Sumscope (IFC-41497)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
SUMSCOPE INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 10, 2020

Disclosed by Bank Nov 16, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, IFC will help establish core market infrastructure in the FICC markets that should result in enhanced transparency through faster price discovery and increasing interconnectivity between buy-side and sell-side market participants. Sumscope is raising equity capital to further develop its business. 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The project will assist in improving secondary market liquidity in the bond and broader fixed income market and thereby provide financial institutions with greater access to the markets. It will also provide value to the development of the interest rate and foreign exchange derivatives market, which will result in reducing volatility. A more developed fixed income market can activate savings, enhance competition with bank-based and other types of finance for non-financial corporates, and provide long-term financing.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Sumscope is a private company founded by Frank Wang in 2010. The Company has so far received funding from private equity capital firms and angel investors. Most of the existing shares are owned by the founder/CEO and other key management.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ningbo SUMSCOPE Information Technology Co ., Ltd. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ningbo Sumscope Information Technology Co., Ltd
Marvin Ma, Head of Strategy and Operations
Telephone No.: 0086 (21) 6020-3269
Email Address: marvin.ma@sumscope.com
16F, Building 2, Lujiazui Century Financial Plaza, No. 759 Yanggao Road(S), Pudong, Shanghai, China 200127
www.sumscope.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works