agreement with Yiwu government and the speed at which they delivered high level meetings with the physical marketplace management, China Telecom and the Overseas Assistance Office, gives me confidence that we can implement a solution that will help Yiwu suppliers to sell more online overseas. There are buyers all over the world who are interested in purchasing from good quality Chinese suppliers," said cloudBuy Executive Chairman Ronald Duncan.
Shares in are up 4.8% at 20.69 pence Thursday morning on the news.
By Preten Patel; [email protected]
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