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US-based travel and expense management Concur sees enormous market opportunities in the Chinese market. "China represents an enormous market opportunity, and we look forward to expanding the services we already offer multinational Chinese companies," said Mike Eberhard, president of Concur. Concur's cooperation agreements with China's largest OTA Ctrip and ride-hailing app Didi Chuxing ensure most Chinese companies have a good local travel and expense management solution, Eberhard added.
China's business travel market reached USD 291.2 billion in 2015, up 11.4% YoY, surpassing the US market's USD 290 billion, according to the Global Business Travel Association, which forecasts that total business travel expenses of China will grow by more than 10% in 2016 to USD 320 billion. Eberhard said Concur, which is part of SAP, the software multinational, will increase investment in the China market. Concur has more than 34,000 clients, representing more than 40 million users in over 150 countries. Over 60% of Fortune 500 companies are its customers, according to a report of China Daily. The company will also deliver customized expense management services for Chinese companies, ensuring compliance with China's financial management policies, including value-added tax reform requirements. Concur plans to bring more innovative technologies in cloud computing, big data and mobile technology into corporate financial management. This is expected to accelerate financing transformation. The company announced a strategic partnership with China DataCom Corporation, a joint venture by SAP and China Communications. |
