Singapore's GeTS Launches New Digital Trading Platform

MAY 11, 2017

Singapore. Singapore-based e-commerce company Global eTrade Services, or GeTS, launched a new platform this week to accelerate trade between the city-state and countries across the world.

GeTS president director Kok Keong Chong said the platform offers a single window service to ease document clearance and quicken international transactions for traders based in Singapore.

The company launched its new platform at the landmark Port of Singapore Authority Building, which also houses the Transport Ministry and the Maritime and Port Authority (MPA), on Tuesday (09/05).

Chong says GeTS's new service can expedite document clearance, cutting the process down to within one hour.

The company's platform can be accessed through iOS and GooglePlay for Android, as well as on its website.

"Most websites or apps that facilitate global trade are quite country-specific, and you still need to deal with multiple data for each region," Chong said.

GeTS was first established in July 2016, though the company has already facilitated nearly 10 million global transactions worth a total $1 trillion as of April this year.

Currently, the company serves clients in over 16 countries around the world.

"Indonesia, Malaysia, Thailand and other Asean [Association of Southeast Asian] countries are key to our marketbase, as is the United States and Canada," Chong said, adding that the company plans to fully monetize its service by 2018.

Singapore's trade minister Koh Poh Koon said growth in e-commerce markets are expected to further support trade between Asean member countries and the rest of the world.

According to Frost & Sullivan, a Singapore-based consulting and business research institute, Southeast Asia's e-commerce sector is projected to generate $25 billion in revenue by 2020.

"We will target 50 countries over the next two years," Chong said, adding that the company is looking to expand in Latin America, Africa and some Gulf states.