Singapore-based software solutions provider Y3 Technologies has signed a Memorandum of Understanding (MoU) with Aerospace Digitnexus Information Technology (Shenzhen) Limited, a subsidiary of China Aerospace International Holdings, and Singapore cloud-tagging solutions provider veriTAG to advance the developments in the Belt and Road cross border e-commerce by establishing an ASEAN-China supply chain system to fulfil cross-border e-commerce deliveries.
The tripartite agreement will see the three entities consolidate their expertise and resources to work towards establishing a Belt and Road cross-border e-commerce logistics platform with cargo tracking and big data analytics capabilities and develop Southern China ports into the best clearance points for ASEAN companies to export into Southern China.
It will also provide Singapore Authorised Economic Operator (AEO) partners with an exclusive ‘green lane’ channel for fast and secure trade lanes and allows for collaboration in the area of big data analytics, product traceability, tracking, forgery prevention and authenticity.
The parties will also explore the potential of using blockchain and related technologies to provide trade finance and supply chain finance related services.
“We are looking forward to this new strategic partnership with Aerospace Digitnexus Information Technology (Shenzhen) and veriTAG to establish an exclusive channel for Singapore and possibly even ASEAN products to be exported to China through a single platform. The success of this tripartite agreement will result in manufacturers no longer having to deal with the complexities when exporting their products to China. We remain committed to providing our technological expertise to smoothen cross-border transactions and increase trade financing possibilities associated with the Belt and Road Initiative (BRI)” said, Marc Dragon, CEO of Y3 Technologies.
Liu Weixiong, CEO of Digitnexus commented: “As a company based in Shenzhen, we are excited to be part of this MoU agreement that will further strengthen our city’s position as one of the leading global logistics hubs in Asia. We are confident that our expertise in the Internet of Things (IoT) as well as our specialisation in intelligent warehouse automation technologies and port/customs operations will play an integral role in creating seamless end-to-end cross-border e-commerce flows between Southern China and Singapore”.
Jason Lim, CEO of veriTAG added: “The BRI offers a golden opportunity for companies in China and ASEAN to cultivate international cooperation and shared economic advancement. We look forward to working with Y3 Technologies and Aerospace Digitnexus Information Technology (Shenzhen) as part of the BRI’s build-out by offering our cloud-tagging solutions that provides the highest levels of security and safety in exports and imports”.
The partnership agreement combines the respective capabilities of all three parties to create an exclusive channel and single platform that will address regulatory, customs and compliance requirements in relation to cross-border supply chain and logistics.