SPH, ICBC to develop S-E Asia's first bilingual B2B platform

The Singapore Press Holdings' (SPH) corporate logo is displayed atop at the company's SPH News Centre building at 1000, Toa Payoh North.
The Singapore Press Holdings' (SPH) corporate logo is displayed atop at the company's SPH News Centre building at 1000, Toa Payoh North.PHOTO: ST FILE

Media group Singapore Press Holdings is partnering Industrial and Commercial Bank of China (ICBC) to develop South-east Asia's first bilingual business-to-business e-commerce platform.

The platform, which is supported by trade agency IE Singapore, aims to enhance trade by providing services to businesses in China, Singapore and other South-east Asian countries.

A memorandum of understanding was signed by the two companies yesterday. SPH will start the bilingual Internet platform, while tapping clients and services provided by the existing e-commerce platform managed by ICBC.

SPH chief executive Alan Chan said: "As a leading media organisation in Asia, we have cultivated close ties with various business communities in Singapore and beyond.

"Riding on the fast-growing e-commerce industry, we hope to partner ICBC to build the first bilingual cross-border e-commerce platform in South-east Asia that will help enterprises in the region expand market reach and promote growth in trade."

Under the agreement, SPH will recommend to ICBC established firms in Singapore, while ICBC will bring more Chinese enterprises keen to establish e-commerce marketplaces here. The two also agreed to jointly organise an annual exhibition on the Internet economy.

The Singapore Exchange (SGX) yesterday agreed to enhance capital market links with China. It signed a deal with ICBC to boost Chinese listings in Singapore, with a focus on real estate investment trusts and offshore yuan bonds. The two will, among other things, also explore collaboration in derivatives and bond trading of yuan-denominated contracts listed on the SGX.

Lee Xin En

A version of this article appeared in the print edition of The Straits Times on September 20, 2016, with the headline 'SPH, ICBC to develop S-E Asia's first bilingual B2B platform'. Print Edition | Subscribe