OneSME platform to help Singapore, China firms expand reach, boost trade
Singapore
A CROSS-BORDER digital trade platform for small and medium-sized enterprises (SMEs) in Singapore and China will give local SMEs a new avenue for expansion as they look for ways to grow and thrive amid the Covid-19 pandemic.
Previously known as the Asian SME Hub, the OneSME platform will connect business-to-business (B2B) platforms in the two countries to help local SMEs expand their overseas reach and tap demand from Chinese SMEs for Singapore products.
It is developed and operated by OneConnect Financial Technology (Singapore) and supported by the Infocomm Media Development Authority (IMDA). OneConnect is the fintech associate of China's Ping An Group.
Many SMEs used to think of digitalisation as being desirable but optional, but the pandemic has made them realise that they can no longer survive on traditional means of doing business, said Sim Ann, Senior Minister of State for the Ministry of Communications and Information and the Ministry of National Development, at the launch event on Monday.
"SMEs know that we need to transform to survive and digitise to thrive. The question is how," Ms Sim said. To help SMEs do so, IMDA and Enterprise Singapore have doubled down on joint efforts begun before the pandemic to diversify and accelerate the delivery of solution packages for SMEs that want to digitalise, including the Grow Digital initiative launched in June 2020.
Grow Digital aims to help businesses ride the global e-commerce growth trend and expand overseas without the need for physical presence. More than 1,400 enterprises have tapped B2B and B2C (business-to-consumer) e-commerce platforms to expand their reach under the initiative.
Said Ms Sim: "Today's launch is very much a part of Grow Digital, which is about supporting our businesses to look beyond Singapore for opportunities and growth amid the pandemic situation... The government will leave no stone unturned to support our businesses. Aside from getting our SMEs onto established e-commerce marketplaces, we are also prepared to work with new players who can connect our SMEs to more vendors, more partners and wider markets."
OneSME is an initiative under the Singapore-China (Shenzhen) Smart City Initiative (SCI). Eight memoranda of understanding were signed at the SCI's first joint implementation committee meeting held virtually in June 2020, to enable greater ease of access for enterprises and individuals to market opportunities in the Greater Bay Area and South-east Asia through digital connectivity.
The platform's five main functions are to help SMEs transact across borders, expand, learn new skills, access financing and digitalise their businesses. The first three functions are already available, while the "finance" function will be available in Q4 this year and the "digitalise" function in the next phase of the project.
Jane Lim, assistant chief executive for sectoral transformation at IMDA, said digital platforms are important in enabling local SMEs to tap fast-growing overseas markets. "We are glad that OneSME is partnering various platforms in Singapore and China to bring in new opportunities for our SMEs and help them learn new skills, such as digital marketing and live-streaming, to better connect with potential customers and seize opportunities for growth," she said.
Tan Bin Ru, chief executive officer for South-east Asia at OneConnect Financial Technology, said the platform will remove cross-border trading concerns while helping SMEs in Singapore and China expand their businesses and forge overseas partnerships. She added: "We are committed to continually innovate and onboard more partners to grow this platform that is made for SMEs to thrive."
READ MORE: Electronic KYC, financing and 'smart' matching among OneSME trade platform features
