One day, a textile product trading company received a phone call from one of its suppliers: the caller mentioned that their factory was relocated, and their bank account was changed. The supplier asked to wire the payable balance to their new bank account. The CFO of this trading company recalled that he read an article about a similar case in which the subject company was caught in trouble because they wired money into the trading partner’s new bank account. What should the CFO do in this case?
In recent years, Taiwan has been suffering from economic downturn. Some people pointed out that Taiwan's success caused its downturn. How?
Economically, is Taiwan competing with China, or they are helping each other?
In Taiwan, if you have a chance to pay in a shop or restaurant, the cashier or waiter will ask you for your business' Government Uniform Invoice Number (GUIN統一編號) before he or she issues you a receipt with the restaurant's GUIN and your GUIN printed on it.
In North America and Western Europe, you seldom see a seal (or stamp, or chop) on an invoice. Yet this is a standard business practice in Taiwan. Legally, what does the seal mean? How many seals must a company have?
Understanding the definition of SMEs in Taiwan is important because it helps to plan for the sales & marketing, and credit management tactics in the region. Would it be possible that more than 80% of the companies in Taiwan are SMEs?
Most credit management managers in multinational companies found that it is relatively difficult to do credit management in Greater China (Hong Kong, Taiwan, and China). The challenge is mainly due to the dissimilarity of legal system, the business culture gap, and the lack of statistical data. The Greater China market is too important to be ignored, isn’t it?
Most multi-national corporations are stringent on compliance, yet few foreigners are aware that a signature on a Chinese contract has less enforcing power than a seal on it. Is this serious?
AIC should more correctly be referred as SAIC, the State Administration for Industry and Commerce (in Chinese: 国家工商行政管理总局). It is the authority in China responsible for advancing legislation concerning the administration of industry and commerce. What is SAIC responsible for?
In December 1999, Jack Ma and 17 other founders released their first online marketplace, named "Alibaba Online". It is the world's largest online Business-to-Business trading platform for small businesses. Founded in 2003 by Alibaba Group, Taobao, is China's largest consumer online shopping platform. Back in 2003, most people in China did not have credit cards nor debit cards for online payment. If Alibaba wanted to grow its online retail business, it had to find a way to get paid. Is this how Alipay was born?
Alexander has over 25 years of experience in Business Information Management and Information Technology. Previously, he has held leadership positions in the world’s leading Business Information providers, including Managing Director of Thomson Reuters Asia, and General Manager of Dun & Bradstreet (D&B), Hong Kong and Taiwan. In addition, he personally managed Hong Kong's Commercial Credit Bureau while working with D&B, and the Consumer Credit Bureau through his directorship at TransUnion Limited.