MOU expands on-demand logistics and trade-related services for SME community locally and abroad
Singapore, 12 December 2018 – Over 5,000 SMEs are set to benefit from blockchain-secured logistics and trade-related services with the signing of an MOU between Singapore’s Get GO Global (GO) and Fast Track Trade (FTT). Under the MOU both platforms will cross-promote their offerings and work with the Asia Pacific MSME Trade Coalition (AMTC) to promote business digitalisation to GO, FTT and AMTC customers and members across the region.
Fast Track Trade (FTT) platform is Singapore’s first digital trade platform for Small and Medium-sized Enterprises (SMEs) using blockchain technology. FTT allows SMEs to seek business partners and distributors, buy and sell goods, track shipments, receive and make payments, access financing and buy insurance via an eco-system of service providers on the FTT platform.
GO’s on-demand freight forwarding platform, GO FREIGHT, will join FTT’s platform to offer real time international freight forwarding quotations, bookings and payments services to the FTT growing SME community. GO will also explore the application of FTT’s blockchain technology for B2B logistics shipments through the sharing of a common audit trail on the FTT platform.
As part of the MOU, GO and Cites Gestion will carry out promotional programs targeted at SMEs. Their efforts will include working with the Asia Pacific MSME Trade Coalition (AMTC) to promote the benefits and adoption of business digitalisation to AMTC’s growing membership of over 1,300 SMEs.
SMEs are important economic pillars within ASEAN, making up 46% the region’s USD$2.4 trillion Gross Domestic Product and spend an estimated USD$200 billion annually on logistics services. Under the ASEAN Economic Community 2025 blueprint, SMEs are singled out for focused development along trade and technological themes. However, many SME’s still use manual, time-consuming processes to manage their businesses and their supply chain. Through collaborations like GO and Cites Gestion, SMEs will have easy access to trade-related services to help them grow their business domestically and internationally.
Agnès Hugot, Co-founder of Cites Gestion, said “We launched Fast Track Trade in Singapore as it is ASEAN’s trade and fintech hub. We are currently experiencing a strong demand from other ASEAN, African and Middle East countries for our digital system which concentrates business-relevant services in one place for smaller businesses. Today, we can address a potential community of over 5,000 Singaporean SMEs, who are users of the 20 business communities and digital service providers already onboarded on FTT. We plan to open the FTT platform to emerging markets across Southeast Asia in 2019. Market feedback has also identified that there is an annual USD 90 Billion trade financing gap in Southeast Asia because of a lack of trust and access to business services, especially for smaller businesses. Digital platforms such as FTT and GO are using Distributed Ledger Technology to increase transaction transparency and traceability. They could help boost the trade corridors in Southeast Asia, strengthen business communities and bring about significant economic benefits to everyone.”
Au Kah Soon, CEO of GO, said “As a fellow SME, GO understands that putting all the trade pieces together is tough for a small business. Speed to market is crucial in a competitive marketplace that already ships over 90 million TEUs of ocean freight and 5 million tonnes of airfreight across ASEAN. The GO team is committed to helping smaller businesses create an agile supply chain through our easy to use platforms that are available anytime on their phone, tablet or computer. Our warehousing and freight forwarding digital platforms are continuing to grow our regional network and we are delighted to also offer FTT members instant freight forwarding quotations, bookings and payments across borders in ASEAN and beyond.”
Dr. Raymon Krishnan, Secretary-General of the ABTA, said “Growing trade, particularly for MSME’s, is the very reason why the AMTC was formed. As a self-operating council of the ABTA, the AMTC is extremely proud to see such a collaboration between two of our members – and is just one way in which we go about achieving our aims and objectives. Logistics challenges are a hurdle that many MSME’s identify as a challenge when venturing abroad and GO helps overcome this. Distributed Ledger Technology (DLT) is still gaining momentum and misunderstood by many. FTT makes this game changing technology accessible to the MSME.”
About Fast Track Trade
Fast Track Trade is an ASEAN digital trade platform for SMEs, on blockchain.
In our quest to make any business digital, we reimagined the way essential services are offered. Identification, invoicing, payment, financing, logistic, and insurance pop-up right when you need them. SMEs can also connect to each other like on WhatsApp and to simple, affordable services that are tailor made for them including:
- Accounting and corporate secretary
- Local and international digital payment
- Compliance and legal
- Delivery, warehousing and fleet tracking solutions
- Individual loans and credit cards
- And … a pool of SGD 500 million trade finance!
We secure transactions with a fast blockchain mechanism to create trust. We can process low value large volumes of transactions so that any SME can access financial services in the future. Follow us on Linkedin, Twitter, Facebook. Join us on discover.fasttracktrade.co
About the AMTC
The AMTC is a working council of the Asia Business Trade Association (ABTA).
As the largest voice of MSMEs in the Asia Pacific, the AMTC is committed to facilitating the trade of goods and services by MSMEs in the region, as well as serving as a bridge between government officials and business. The ABTA, through the AMTC works in collaboration with stakeholders to help shape and influence trade policies that are MSME friendly. The AMTC aims to help its members grow their businesses, connect them with tools needed to compete with larger companies, and level the playing field by working with governments across the region.
Minh Hue Nguyen
Under-Secretary General of the ABTA