BBX Barter Trading Commences In China
BBX Holdings Limited announced its franchise in China has commenced
trading, which is expected to create a significant volume of
cross-country barter trade.
A
cashless trade exchange, BBX has offices and franchises throughout
Australia and New Zealand, with 6,000 member businesses and over
8,000 individual card holders. Member businesses in these two
countries traded in excess of $188 million in the financial year
ending June 2007, averaging over $33,000 per active member business.
The China franchise will bring the number of BBX members globally to
300,000. It consists of 18 regional offices with its main office in
Beijing, and when fully established will employ over 1500 staff.
Franchises have also been established in India and Costa Rica, with
other international franchises currently under negotiation.
BBX China was formed in 2006 when the China Federation of Logistics
and Purchasing Barter Trade Committee entered into a master
franchise agreement with BBX International, a wholly owned
subsidiary of BBX Holdings which will have 20% equity in BBX China.
CEO of BBX China, Mr. Wang Lei, says they are proud to open its
doors to international trade through the network. Members of BBX
China cover a number of industries including production, real
estate, tourism, entertainment, hospitality, services and retail.
“BBX China is a critical step in establishing a global trading
platform and will revolutionise the way business is conducted by our
members. The expanding international network is a benefit to members
everywhere, because it means they have increased buying and selling
opportunities as members of a global trading alliance,” asserted BBX
managing director Michael Touma.
International trading is made possible by the BBX self developed
cashless settlement platform, WEBiPOS. This sophisticated software
provides instant processing of transactions online and is available
to its members worldwide in English, Spanish, and Chinese.
“We have opened the door for easier global trading, and with a
market as bid and diverse as China the opportunities for our members
are endless,” Touma added. “For instance, an Australian wine
producer could sell their wine to a restaurant in China and then use
those BBX dollars to import equipment from China, or India or even
trade locally in Australia for the products they need for their
business.”
Successfully listed on the ASX in August 2005, BBX becomes the only
publicly listed barter exchange managers in the world to be listed
on a main board. It is a membership-based trading program whose
primary role is to generate new business for all types of businesses
and to show business owners how to offset many current cash expenses
by utilising the down time or idle inventory in their business.
The trade exchange uses trade dollars, which have par value with the
local currency, to assign value to the transactions that take place
between member businesses. The exchange acts as the third party
record keeper, similar to a bank, and provides a sophisticated
bartering market where thousands of transactions take place.
The company also offers a broader range of financial services in
areas such as mortgage brokering via BBX Money (including leasing,
business finance and general loans in both cash and trade dollars),
financial planning through BBX Financial Advisers, insurance
services through BBX Insurance, property services through BBX Real
Estate, and its NSX-listed BBX Property Investment Fund.
For more information on BBX go to
www.ebbx.com.
