Singapore, 29 June 2021 – Trustana, a curated cross-border business-to-business (B2B) marketplace founded by Temasek, and OneConnect Financial Technology (Singapore) Co. Pte. Ltd. (OneConnect), the leading technology-as-a-service platform provider and an associate of Ping An Group, today announced a strategic collaboration to accelerate cross-border commerce. Under this collaboration, Trustana will integrate OneSME, a digital cross-border trade platform, into its marketplace. Building on Trustana’s cross-border trade expertise and OneConnect’s core competencies in architecting technology solutions, curating and operating an extensive network of ecosystems in China, the collaboration will enable small and medium-sized enterprises (SMEs) in Singapore and ASEAN to access a larger pool of buyers in China, seize international trade opportunities, and benefit from value-added services on Trustana’s platform.
With a curated marketplace and fulfilment offerings initially focused on the F&B sector, Trustana’s platform enables buyers and sellers to transact with greater trust and confidence. As a result of the collaboration, SMEs in Southeast Asia will be able to buy and sell their products directly to pre-screened buyers and suppliers in China who show keen interest , boosting the chances of a match. In addition, the collaboration will allow SMEs to have access to a buyer base of four million Chinese SMEs via OneConnect’s YiQiYe, a one-stop SME ecosystem that provides financing, insurance and cash management solutions to SMEs in China. Trustana will also integrate with the Guangxi Open Finance Platform, a cross-border digital financial services platform led by Guangxi district government, and jointly built and operated by OneConnect and Digital Guangxi Group to promote collaborations between governments, institutions and enterprises. The strategic collaboration will strengthen Trustana’s growing presence in China as a buyer marketplace, and accelerate ongoing expansion to other trade corridors in ASEAN.
OneConnect, as the technology expert for financial institutions and ecosystem strategies, will provide Trustana buyers and suppliers with access to financial services products through OneSME’s first bank partner, UOB. UOB, which has received industry recognition for its efforts to help SMEs achieve their growth ambitions, will provide digital financing services as well as solutions that go beyond banking, helping SMEs seize cross-border opportunities.
Headquartered in Singapore, Trustana has aided over 2,000 F&B buyers and suppliers in building new cross-border business connections across China and Southeast Asia within a year of launching. Trustana provides end-to-end trade support services including cross-border payments, transaction fulfillment, and shipping and logistics services. The OneSME platform was established as a joint initiative by OneConnect and the Infocomm Media Development Authority (IMDA) to enable SMEs in Singapore to trade and transact securely across borders while leveraging an ecosystem of services in the digital economy. Close to 300 SMEs in Singapore and China have come on board OneSME since it was launched in September 2020.
The global B2B e-commerce market size was valued at USD5.7 trillion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.5 per cent from up to 2027 i. In addition, global e-commerce sales for both B2B and B2C jumped to USD26.7 trillion in 2019, up 4 per cent from 2018ii. This represents the growing importance of online marketplaces in facilitating cross-border transactions today.
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