StampNews.com is glad to inform that China's very first online exchange platform for stamps, coins, and cards opened on Sept. 5 in Shanghai. This center is expected to prompt the circulation of about US$97.8 billion of the country's social wealth, reports our Chinese language sister newspaper China Times.
The Shanghai Stamp, Coin, and Magnetic Card Exchange Center, co-established by the state-owned China Post Group, China Finance Corporation and Shanghai's Zhenyin Investment and located at the General Post Office Building in Shanghai, provides a platform for collectors to trade, circulate, invest in, appraise, store, and apply for loans with the commodities.
The online services allow more efficient treasure exchange at a cheaper trading cost than traditional means. The online trading is potentially to outgrow the offline in scale, and may soon dominate the market and standardize the pricing mechanism, said experts in the business.
Xu Zhibin, the general manager of the Stamp, Coin, and Magnetic Card Exchange Center, said that the platform provides services such as item appraisal and escrow trading that both lowers the threshold for starter collectors and raises the security of transactions, attracting more people to enter the market.
There are currently 62 brick-and-mortar trading markets in China, and the average amount of daily trading in Shanghai and Beijing alone tops US$8 million. There are also 21 online markets with 2,713 online stores and 5,854 staff. The trading locales, however, generally lack credible item appraisal and efficient, safe transaction systems, according to the report.
The gross scale of the market is nearly US$97.8 billion, with daily transaction value reaching US$3.2-$4 billion. The absence of an open, efficient and integrated platform for exchange has kept a major portion of the assets from being traded. The online Stamp, Coin, and Magnetic Card Exchange Center, a convenient tool for investing and managing one's cashable stamps, coins, and cards, is expected to establish a new exchange center for fortunes and help users circulate their assets, said the report.