Cross-border business-to-business (B2B) marketplace Trustana, founded by Temasek, will tie up Ping An Group-associate OneConnect Financial Technology (Singapore) to use its technology services to connect small and medium-sized enterprises (SME) in Southeast Asia with buyers and suppliers in China.
Singapore state-owned investment company Temasek has shown interest in moving to the bottom of the investment food chain to actually found startups, rather than merely investing in already formed companies, according to a Tech In Asia report late last year.
Under the deal, Trustana will integrate the OneSME digital cross-border trade platform into its marketplace, OneConnect said in a press release Tuesday.
“As a result of the collaboration, SMEs in Southeast Asia will be able to buy and sell their products directly to pre-screened buyers and suppliers in China who show keen interest, boosting the chances of a match,” the statement said. “In addition, the collaboration will allow SMEs to have access to a buyer base of four million Chinese SMEs via OneConnect’s YiQiYe, a one-stop SME ecosystem that provides financing, insurance and cash management solutions to SMEs in China.”
OneConnect will also provide financial services to Trustana buyers and suppliers through OneSME’s first bank partner UOB, which will offer digital financing and other services, the statement said.
Trustana will also integrate the Guangxi Open Finance Platform, a Guangxi district government-led cross-border financial services platform, jointly built and operated by OneConnect and Digital Guangxi Group, the statement said.
Within a year of launching, Singapore-based Trustana has helped more than 2,000 food and beverage buyers and suppliers form new cross-border business connections between China and Southeast Asia, the statement said. Trustana’s services include cross-border payments, transaction fulfillment, and shipping and logistics services.
OneSME’s platform is a joint initiative between OneConnect and Singapore’s Infocomm Media Development Authority (IMDA) to help the city-state’s SMEs trade securely across borders; the platform has had nearly 300 SMEs in Singapore and China sign up since the September 2020 launch, the statement said.