[Press Release] SGX-Backed Commodities Intelligence Centre sees 20% YoY growth in commodities trading transactions; launches global initiative to boost trade on the back of RCEP

Commodities Intelligence Centre (CIC), a B2B e-trade platform for physical commodities, has announced its plans to groom one Global Commodity Champion from each participating country of the Regional Comprehensive Economic Partnership (RCEP). Since the start of year, CIC’s platform has reported more than 20 per cent increases in customers joining the platform compared to the same period last year, and a surge in online transactions with over 4,000 customers searching for trading opportunities on the platform. CIC has since achieved a gross merchandise volume of US$13.2 billion (S$17.7 billion), with over 5,200 registered users covering markets, including Singapore, Malaysia, Indonesia, India and China, among other countries in Asia. CIC looks to develop more than ten Global Commodity Champions over the next three to five years, as it strives to uncover new trading opportunities and boost global trade facilitation on the back of RCEP.

Peter Yu, Chief Executive Officer of Commodities Intelligence Centre, shared, “The coronavirus has radically reshaped the global supply chain, exposing the fragility of the industry. We believe that CIC is well-placed to empower companies, especially SMEs, from RCEP member countries to uncover new market opportunities and identify reliable partners and suppliers, while building business resilience and extending the global reach of their supply chains during this difficult period.”

The RCEP is the world’s largest trade pact signed by 15 countries in the Asia-Pacific region. It aims to eliminate as much as 90 per cent of tariffs on imports between member countries over the next 20 years, and will improve market access for goods and services within the region. RCEP members comprise all 10 ASEAN members and key partners, such as Australia, China, Japan, South Korea and New Zealand, accounting for 30 per cent of the world’s economy and one-third of its population.

“The work that CIC has been doing for the past two years resonates strongly with the recently launched Regional Comprehensive Economic Partnership – to help participating countries establish a mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic development and growth.” added Peter.

Established in 2018 as a Joint Venture between Asia’s leading B2B e-commerce group ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX), CIC platform supports 10 different languages encompassing RCEP member countries, and provides integrated services that helps SMEs reduce transaction costs, optimise the efficiency of their supply chains across cross-border trading, financing, logistics and to be regulatory compliant. CIC also provides access to unique commodity offerings of participating RCEP countries, such as clean and renewable energy.

Recently, CIC has also successfully facilitated large-scale renewable energy transactions between customers from Australian, India and South Korea, with the official signing set to take place during this year’s Global Digital Trade Conference 2020 and the 11th China Wuhan (Hankou North) Commodity Fair from November 28 to December 6.

###
About Commodities Intelligence Centre (CIC)
The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.

CIC aims to revolutionize commodity trading and facilitate cross-border trade through deal matching, trade finance, supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has achieved a GMV (Gross Merchandise Volume) of more than US$13.2 billion, with over 5,200 registered users covering markets including Singapore, Malaysia, Indonesia, India, China, among other countries in Asia.

For media enquiries
PRecious Communications for Commodities Intelligence Centre
Email: CIC@preciouscomms.com 

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

3 Innovations for a Cleaner Environment You Never Heard Of

3 Innovations for a Cleaner Environment You Never Heard Of

Innovation in clean energy, sustainable infrastructure and eco-friendly solutions to environmental hazards are the need of the hour. The burden on the world’s natural recourses is immense, and it is high time we focus on renewability and diversification. While we are only scratching the tip of the iceberg, here are three innovations working to create an environment-friendly future.

How Can Entrepreneurs Overcome Loneliness?

How Can Entrepreneurs Overcome Loneliness?

Starting your own business is a project that will take over most of your life. You are straying away from the typical 9-5 jobs that your friends and family may have. The sheer effort you have to make to get a business up and running will leave you feeling lonely. While it might seem almost expected to feel lonely during your startup journey, loneliness is a slippery slope to several health conditions.

8 Techniques to Get Readers Rolling Right into Your Content

8 Techniques to Get Readers Rolling Right into Your Content

We’ve all been there. We’ve spent hours crafting the perfect blog post, article or white paper, but no one is reading it. Why? It could be for a million reasons, but often it’s because we’re not doing enough to get people to come to our content. In this article, we’ll learn about the eight techniques that will help you draw in readers and get your content read!

Amazon vs Flipkart Who Will Win Festival Sale War in India

Amazon vs. Flipkart: Who Will Win the Big Festival Sale War in India?

Amazon India and Flipkart, the two biggest ecommerce giants in India, have always been in a neck-to-neck competition for supremacy in the country. There is no better occasion to showcase their strength and take advantage of people’s shopping mood than during the Indian festive season, which begins in late September featuring various festivals, like Durga Pooja, Dussehra and Diwali.

Reviewing Top AI Boyfriends on Google Play Store

Anima vs. Replika: Reviewing Top AI Boyfriends on Google Play Store

Finding your perfect match can be a long and tedious process. You can go on date after date and still have a long way to go before you find your soulmate. In the meantime, you can curb your loneliness by speaking to an artificial intelligence (AI) chatbot.There are dozens of AI chatbots on the market today that give you the experience of having someone to vent your issues to and discuss your daily lives with.