Asia Trade Facilitation Platform Expands Beyond ASEAN
Hive (Highly Interconnected and Vibrant E-trade), a freight forwarder platform powered by Global eTrade Services (GeTS) is set to facilitate connectivity between freight forwarders, their business partners and customs agencies.
Hive makes trade easier, more accessible, and predictable by enabling businesses to meet trade compliance requirements for customs authorities worldwide. GeTS is a subsidiary of CrimsonLogic, a provider of e-government products and services headquartered in Singapore.
The trade facilitation platform is a collaboration of the ASEAN Federation of Forwarders Associations (AFFA), and forwarders organizations in Malaysia, Taiwan, Indonesia, Singapore, and Thailand. Users will be able to search and connect with tens of thousands of businesses from all over Asia using Hive’s Partner Discovery Service.
Other Hive services include Trade Compliance, which allows users to submit required forms; Cross Border Services, a centralized global trade platform that facilitates crossborder trade with end-to-end compliance connectivity; and Member Management System, an optional module developed for associations or industry bodies to manage their portals and members.
Other AFFA members coming on board the hive platform include the forwarders associations in the Philippines, Vietnam, and Myanmar. Over 10,000 logistics companies will be using Hive to facilitate easier trade across ASEAN.
An MOU signing with the Taiwan Freight Logistics Association (TFLA) at launch expands Hive’s trade connectivity beyond ASEAN, enabling AFFA members to have access to the Taiwan shipping communities and to have more efficient trade declarations in this market.
“What started off as $10 billion in trade when ASEAN started out in 1967, has grown to $2.219 trillion last year,” said Eugene Wong, Chairman of CrimsonLogic and GeTS. “Strengthening logistics infrastructure will be the key to further growth across the region in the future. With Hive, we will drive greater collaboration, enabling businesses to achieve greater efficiency, productivity and growth.”
Research by the APEC Business Advisory Council, University of Southern California, Marshall School of Business finds that global ecommerce firms on average export to 30 to 40 different economies compared with three to four economies for traditional exporters. Hive will enable its members to quickly and efficiently meet crossborder trade compliance requirements for more than 50 customs authorities worldwide, saving them time and increasing productivity.
“Asia accounts for a significant percentage of the global trade,” said Chong Kok Keong, CEO of GeTS. “Collectively, ASEAN would be world’s third largest market, with Malaysia a leading economy in the region. In the last year alone, GeTS has connected more than 163,000 parties to each other, conducted more than 900,000 trade transactions and moved more than 71.5 million tonnes of cargo across borders. Now, we want to bring the power of GeTS to Hive members. We want to change the way trade compliance is done, making cross-border trade easier, more accessible, and predictable.”