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Creating Living Legends Worldwide: Ysun International Will Open Cross-border Mall in Phnom Penh, Cambodia

Malaysia’s Ysun International (YSI) announced its plan to establish a brick-and-mortar mall for cross-border shopping in Phnom Penh, one of the world’s eco-cities, and “make life better” in line with its motto. Through the Youbao blockchain, it will also create a cross-border e-commerce ecosystem. This represents an important part of the Group’s global strategy and an exemplary move in the field of e-commerce. For this project, YSIG expects to introduce 300,000 to 500,000 businesses in three batches and serve 300 million people worldwide.

As a comprehensive international financial group focused on e-commerce, YSI currently has 70,000 members and 20,000 merchants worldwide in its cross-border e-commerce platform. Its transaction volume has already reached USD 25 billion annually, with a year-over-year growth of 130%.

YSI’s decision to open a cross-border mall in Phnom Penh, Cambodia is in fact a deliberate and well thought-out move culminating from extensive research on development trends in global e-commerce. According to YSI’s own statistics, in 2017, the transaction volume for cross-border e-commerce in China will exceed RMB 7 trillion, reaching RMB 8.8 trillion in 2018 and RMB 12 trillion in 2020 respectively. In the next few years, the transaction volume for cross-border e-commerce in China will steadily grow at an average rate of 20% annually. Driven by China’s industrial development, YSI naturally sees rare business opportunities emerging.

YSI’s establishment of a cross-border ecommerce ecosystem relies heavily on its core technology, namely the Youbao blockchain. The design goal of the Youbao blockchain is to build a new type of blockchain infrastructure for the next generation of cross-border e-commerce providers based on existing blockchain issues. “Smart business contracts” on the Youbao blockchain are similar to “smart contracts” on the Ethereum blockchain, which are performed by blockchain nodes, verified by miners when a new block is created, and finally stored in new blocks. These basic operations can greatly enhance the efficiency of e-commerce trade, thereby doubling the return on capital gains and advancing the development of the economy for the region.

YSI first gained insight into its development with the boom of the e-commerce industry and implemented its pioneering and innovative vision to connect with China’s mammoth “Belt and Road” initiative. Under this initiative, YSI has signed cooperation agreements with governments and partners in more than 10 countries, gaining the support of various governments and partners along the way. Notable examples include Asia Infrastructure Investment Bank and China National Development Bank. In view of this, YSI plans to expand its business to more than 40 countries in the next five years and increase its number of partners to 2,000 while establishing five international cooperation centers. The establishment of cross-border e-commerce center in Cambodia is one of the specific implementation steps of its five-year plan.

With protection of both policies and funds, the project is highly regarded by the Cambodian government, which has provided it with the most efficient administrative examination and approval service. Recently, the Malaysian Ministry of Commerce and Trade officially issued a notice to YSI stating that the second audit was approved. Later, the Trade and Marketing Department will visit YSI and complete the final approval process. It is expected to issue a direct sales license to YSI within two months. In addition, it is reported that the Malaysian corporate brand agency will issue the 2017 and 2018 Most Promising Brands Awards to YSI in April, further enhancing the Group’s prestige in the global e-commerce sector.

In the future, YSI will use this move as a stepping stone to drive cross-border e-commerce across Southeast Asia. From there, it will lay a solid foundation for pushing the Youbao blockchain into the top 50 global blockchains while acting on China’s “Belt and Road” initiative.

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