Eezee is proud to be part of this initiative to help local SMEs on our platform to expand their reach into China and to tap on large demand for Singaporean products.
MON, SEP 28, 2020 – 2:00 PM
LOCAL small and medium-sized enterprises (SMEs) will be able to trade more easily with businesses in China on OneSME, a cross-border digital trade platform for SMEs in Singapore and China that was launched on Monday.
OneSME will connect business-to-business (B2B) platforms in the two countries to help local SMEs expand their overseas reach and tap significant demand from Chinese SMEs for Singapore products.
Developed and operated by OneConnect Financial Technology (Singapore) and supported by the Infocomm Media Development Authority (IMDA), OneSME was launched by Sim Ann, Senior Minister of State for Communications and Information and National Development.
OneConnect is the fintech associate of China’s Ping An Group.
Chinese SMEs are keen to purchase B2B products from Singapore, according to a survey conducted in July with more than 2,100 Chinese SMEs on OneConnect’s YiQiYe SME platform. It found that 93 per cent of respondents who are in charge of procurement intend to purchase from outside China. Of these respondents looking to buy from overseas suppliers, 85 per cent ranked Singapore their top overseas procurement choice.
OneSME will serve as a digital hub to provide connectivity, secure transactions and an ecosystem of services for SMEs in both countries. Its focus on platform-to-platform connection will help ensure that trade is conducted between trusted communities that are owned, qualified and nurtured within each country, said Tan Bin Ru, chief executive officer for South-east Asia at OneConnect Financial Technology.
To start, OneSME is connecting Singapore SMEs on local B2B procurement platform Eezee.sg to a buyer base of four million SMEs on OneConnect YiQiYe.
The platform’s five main functions are to help SMEs trade across borders, expand, learn new skills, access financing and digitalise their businesses. The first three functions are already available, while the “finance” function will be available in Q4 this year and the “digitalise” function in the next phase of the project.