Singapore, 29 October 2018 --- Singapore Press Holdings (SPH) and Y3 Technologies today entered into a joint venture to launch OctoRocket.asia, a business to business (B2B) e-commerce platform that will enable suppliers in South-east Asia to sell cross-border to buyers in the region more effectively.
The partnership will see both partners sharing 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 e-commerce platform will be officially launched end of 2018, targeting businesses in Singapore, Malaysia, Thailand, Indonesia and Vietnam. It is currently recruiting buyers and suppliers in the region.
The collaboration will tap on Y3 Technologies’ e-commerce and logistics technology experience. They will be responsible for the technical delivery of the platform and the integrations of the various service providers.
SPH, whose business includes linking businesses to their target audiences through trade exhibitions and B2B advertising, will further expand its services into B2B direct transactions. This allows SPH to go beyond creating awareness to drive direct action from businesses, and also to complement offline trade exhibitions, with online transactional capabilities.
The e-commerce platform will start off with the packaged food industry, allowing food suppliers to ride as a pack, tapping on OctoRocket's targeted outreach to business buyers and distributors in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
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.
Mr Julian Tan, Chief of Digital Business at SPH, said: “Helping businesses succeed, be it in making information more easily available or connecting buyers and sellers, is what SPH does. 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 fulfillment.”
Mr Gabriel Tho, Y3 Technologies Chief Operating Officer, said “We are very excited to embark on this journey with our partners, Singapore Press Holdings. An effective and user-friendly online wholesale marketplace provides an invaluable platform for businesses in ASEAN and China, aiming to penetrate new markets and to grow at reduced costs and risks across the region. 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.”
Issued by Singapore Press Holdings Ltd
Co. Registration. No. 198402868E
For more information, please contact:
Partnership Development, Digital Business
About Singapore Press Holdings Ltd
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms.
SPH's core business is publishing of newspapers, magazines and books in both print and digital editions. It also owns other digital products, online classifieds, radio stations and outdoor media.
On the property front, SPH owns 70% in a real estate investment trust called SPH REIT which comprises Paragon, a premier upscale retail mall and medical suite/office property in Orchard Road, The Clementi Mall, a mid-market suburban mall and The Rail Mall, a stretch of shopping and dining outlets along Upper Bukit Timah Road. SPH also owns and operates The Seletar Mall. It is developing a new commercial cum residential site at Woodleigh. It also has a stake in Chinatown Point acquired a portfolio of Purpose-Built Student Accomodation (PBSA) in the United Kingdom.
It is in the aged care sector and owns Orange Valley, Singapore’s largest private nursing home operator.
SPH runs a regional events arm and a chain of Buzz retail outlets. It also invested in the education business.
For more information, please visit www.sph.com.sg.
About Y3 Technologies
Y3 Technologies is a Singapore-based, award-winning software solutions provider. Y3 provides a full suite of omni-channel solutions – delivering analytics-based tools & capabilities, purpose-built supply chain management applications and customized eCommerce, CRM & loyalty services, to enabling companies to better plan, manage, optimize fulfilment and deliver winning customer experiences. Today, Y3’s proprietary solutions manage more than $50 billion in inventory across 120,000 different unique products every year and are integrated with more than 11,000 connected point-of-sales, handling over 50,000 transactions every day. Its clients include IKEA, Dell, Starbucks Coffee, and Infineon Technologies.