CIC and ZALL uses enhanced digital connectivity to launch Digital Silk Road initiative
Published 18 December 2020
Commodities Intelligence Centre (CIC), ZALL Smart Commerce and Singapore’s Blockchain for Trade & Connectivity Network have jointly launched a Digital Silk Road initiative.
The initiative will combine Singapore’s first blockchain-powered global physical commodities B2B e-trade platform with ZALL’s latest global digital trading platform Zallgo to help businesses in Singapore uncover new digital trade opportunities through enhanced digital connectivity.
“As digital trade becomes the new engine of global economic growth, digital connectivity becomes increasingly important for companies to expand their market footprint quickly in a safe and secure manner,” said Peter Yu, the CEO of CIC.
The new partnerships forged with the Digital Silk Road initiative and BTC Network is expected to strengthen CIC’s existing networks in the region, enabling SMEs to optimise their supply chains in cross-border trade through their ecosystem in Asia.
“CIC is well-placed to provide the necessary tools and guidance in promoting greater efficiency and transparency across global supply chains to help SMEs embrace the power of digitalisation to explore opportunities, casting their net wider, reaching out to a larger pool of reliable partners and suppliers beyond their usual reach,” added Mr. Yu.
The new initiative also aims to boost trade across the Asia Pacific region on the back of the world’s largest trade pact, the Regional Comprehensive Economic Partnership (RCEP).
The newly established partnerships underscore the increasingly important strategic role of CIC in facilitating the expansion of regional trade and investment, as it aims to develop more than 10 winning commodities that will be popular worldwide over the next three to five years.
Earlier this month, CIC, along with five other commercial partners, launched BTC Network to drive innovation and test-bedding of blockchain solutions with multimodal global supply chain companies, digital trading platforms and technologies.
BTC Network is supported by the National Research Foundation (NRF) to develop a risk assessment framework for small and medium-sized enterprises to assess how blockchain can boost their business.
Since the start of the year, CIC’s platform has reported an increase of more than 20% in customers joining their platform compared to the same period last year. The company also saw a surge in online transactions with over 4,000 customers searching for trading opportunities on the platform daily.
“We have withstood the test of the pandemic and have witnessed the impact of the industrial internet economy on global trade and investment,” said Mr. Yu.
CIC has since achieved a gross merchandise volume of US$13.2 billion (S$17.6 billion), with over 5,200 registered users covering markets, including Singapore, Malaysia, Indonesia, India and China, among other countries in Asia.
With the new initiative, CIC will look to further boost China-ASEAN trading opportunities and facilitate commodities trading via enhanced digital connectivity.
CIC is a joint venture between Singapore Exchange and Global eTrade Services.