Micro Connect introduces new accounting rules inspired by GAAP.

TLDR:
– Micro Connect has announced the MCEX Market Accepted Protocol (MAP), which provides accounting rules for the Micro Connect Macao Financial Assets Exchange.
– The MAP is modelled on generally accepted accounting principles (GAAP) and provides key static information about contracts, such as industry classification and contract duration.
– The marketplace has already issued nearly RMB4.1 billion in Daily Revenue Obligations (DROs) and involved close to 1.1 billion investors.

Micro Connect, a company focused on raising capital for small and medium-sized businesses in mainland China, has unveiled its accounting rules modelled on generally accepted accounting principles (GAAP). The MCEX Market Accepted Protocol (MAP) provides a comprehensive overview of key static information related to the Daily Revenue Contract (DRC) or Daily Revenue Obligation (DRO). This information includes details such as the contract’s location, industry classification, listing date, anticipated collection amount, and contract duration. The MAP also serves as a standardized communication framework for data preparation and disclosure, regardless of the business’s geographic location. Micro Connect has already issued nearly RMB4.1 billion (MOP4.65 billion/ US$580 million) in DROs, involving close to 1.1 billion investors who have provided financial support for over 11,000 brick and mortar shops. The Micro Connect Macao Financial Assets Exchange, where these contracts are traded, was launched in August 2023.