CIC is a one-stop global trading platform built on Blockchain technology that will provide commodity traders around the world access to a range of services from transaction matching, one-click customs clearance, to supply chain financing and payment term options, as well as greater pooling of resources for both buyers and sellers.
CIC trades in products such as oil and petroleum, chemicals and plastic, as well as ferrous and non-ferrous metals. The CIC platform was trialled in July, and has nearly reached turnover of US$200 million in trade across markets such as China, Australia, India, and Malaysia. Successful transactions include a Chinese silk-related transaction to India, as well as the import of polyvinylpyrrolidones (PVP) materials from the UAE into China.
Powered by Blockchain, the CIC platform boasts of enhanced security across trade-related documents, from Certificates of Origin to commercial invoices. This enhances the transparency and trust between shippers, freight-forwarders and users, while providing a strategic edge to businesses trading on the platform.
Source: CIC. Yu. |
Enterprise Singapore’s Assistant CEO Satvinder Singh added, “Commodity trading remains a critical growth pillar for Singapore’s economy having generated US$1.2 trillion in turnover in 2017, driven by a sustained global economy and demand from Asia. The presence of digital B2B platforms like CIC in Singapore, along with Singapore’s excellent connectivity, supply chain and financing ecosystem, will strengthen Singapore’s position as a global trading hub.”
“CIC is going to be a game-changing platform for Singapore’s commodity trading community. As a shareholder and technology partner of CIC, GeTS and its CALISTA platform orchestrates the key physical and non-physical – such as regulatory and financial – logistics activities on a digital ecosystem, making commodity trading easier, accessible, and predictable,” said Eugene Wong, Chairman of CrimsonLogic and GeTS.
“Importantly, CIC can revolutionise commodity trading by attracting more buyers and sellers globally to come on board, with the potential to lower and even stabilise the cost of commodities.”
CIC has also signed a memorandum of understanding (MoU) with Marubeni, a leading Japanese integrated trading and investment business conglomerate. The agreement aims to unlock commodities trade opportunities for supply chain finance.
Source: CIC. Supported by Zall, GeTS and SGX in Singapore, the MOU signing was witnessed by Iwasa San, MD, Marubeni ASEAN, and Sharon Chou, CFO, CIC at the official launch of the CIC platform. |
Marubeni’s interest to collaborate with Zall Smartcom comes off the back of the company’s plans to provide comprehensive trade financing capabilities to international small and medium sized enterprises (SMEs) through more finance channels. The MoU sees Marubeni integrating the CIC to facilitate more payment term options to bridge buyers and sellers globally with greater ease and efficiency. The CIC platform will also help the business to streamline global trade by matching buyers and sellers of commodities, while also providing supply chain financing, faster clearance, and logistics services.