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SINGAPORE – Singapore Press Holdings (SPH) has formed a joint venture with software solutions provider Y3 Technologies to launch OctoRocket.asia, a business-to-business (B2B) e-commerce platform, announced SPH on Monday (October 29th).
The platform plans to digitize traditional business processes to reduce business boundaries, allowing Southeast Asian suppliers to sell cross-border products more effectively to buyers in the region.
According to SPH, thanks to the retention of payments on the market before receiving the goods, OctoRocket.asia allows suppliers to "sell to new and existing buyers, with confidence and easily send their transaction data to financing , logistics and other partners ".
By using online orders and transactions, the platform will also help businesses capture transactional data more accurately, the company said in a statement.
Companies can then use this data for related services such as trade finance, logistics and customs clearance, among others.
The platform will be officially launched at the end of 2018. It targets companies from Singapore, Malaysia, Thailand, Indonesia and Vietnam. It is currently recruiting buyers and suppliers in the region.
It will start with the packaged food industry and address commercial buyers and distributors in South East Asia.
In this collaboration, Y3 Technologies will bring its experience in e-commerce and logistics technologies to work on the technical aspect of the platform, as well as for the integration of different service providers.
SPH, whose business is to connect companies to their target audiences through trade shows and B2B advertising, will extend its services to B2B direct transactions.
Mr. Julian Tan, Head of Digital Business at SPH, said, "Helping companies succeed, making it easier to find information or connecting buyers and sellers, is what SPH … OctoRocket.asia allows food suppliers of all sizes to reach Buyers from Southeast Asia can more easily participate in every step of a sale , from the sale to the sale. "
Gabriel Tho, CEO of Y3 Technologies, said, "An efficient and user-friendly online wholesale market is an invaluable platform for ASEAN and China companies to enter new markets and grow. at reduced costs and risks throughout the region.
"OctoRocket is perfectly positioned on this aspect to provide connections for various transactions, which can mitigate the problems of cross-border payments and customs clearance."
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