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cloud-based accounting software

China Paradigm #113: Understanding business practices and technology maturity in China through a SaaS case

China’s SaaS case in China

Matthieu David interviews Michael Chiao, a Founding Partner at MEGI and Axel Standard. Finance and accounting management are important for companies as they weigh heavily in decision-making. That’s why MEGI, cloud-based accounting software has seen a great subscriber count since it’s creation. But is there a local market for such software? Are Chinese companies getting this type of management done internally or are they moving towards streamlining it? Find out the answers to these questions and more in this new China Paradigm interview.

  • 2:55 MEGI – brief company history
  • 4:33 The coronavirus outbreak – growing the company in uncertain times
  • 7:10 MEGI – current client base
  • 8:03 Small numbers or niche numbers – what is MEGI’s focus demographic?
  • 9:35 Foreign companies vs Local companies in China – the culture difference in finance management
  • 13:42 Do Chinese companies do analog SaaS services internally?
  • 17:23 Are Chinese small and medium companies changing the way they manage their business internally?
  • 23:25 Current company yearly revenue
  • 26:24 What was the initial subscriber goal for MEGI?
  • 29:38 What specific key features do clients value for MEGI?
  • 33:04 How hard is the process of bank reconciliation through MEGI?
  • 35:23 China’s baking system accessibility – how hard is it to integrate with MEGI software?
  • 37:48 How is MEGI able to handle finance reconciliation in the present?
  • 41:16 Why did MEGI decide to focus on the financial statements?
  • 46:12 Big Data Collection – has MEGI achieved critical mass yet?
  • 51:42 What type of loans can small and medium companies expect to get from other companies or banks in China?
  • 56:38 What is the process of deciding and then implementing a new feature for MEGI?
  • 1:00:30 Listening to your client – a key requirement in software feature development?
  • 1:01:49 What is Axel Standard and what do they do?
  • 1:06:26 How has computer science evolved since 1998?
  • 1:08:51 How has China benefited over the years by opening up to the world?

We believe, that China, with 20% of world population and as the second world economy, is impacting every single business, small to big. That is why it is a new paradigm. How does China impact your business is the ultimate question we will answer through those podcasts.

China paradigm is a China business podcast sponsored by Daxue Consulting where we interview successful entrepreneurs about their businesses in China. You can access all available episodes from the China paradigm Youtube page.