IE Singapore and ICBC cooperate to promote e-commerce

SINGAPORE - Singapore companies may now find it easier to break into the fast growing e-commerce space in China and the region.

The Industrial and Commercial Bank of China (ICBC) and IE Singapore inked a deal on Saturday (Nov 7) to cooperate on promoting cross border e-commerce.

Singapore companies can tap on ICBC's wide network for "low-cost and effective means" of selling online to customers in China as well as Asean, said press statement jointly issued by the two parties on Saturday.

"China's e-commerce market is currently the largest in the world, and strong domestic consumption is expected to continue in the coming years given China's rapid urbanisation and the growth of the Chinese middle class," said Mr Zhang Weiwu, general manager of ICBC Singapore.

"We are confident that our partnership with IE Singapore will enable Singaporean companies, who are already well-reputed in China for the quality and reliability of their products and services, to tap into the exciting opportunities in the booming Chinese e-commerce market," he added.

ICBC and IE Singapore will also work together to attract Chinese e-commerce players to set up their presence in Singapore as well as to look into the development of marketing services such as digital marketing to support the companies.

ICBC also launched its Singapore access portal to the ICBC E-Mall, an e-commerce platform connecting businesses with consumers in China, on Saturday.

Dragon Brand Bird's Nest, a long-time household name, was the first local business to set up shop in ICBC E-Mall. It sold out all of its 265 bottles of bird's nest in stock within a few hours of its debut.

According to IE Singapore chief executive Teo Eng Cheong, e-commerce is set to be an increasingly an important sales channel for companies, especially when selling to the Internet-savvy population of China and Southeast Asia.

"IE Singapore's collaboration with ICBC will further encourage Singapore companies to participate in the global ecommerce space," he said.