Singapore Press Holdings (SPH) and Y3 Technologies entered into a joint venture to launch octorocket.asia, a B2B ecommerce platform that will enable suppliers in South-east Asia to sell cross-border to buyers in the region more effectively.
The partnership will see both commpanies sharing the common vision of digitising traditional trade processes to reduce geographical boundaries for businesses. Octorocket.asia aims to also help businesses capture transactional data more accurately and use this data for related services in trade financing, logistics, and customs clearance.
The ecommerce platform will be officially launched end of 2018, targeting businesses in Singapore, Malaysia, Thailand, Indonesia and Vietnam. It is currently recruiting buyers and suppliers in the region.
The collaboration will tap on Y3 Technologies’ ecommerce and logistics technology experience. They will be responsible for the technical delivery of the platform and the integrations of the various service providers.
The platform will start off with the packaged food industry, allowing food suppliers to ride as a pack, tapping on OctoRocket's targeted outreach to business buyers and distributors in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Mr Julian Tan, chief of digital business at SPH, said: “Helping businesses succeed, be it in making information more easily available or connecting buyers and sellers, is what SPH does. In this new initiative, we will further our efforts of connecting buyers and sellers through trade exhibitions. Octorocket.asia enables food suppliers of all sizes to reach Southeast Asian buyers more easily at every step of a sale from lead to fulfillment.”
Mr Gabriel Tho, Y3 Technologies chief operating officer, added “We are very excited to embark on this journey with our partners, Singapore Press Holdings. An effective and user-friendly online wholesale marketplace provides an invaluable platform for businesses in ASEAN and China, aiming to penetrate new markets and to grow at reduced costs and risks across the region. OctoRocket is perfectly positioned in this aspect to provide connections for various transactions, which can ease problems arising from cross-border payments and customs clearance. We are heartened to be part of this JV with Singapore Press Holdings, to widen Y3's spectrum of solutions and further help to enable businesses in their growth and development.”
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