SINGAPORE TO FORM GLOBAL COMMODITY E-TRADING PLATFORM TO FACILITATE CROSS-BORDER TRADE

SINGAPORE, Several Singaporean companies and one Chinese company, on Wednesday, signed a Memorandum of Understanding (MoU), to integrate and provide logistics services for the Commodities Intelligence Centre (CIC), the first physical commodity B2B e-trading platform based in Singapore.

According to a press release, Global eTrade Services (GeTS), a subsidiary of CrimsonLogic, signed the MoU with Zallsoon Information Technology, Pacific International Lines (PIL) Group, YCH Group, WLNA and China’s Zall Group to form CALISTA, a global trade and supply chain platform for CIC, a joint venture between Zall Group, Singapore Exchange Limited, and GeTS.

Singapore’s Senior Minister of State for Trade & Industry, Koh Poh Koon, was present at the signing ceremony, at the inaugural Singapore Logistics Forum 2018.

According to CIC CEO, Peter Yu, the CIC, the first B2B spot commodity e-trading platform anchored in Singapore, will open up new opportunities for logistics players, to capture value from the cross-border trade flows and supply chain activities, that come through Singapore and beyond.

Eugene Wong, chairman of CrimsonLogic and GeTS, said, Singapore is an important global logistics and trading hub and they are strategically positioned to capture the potential voluminous trade flow between China, ASEAN and to the rest of the world.

Source: NAM News Network

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