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News Release

For Immediate Release

 

LAUNCH OF SBF GLOBAL SOURCING HUB ENHANCES THE FEDERATION’S ROLE IN HELPING COMPANIES SEEK OUT NEW BUSINESS OPPORTUNITIES.

 

Singapore, Friday, 13 January 2006 — Companies seeking a web-based one-stop resource centre that will alert them of potential business opportunities do not have to search any further. Following positive responses from participants of a survey on the feasibility of an online sourcing portal, Singapore Business Federation (SBF) today launched the SBF Global Sourcing Hub that allows companies to automate and streamline their global procurement activities.

 

In July 2005, more than half the companies that participated in the SBF National Business Survey had indicated that they would find such a resource centre extremely useful for their business operations. Furthermore, a recent SME Development survey conducted by D P Information Group revealed that 51% of the respondents cited the inability to gain access to business opportunities as one of the top hindrances to growth.

 

To bridge this gap, SBF in its role as Singapore’s apex business chamber initiated the development of the Global Sourcing Hub, which aims to provide enterprises with instant access to global business opportunities. The portal will serve as an e-marketplace where demand opportunities such as tenders, quotations, agency rights and interests for collaboration, can be aggregated and made available to a wide base of interested suppliers. 

 

As a cross-industry platform, the Global Sourcing Hub will help companies to achieve better process efficiencies, obtain superior access to supplier and buyer communities, as well as better visibility and control on all sourcing activities. Co-developed by Abecha and supported by SPRING Singapore , the SBF Global Sourcing Hub comprises key sourcing e-tools integrated seamlessly into an extensive online directory listing of suppliers and buyers.

 

For buyers, the Hub offers a cross-industry platform that will help them to automate and streamline their sourcing processes, at the same time providing better access to local suppliers and their respective credit information. For suppliers, the portal allows them to have greater visibility and access to business opportunities available to buying organizations.  

 

SBF Chairman, Stephen Lee noted that “as an e-marketplace that connects buyers and sellers, the SBF Global Sourcing Hub will strongly complement the activities of the f ederation in generating business opportunities for Singapore-bas ed companies at home and in overseas markets”.

 

Encouraging the business community to be part of this new global marketplace, Guest-of-Honour Mr. Lim Hng Kiang, Minister for Trade and Industry said, “the SBF Global Sourcing Hub is indeed an exciting initiative which extends the borders for our local enterprises, especially SMEs.  To enhance the international reach of this initiative, SBF should continue to explore hub-to-hub connectivity with other similar regional transaction hubs.  Such increased connectivity will in turn enhance our SMEs’ access to more overseas business opportunities”.

 

The Hub will also help SME suppliers to efficiently adapt to growing trends of procuring via the Internet.  It will be a platform for them to showcase their products and services, thus raising their visibility to MNCs and large organisations.  Leveraging on the Business Alert service, the Hub will provide customised opportunity alerts to SMEs.  With the launch of the Hub, SMEs can now connect and transact with private sector buyers both locally and globally.

 

With a targeted online directory of more than 100,000  suppliers in Singapore, the SBF Global Sourcing Hub will enable buyers, including overseas organisations to better access the local supplier community. It is projected that some $20 billion worth of business deals will be achieved through this channel within five years.

 

Abecha’s Chief Executive Officer Mr Ong Teck Soon commented, “With the support from the Singapore Business Community, sound technology, best business practices and processes, the SBF Global Sourcing Hub is well positioned to become the leading eMarketplace for Singapore enterprises to source and be sourced.”

 

Mr Loh Khum Yean, Chief Executive of SPRING Singapore noted that “The launch of the Hub will give our SMEs that critical edge in terms of their visibility and e-commerce capability to compete in the global marketplace.  We will continue to work with SBF and other associations on projects that will enhance our SMEs' abilities to access market opportunities."

 

Mr William Lim, Executive Director of Infocredit D&B (Singapore) Pte Ltd, a sponsor of the Hub, said that the SBF Global Sourcing Hub serves as a gateway to opportunities for SMEs in Singapore. “ICD&B is pleased to be the content provider for the Hub and we are confident that our global database of more than 100 million records can assist firms to decide with confidence in the global arena,” he said.

 

Mr Teng Theng Dar, Chief Executive Officer of Intraco Limited, another sponsor of the project, added that there “finally is a powerful 3C global platform for business connectivity, partnerships, community building and contract making".

 

Today’s launch, which also includ ed a forum on Generating Business Opportunities, was attend ed by some 380 members from the Singapore business community.