Wednesday, August 12, 2020

SGX-backed Commodities Intelligence Centre launches CIC Data Pro to help Singapore’s SMEs with post-pandemic digitization and do business globally

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Simon Cohen
Simon Cohen
America | Simon Cohen is native New Yorker and a fan of all things tech. Apart from writing about tech, Simon spends his time in the music studio as a producer.

Commodities Intelligence Centre (CIC) announced the launch of the international version of its internet-based business intelligence tool suite, CIC Data Pro, and Leads Generation Business Growth Service. CIC is a Joint Venture (JV) between Singapore digital bank hopeful, ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX). The entity, working with the Singapore Business Federation (SBF), has also provided these new packages under the SBF Rising in Support of Enterprises (RISE) Programme for SBF members. The program’s aim is to help Singapore businesses tide over the challenges they face due to the COVID-19 pandemic, driving digital transformation.

Catered to SMEs across a wide range of industries such as manufacturing, import-export, financial services, and logistics, CIC Data Pro uses big data analytics to harness insights from its extensive collection of records from customs and trade data. It enables businesses to explore new market opportunities and identify reliable partners and suppliers from more than 90 countries across Asia, Europe, and America.

Since its launch in late 2018, CIC has achieved a gross merchandise volume of over US$12.7 billion (S$17.7 billion), with more than 5,000 registered users across markets including Singapore, Malaysia, Indonesia, India, and China.

CIC Data Pro is available on the CIC platform. It is part of the suite of solutions offered by CIC to aid companies in reducing transaction costs and optimizing the efficiency of their supply chains across cross-border trading, financing, logistics, compliance, and risk management, achieving more significant trading synergies across the world. More than 40 companies, including Linklogis, and renowned enterprises, have subscribed to CIC Data Pro’s data services.

To double the support for the business community amid the COVID-19 pandemic, CIC will also on-board GeTS CALISTA Finance with a US$20 million (S$27.8 million) fund B2B trade financing. This fund will enable businesses and SMEs to use CALISTA Finance to address short-term liquidity challenges and fulfill trade financing needs seamlessly, securely, and smartly.

CIC is Singapore’s first physical commodity B2B e-trading platform powered by blockchain technology that facilitates commodity traders globally to transact in a secure and trusted manner, allowing real-time end-to-end visibility of supply chains and the traceability of cargo and cashflow across borders. 

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