A collaboration between a local fintech company and a Chinese firm aims to make it easier for executives here and in China to conduct due diligence work and build mutual trust.
DC Frontiers, a fintech start-up specialising in corporate intelligence technology, is joining forces with Chongqing's SocialCredits to develop a business information portal.
The portal will provide user-friendly and reliable information on Singapore and Chinese companies, to make it easier to carry out due diligence processes.
The portal was launched yesterday by Mr Tan Kiat How, chief executive of the Infocomm Media Development Authority (IMDA).
He noted that the partnership between Singapore and Chinese firms will open the doors to both markets, and allow for greater collaboration in seizing opportunities in other regions as well.
"As Singapore transforms into a digital economy, we believe that every business needs to be digital, and should leverage partnerships and digital platforms to reach out to the global markets," he said.
DC Frontiers co-founder and chief executive Daryl Neo said his firm believes the portal will facilitate trade and growth in both nations by making "reliable information easily accessible to businesses of all sizes".
He added that the partnership will also extend the potential of DC Frontiers' own due diligence platform, Handshakes, by expanding its reach into China.
"We believe in collaborating for speed, and will be expanding Handshakes' coverage to even more parts of Asia in the coming months," Mr Neo said.
Handshakes was recently named the most innovative business idea at the inaugural India-Asean Commemorative Summit in New Delhi.
Handshakes is a platform that interactively maps out relationships between companies and people in the corporate ecosystem. It taps data from official registries, giving up-to-date coverage of more than 100 million business entities in Asia, allowing financial services firms, regulators, corporates and researchers to gain insight.
Singapore Press Holdings holds a 25 per cent stake in the holding company of Handshakes.