Benzinga | Dec 21, 2020 08:45AM EST

Nisun International Announces Strategic Collaboration Agreement with SHPGX

Nisun International Enterprise Development Group Co., Ltd ("Nisun" or the "Company") (NASDAQ:NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced that Fintech (Shanghai) Digital Technology Co., Ltd, a contractually-controlled affiliate of the Company, has entered into a strategic collaboration agreement with Shanghai Petroleum and Natural Gas Exchange ("SHPGX"), a national trading platform for energy products. The two groups agreed to join forces to expand technology supported services to members of SHPGX's trading platform through the provision of supply chain management and financial services, targeting upstream and downstream enterprises in the energy industry.

"This collaboration marks another milestone for Nisun this year. The partnership gives the Company opportunities to expand our presence in the energy field and build our target energy enterprise customer base," said Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International. "In addition, this agreement acknowledges that our products, services, and expertise were endorsed by a national-level organization. Nisun will leverage its resources, expertise, and advantages in supply chain management and financial services to provide energy enterprises trading on SHPGX's platform with flexible, efficient, and quality financial services. Moreover, based on this cooperation, Nisun International has established a new 'supply chain +' business model, which will be applied in our services to clients in other industries."

First launched in 2015, SHPGX is a comprehensive service system for petroleum and gas trading, clearing, and settlement, that seeks to evolve into a petroleum and gas trading and pricing center for the Asia-Pacific region. SHPGX is a national-level energy trading platform approved by the Shanghai municipal government and operates under the direct guidance of the National Development and Reform Commission and the National Energy Administration. In 2019, the bilateral natural gas transaction volume of SHPGX exceeded 80 billion cubic meters, thereby solidifying its position as the largest natural gas spot trading platform in the Asia-Pacific region.

By continuously introducing cutting-edge technologies such as big data, AI, IoT, and blockchain to the supply chain field, Nisun has established an open digital ecosystem, creating linkages among supply chains, enterprises, banks, securities firms, trusts, investment funds, insurance companies, and other financial institutions. As part of the partnership, Nisun will leverage its expertise in financial technology and supply chain management, and provide SHPGX clients customized financial services through the platform.