- Collaboration unlocks the strengths of two cross-border digital trade platforms to offer SMEs greater opportunities and services
- Integration of the OneSME platform into Trustana’s B2B platform will enable SMEs in Singapore and ASEAN to access a larger pool of buyers in China as they transcend borders and trade with confidence on Trustana’s platform
- The move will expand Trustana’s footprint in the region, in line with its overall global growth strategy
- OneConnect YiQiYe SME ecosystem and Guangxi Open Finance Platform to provide access to a buyer base of four million Chinese SMEs
- OneConnect as the fintech expert will continue to provide SMEs with robust digital financing services and solutions
SINGAPORE, June 29, 2021 /PRNewswire/ — 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.
Photo: Virtual signing ceremony between Trustana and OneConnect Financial Technology to mark the strategic collaboration. Top-row, from left to right: Ms Rebecca Xing, General Manager, Trustana; Ms Tan Bin Ru, CEO, Southeast Asia, OneConnect Financial Technology; Mr Glenn Gore, Board member of Trustana & CEO, Affinidi Second-row, from left to right: Mr Chia Song Hwee, Deputy Chief Executive Officer of Temasek; Mr Leong Der Yao, Assistant Chief Executive, Sectoral Transformation, Infocomm Media Development Authority of Singapore
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.
About OneConnect Financial Technology
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
The Company’s 16 technology solutions strategically cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses — from sales and marketing and risk management to customer services, as well as technology infrastructures such as data management, program development, and cloud services.
OneSME is a cross-border digital trade platform launched by the Infocomm Media Development Authority (IMDA) and OneConnect in September 2020 to enable Singaporean SMEs to trade and transact securely across borders, and leverage an ecosystem of services in the digital economy.
OneSME is developed and operated by One Connect in collaboration with IMDA as one of the initiatives under the Singapore–China (Shenzhen) Smart City Initiative (SCI) aimed at promoting greater ease of access to market opportunities for enterprises and individuals via digital connectivity in the Greater Bay Area and Southeast Asia.
Founded by Temasek, Trustana is a curated cross-border B2B platform of verifiable, international traders with an initial focus on the F&B sector. Trustana empowers buyers and suppliers to grow their businesses with confidence by connecting trustworthy trade partners and supporting them through their end-to-end trade journey. Today, Trustana serves SMEs in China and ASEAN, with ambition to expand globally. Trustana is built using Affinidi, an open and interoperable technology that enables users to have control of their verifiable data. Trustana is headquartered in Singapore, with a hub in Shanghai, China. For more information on Trustana, please visit www.trustana.com.
Annex A: Quotes on the Partnership
Ms Rebecca Xing, General Manager, Trustana, said: "Trustana is excited by the opportunities that this collaboration with OneConnect creates in further supporting local businesses who are keen to expand internationally. By leveraging our respective advantages – Trustana’s cross-border trade expertise and transaction fulfilment services and OneConnect’s extensive financial services industry expertise and network – and with continued support from IMDA, we are well-positioned to empower local businesses to enter the China market swiftly and securely. We are confident that this collaboration is a significant step forward in our mission to democratize access to cross-border markets for businesses of all sizes."
OneConnect Financial Technology
Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology said, "We are thrilled by the possibilities that our tech solutions and ecosystem strategies can bring for SMEs in Singapore, China and Southeast Asia from our collaboration with Trustana. Now more than ever, cross-border ecosystem platforms will go a long way in helping SMEs scale their business, expand overseas and adopt global technologies to grow and thrive. With the current climate, the establishment of greater interconnectivity is imperative, and we are proud to be part of this shared mission of fostering SME success."
Mr Leong Der Yao, Assistant Chief Executive, Sectoral Transformation, IMDA, said: "Through our Grow Digital initiative under the SMEs Go Digital programme, IMDA has helped 2,000 SMEs access overseas markets with the help of digital platforms such as OneSME. The collaboration between OneConnect and Trustana will combine the reach of two home-grown B2B platforms and enhance our SMEs’ access to overseas opportunities in China. I encourage SMEs keen to tap on these opportunities to reach out to our platform partners for assistance."