Singapore Press Holdings (SPH) has entered into a joint venture with software solutions provider Y3 Technologies to launch OctoRocket.asia, a business-to-business (B2B) e-commerce platform, SPH announced yesterday.
The platform sees a digitalisation of traditional trade processes to reduce geographical boundaries for businesses, enabling suppliers in South-east Asia to sell cross-border to buyers in the region more effectively.
SPH said that with the marketplace holding payments prior to successful receipt of goods, OctoRocket.asia enables suppliers to "sell to both new and existing buyers with confidence and send their transaction data to trade financing, logistics and other partners easily".
The platform, which will be officially launched at the end of this year, will also help businesses capture transactional data more accurately, the company said in a statement.
This data can be used for related services such as trade financing, logistics and Customs clearance, among others.
The platform targets businesses in Singapore, Malaysia, Thailand, Indonesia and Vietnam, and is currently recruiting buyers and suppliers in the region.
It will start with the packaged-food industry, and reach out to business buyers and distributors in South-east Asia.
In this collaboration, Y3 Technologies will provide its experience in e-commerce and logistics technology to work the technical aspect of the platform as well as the integration of the various service providers.
SPH, whose business includes linking businesses to their target audiences through trade exhibitions and B2B advertising, will further expand its services into B2B direct transactions.
Mr Julian Tan, chief of digital business at SPH, said: "OctoRocket.asia enables food suppliers of all sizes to reach South-east Asian buyers more easily at every step of a sale from lead to fulfilment."
Mr Gabriel Tho, Y3 Technologies' chief operating officer, said: "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."