Philips and Internet Commercial Bank launched the "Digital Supply Chain Financial Assistance Program" Empower the digital upgrade of the supply chain

On October 14, 2021, hosted by the Internet Commercial Bank initiated and established by Ant Group, the Digital Supply Chain Finance Helping Micro Conference "Intelligent Index Change, Linking the Future" was held in Hangzhou. At this conference, Philips China, as one of the important partners of the Internet Merchant Bank, has carried out a strategic cooperation upgrade with the Internet Merchant Bank and released a new integrated digital supply chain financial solution, aiming to provide distributors, partners, etc. More diversified, customized and efficient financing solutions help dealers solve the problems of capital turnover and operational efficiency, reduce supply chain financing costs, promote the effective and sustainable development of all parties' businesses, and actively promote the normal state of the epidemic The rapid development of the healthcare industry under the background of globalization. At the same time, Philips also won the "Extraordinary Star Show Award" for digital supply chain finance issued by the conference.

Since 2016, Philips has focused on the field of "health technology", focusing on the "full health care" covering healthy living, disease prevention, precise diagnosis, interventional therapy and home care, relying on digitalization and actively transforming solutions. China is Philips' world's second largest market and an important growth engine. In the professional medical market, channel sales are an important part of the Chinese market. With the transformation of the company’s business model, the Chinese market is “customer-centric”, starting from the characteristics of customer segmentation, and simultaneously promoting channel transformation, focusing on the adjustment from “single type” to “diversified”, and the traditional “distribution” "Shang" has developed into a long-term business "partner", and its scale has continued to expand. It not only covers a wide range of areas, but also penetrates vertically into different levels of hospitals.

However, since the new crown epidemic, channel partners have encountered great challenges in capital turnover. The key to solving the problems of enterprises and distributors is the innovation and upgrade of the supply chain. As part of the digital transformation, Philips launched an innovative digital model to open up offline channels, and through strategic cooperation with online commercial banks in China, it provides digital financial services for its mid-downstream distribution system and solves the problem of repayment by distributors in the medical industry.

At this conference, the digital supply chain financial upgrade solution "Dayan System" released by the Internet Commercial Bank covers a series of digital financial product matrices such as purchase loans, cloud funds, and franchise loans. As one of the first companies to access the "Dayan System", through the core product "Purchasing Loan" in the "Dayan System", the distributor legal person can apply for an unsecured, pure credit, and pure online business bank by scanning the code. Credit service, and can realize 3 minutes to apply, 1 second to lend money, and 0 manual intervention in the whole process. As a result, under the blessing of digitalization, Philips will cover more long-tail dealers, as well as small and micro operators such as terminal stores downstream of dealers, making financial services more sinking and inclusive.

Ms. Xie Ningwei, head of Philips Finance Greater China and Japan, said, “As our firm strategic partner, the Internet Commercial Bank provides distributors with flexible, diversified, and customized digital financial solutions, and solves the problem of partner’s capital turnover and Operational efficiency issues have reduced financing costs. Especially when the health care industry is constantly hit by the epidemic, increasing the liquidity of funds will help companies and the medical industry to develop resilience, especially in the primary care sector."

In the future, Philips China will work hand in hand with online merchant banks to provide more inclusive and convenient digital financial services for downstream distributors in the supply chain, build an efficient and coordinated digital supply chain system, and inject strong momentum into China's healthcare industry.