Singapore Press Holdings (SPH) and Y3 Technologies have entered into a joint venture to launch OctoRocket.asia, a business to business (B2B) e-commerce platform. Currently recruiting buyers and suppliers in the region, the e-commerce platform will be officially launched end of 2018, targeting businesses in Singapore, Malaysia, Indonesia, Thailand and Vietnam.
The platform will start with the packaged food industry by allowing food suppliers to ride as a pack. It also looks to tap OctoRocket’s targeted outreach to business buyers and distributors in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
The platform aims to enable suppliers in Southeast Asia to sell cross-border to buyers in the region more effectively. Through the partnership, both partners will share the common vision of digitising traditional trade processes to reduce geographical boundaries for businesses. In enabling online orders and transactions, OctoRocket.asia will also help businesses to capture transactional data more accurately and use this data for related services in trade financing, logistics, and customs clearance.
The move will see Y3 Technologies being responsible for the technical delivery of the platform and the integrations of the various service providers. It will also allow SPH to further expand its services into B2B direct transactions, on top of its current remit of linking businesses to their target audiences through trade exhibitions and B2B advertising.
With the marketplace holding payments prior to successful receipt of goods, OctoRocket.asia enables suppliers to sell to both new and existing buyers with confidence and send their transaction data to trade financing, logistics and other partners easily.
“In this new initiative, we will further our efforts of connecting buyers and sellers through trade exhibitions. OctoRocket.asia enables food suppliers of all sizes to reach Southeast Asian buyers more easily at every step of a sale from lead to fulfilment,” Julian Tan, chief of digital business at SPH, said.
“OctoRocket is perfectly positioned in this aspect to provide connections for various transactions, which can ease problems arising from cross-border payments and customs clearance. We are heartened to be part of this JV with Singapore Press Holdings, to widen Y3’s spectrum of solutions and further help to enable businesses in their growth and development,” Gabriel Tho, Y3 Technologies chief operating officer, added.