“We are based in China. This has two meanings, one, we have the support of the world largest market, we can grow together with the development of domestic market. Another meaning is, we are “Made in China”. “Made in China” nowadays is a global brand representing “Reliable, Cost effective and Competitive” Mark Yip, Managing Director of GRGbanking –a world leading cash processing equipments and solutions provider, said in confidence during an interview with O Six Media.O Six Media | World Business Broadcast (OSIX) is a cutting edge financial news and media company, providing major and emerging market data, breaking news, live and on demand audio and video, and a growing library of relevant documentation and press releases. This year alone, OSIX will interview more than 1000 CEOs of leading public companies trading on exchanges all over the world, in order to bring untold stories and opportunities to the forefront.
“Made in China” stands at a crossroad of transformation
Over the past 30 years’ development, China has become the world’s biggest manufacturer, and has been called “the world’s factory”. However, in the era of globalization, Chinese enterprises are only functioning as "order takers" from global companies, and make very limited profits from assembling and processing products. Moreover, China’s present economic model is characterized by high levels of pollution, emissions and power consumption, combined with low levels of efficiency. It is very clear that this situation has to be changed. The Wasteful and damaging development pattern is unsustainable. China needs urgently to build a manufacturing sector with more focus on technical knowledge and human capital; to reduce the consumption of energy and resources; and to find new competitive advantages other than low cost.
Move up to High-end manufacturing
Today China has won a strong and growing reputation for quality manufacturing, but possesses very few major, well-known brands in the global market. China is better known for its low cost OEM, rather than for its original innovativeness and leadership in creating its own brand. But that picture is beginning to change, with more and more Chinese companies are making a serious push to moving up the value Chain from Low-end, labor intensive manufacturing towards high-end innovation.
“Our core products are all high-technology products, We have the biggest ATM Academy in Asia, we have over 1200 engineers. We are one of the few companies who has its own IPR of full series of cash processing mechanisms including cash-out, cash-in and cash recycling modules… “Mark Yip told the American journalist. Not like the large number of low-end factories in China which are struggling on the brink of survival, GRGBanking has now built up a world leading R&D capability and has become a well-known Chinese brand in the world ATM market. To upgrade the low value-added manufacturing, it is essential to put more emphasis on R&D, product design, brand and service. The rapid development of GRGBanking has set a good example for that.
The leap forward from “Made in China” to “Created by China“
“GRGBanking was established in 1999 by Guangzhou Radio Group (GRG). which is a state-owned group company specialized in military communication equipment founded in 1957. GRGBanking now is a leading self-service and cash handling solution provider in China and global market.” Mark Yip continued to say, “Looking at the development of GRGBanking, its domestic market share has grown from 1% in1999 to 22% now. This achievement doesn’t come by chance. “
In cash processing industry, GRGBanking has been positioning itself as a high-end innovative solutions provider from the beginning. The company achieved a vigorous growth and successfully broke the dominance of foreign brands in Chinese ATM market by its core competence-innovation. Today, GRGbanking has owned a series of core technologies with proprietary intellectual property rights and is striving for all-round development in the direction of “high-end manufacturing and high-end service”.
How to shift from “made in China” to “created by China”? GRGBanking has given a good answer.
“In terms of future, as I explained, cash processing industry is still undeveloped and has big potential, while GRG is pioneer and has good position in the field. I believe with our current business strategy, philosophy and working culture, we will have very bright future.”
To watch the interview video, please to go www.osixmedia.com.