Singapore, Taiwan E-C Exchanges Link Up
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Singapore-based developer of business-to-business e-commerce solutions bex.com pte ltd. Wednesday linked its two e-commerce exchanges, IBEX (International Business Exchange) and UBEX (Universal Business Exchange), to allow business transactions between member companies in Southeast Asia and greater China.
bex.com, formerly called Lyrehc International, formed UBEX April this year in partnership with Taiwanese company Ho-Yeh Investment Ltd, the sister company of the clearing bank Chinatrust Commercial Bank. bex.com's first e-commerce exchange, IBEX, was formed last year June in partnership with the Development Bank of Singapore (DBS Bank).
The two clearing banks will provide the necessary interbank and currency exchange transactions for settlements between members of the two exchanges in Southeast Asia and greater China.
To date, bex.com has signed up with 18 supply chains in Singapore and Taiwan combined.
Targeted vertical markets include consumer electronics, PCs, office supplies, pharmaceuticals, and tourism.
The Internet Trading Center (ITC) e-business solution, developed by bex.com with funding from the National Science and Technology Board (NSTB) in Singapore, is running both exchanges. It is capable of handling the entire transaction process from sourcing, ordering, and tracking to payment settlements securely over the Internet.
Authentication is performed using digital certificates stored in smart cards. Payment methods include account to account transfers, domestic and international letters of credit and telegraphic transfers.
Data centres for Southeast Asia and China sit with the two banks respectively.
"In time, more BEXes will be formed in different regions of the world. We will then link them together, eventually creating a truly integrated global e-commerce community," said Yong Voon Fee, chairman and CEO of bex.com.
The US, Europe, and Japan e-commerce exchange centres will be formed by end this year, he said.