[HONG KONG, May 6, 2024] Micro Connect, operator of Micro Connect (Macao) Financial Assets Exchange (“MCEX”), the world’s first exchange for daily-revenue-based financing, and Choco Up, Asia’s largest revenue-based financing (RBF) and growth platform, today announced a strategic partnership that will offer broadened funding solutions to digital merchants and more diversified investment offerings to RBF investors globally.
With an objective to continue fostering the RBF ecosystem for e-commerce businesses in Asia and beyond, the strategic partnership affirms MCEX’s and Choco Up’s commitment to supporting the growth and development of local businesses by combining their strengths in RBF market infrastructure and financing solutions. In creating a more robust ecosystem for RBF transactions, MCEX and Choco Up aim to greatly increase businesses’ access to financing, facilitate seamless transactions, and ultimately drive growth in the region. In the partnership, the two parties will seek to:
— Establish product solutions and market standards to facilitate e-commerce merchants’ access to global capital through the issuance of Daily Revenue Obligations (DROs) on MCEX;
— List RBF products originated by Choco Up, thereby introducing secondary market liquidity for these products and broadening participation by global investors;
–Develop system connectivity between MCEX’s and Choco Up’s proprietary platforms to allow daily revenue sharing and revenue data disclosure between global investors and e-commerce merchants; and
–Support dedicated DRO fund mandates on MCEX to better serve the capital needs of e-commerce merchants through RBF products.
Charles Li, Founder and Chairman of Micro Connect, said, “We are pleased to have entered into this partnership with Choco Up. By joining forces, Choco Up will become our first overseas ecosystem partner, and we will be expanding MCEX’s product diversity by listing e-commerce merchants and extending the exchange’s asset footprint to Southeast Asia and beyond.”
Percy Hung, Founder and CEO of Choco Up, said, “We are honoured to be MCEX’s first overseas partner, which perfectly aligns with our commitment to empowering a million asset-light businesses. With the help of MCEX’s platform, we can extend our reach and provide more e-commerce merchants in the APAC region with the necessary capital to achieve their goals and thrive.”
Samson Cheng, Head of Corporate Development at Micro Connect (left), signed the partnership with Alan Wong, CBO at Choco Up (right), witnessed by Charles Li, Founder and Chairman of Micro Connect, and Percy Hung, Founder and CEO of Choco Up.
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About Micro Connect
Founded in 2021, Micro Connect is a technology and exchange platform that connects global capital with small local businesses using a new proprietary asset class – Daily Revenue Obligations (DROs). Through its Micro Connect (Macao) Financial Assets Exchange (MCEX), the world’s first licensed exchange for daily-revenue-based financing, global investors have deployed over US$600 million to more than 12,000 micro and small businesses in the food & beverage, retail, services, and culture & sports industries across over 280 cities in Greater China.
For more information, please visit www.microconnect.com and follow our journey on LinkedIn: Micro Connect | 滴灌通, and WeChat: 滴灌通Micro Connect.
About Choco Up
Choco Up is a global technology and financial services platform that offers revenue-based financing and growth solutions for e-commerce brands. With data analytics and machine learning at its core, Choco Up employs vast integrations to automate fund deployment, providing fast-growing companies with zero-equity funding in a quick and seamless manner. Choco Up has offices in Singapore and Hong Kong and serves e-commerce businesses worldwide, providing smart-growth analytics and global payment solutions to fuel their growth.