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SPH, Y3 Technologies form JV to launch B2B e-commerce platform
SINGAPORE Press Holdings (SPH) and Y3 Technologies on Monday launched a business to business (B2B) e-commerce platform, OctoRocket.asia, to enable suppliers in South-east Asia to sell across borders in the region more effectively.
The joint venture (JV) was a result of both partners' common vision of digitising traditional trade processes to reduce geographical boundaries for businesses.
In facilitating online orders and transactions, OctoRocket.asia will help businesses to capture transactional data more accurately and use this data for related services in trade financing, logistics and customs clearance. With the marketplace holding payments prior to successful receipt of goods, the platform allows suppliers to sell to buyers with more assurance.
The collaboration will tap software solutions provider Y3 Technologies' e-commerce and logistics technology experience. It will be responsible for the technical delivery of the platform and the integration of the various service providers. SPH, which owns The Business Times, will further expand its services from linking businesses to their target audiences through trade exhibitions and B2B advertising, into B2B direct transactions with online capabilities.
The e-commerce platform will start off with the packaged food industry, allowing food suppliers to ride as a pack, tapping OctoRocket's targeted outreach to business buyers and distributors in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Julian Tan, chief of digital business at SPH, said: "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 South-east Asian buyers more easily at every step of a sale from lead to fulfilment."
Gabriel Tho, Y3 Technologies' chief operating officer, described the platform as an "effective and user-friendly" online wholesale marketplace for businesses in Asean and China, allowing them 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," he added.