Keywa, China's Leader in Online Chemical Trading, Eyes India; Plans to Set Up IT Center for Technology Research and Development
Keywa, China’s leader in online chemical trading and the pioneer of the Business-to-Platform (B2P) model for resource integration in the global chemical market, today announced plans to establish an IT center for technology research and development in India. Keywa is also evaluating Indian companies for partnerships and investments. The move is also aimed at addressing the requirements of Keywa’s Indian customers and to serve them better. Keywa, with the vision of ‘to be an integrated leader in global chemical industry,’ has always regarded globalization as a key strategy and India as one important part of that strategy. Started in 2013, the transactions on Keywa online chemical trading platform exceeded RMB 10 billion / USD 1.45 billion in September 2016.
According to Dr. Homan Jiang, Managing Director, Keywa: “Based on current capacity, India is the third-largest chemical country in Asia and the twelfth largest across the world. While Keywa is four years old, we have a long-standing relationship with Indian companies. We are planning to set up an IT center for technology research and development. We are also exploring Indian companies to form partnerships and for strategic investments. India is a large market for chemical raw materials and Keywa would fit into this market.”
India in the near future will grow into a giant in the field of fine and specialty chemicals and the country is now working towards a domestic increasing rate of 15% and an import increasing rate of 20%. Meanwhile, India has a large population. Currently, the consumption per capita is still at a low level –one tenth of the world average level. It highlights great market potential that the country has.
On the other hand, the chemical industry in China, by virtue to its size, holds great opportunity. According to data from China Petroleum and Chemical Industry Federation, China's revenue of petroleum and chemical industry totaled RMB 13.29 trillion in 2016 and the transactions of the entire chemical market reached RMB 45 trillion, accounting for 30% of the international market. However, the colossal market is struggling with issues such as overcapacity, asymmetric information, long intermediate chains and low transactional efficiency.
Keywa addresses these factors through the B2P (Business to Platform) business model. The company is aiming at integrating the global chemical industry chain. The model has been immensely popular and successful with the transactional data from Keywa platform showing great results. The transactions on Keywa, a platform started in 2013, exceeded RMB 10 billion, or USD 1.45 billion, in September 2016.
Keywa’s innovative business model has not only won recognition throughout the industry but also gained acceptance internationally and from academicians. "This new enterprise model is as excellent as any model we could see in the United States. Keywa is an outstanding representative of the innovative economy in China,” says Professor Barry Unger, Associate Professor of Administrative Sciences, Boston University. The foundation of Keywa’s platform stemmed from Keywa's reflection towards conventional enterprise model and from the vision to provide Internet technology support for all industries. Keywa, with the vision of ‘to be an integrated leader in global chemical industry,’ has always regarded globalization as a key strategy and India is one important part of this strategy.