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SPH partners ICBC to develop South-east Asia's first bilingual B2B e-commerce platform

Singapore, 19 September 2016 --- Media group Singapore Press Holdings (SPH) has entered into a partnership with Industrial and Commercial Bank of China (ICBC) to develop South-east Asia's first bilingual B2B e-commerce platform to enhance cross-border trade between China and Southeast Asia. 

The bilingual e-commerce platform in English and Chinese is supported by International Enterprise (IE) Singapore. It will provide one-stop B2B services to business enterprises in China, Singapore and other South-east Asian countries.

A Memorandum of Understanding (MOU) was signed by Mr Julian Tan, Executive Vice-President of Digital Division, SPH and Mr Zhang Weiwu, General Manager of ICBC today. The signing was witnessed by Mr Lim Hng Kiang, Minister for Trade and Industry (Trade); Mr Yi Huiman, Chairman of ICBC; Mr Alan Chan, CEO of SPH; Mr Chen Xiaodong, Ambassador of the Republic of China to Singapore and Mr Lee Ark Boon, CEO of IE Singapore. 

Under the agreement, SPH and ICBC will maintain strategic cooperation, consolidate resources and experiences in their respective industries and other advantages of resources to broaden their cooperation. They will also consider the other party as their preferred partner for any business cooperation, financial related services and exhibitions. 

SPH will start a bilingual internet portal for enterprises from South-east Asia and China to promote their products and services while tapping on the clients and services provided by the existing e-commerce platform or "e-Mall" managed by ICBC. 

SPH will recommend to ICBC established enterprises to cooperate in business developments in Singapore and other South-east Asian countries while ICBC will create conditions to facilitate cross-border e-commerce and also more leads for Chinese enterprises who are keen to establish e-commerce marketplaces in Singapore. Both parties will jointly carry out the promotion and publicity matters to enhance the value and position of the cross-border e-commerce platform. 

According to the MOU, SPH and ICBC will jointly organise an annual exhibition on the Internet economy to attract the participation of enterprises in Singapore, South-east Asia and China.

Mr Yi Huiman, Chairman of ICBC, said: "In line with China's national strategy of globalising the renminbi (RMB), ICBC has also responded with an e-commerce strategy to promote cross-border trade. As such, ICBC, which is the sole RMB Clearing Bank in Singapore, believed in partnering SPH to develop an e-commerce platform to offer B2B services that will benefit enterprises in Singapore, South-east Asia and China."

Mr Alan Chan, CEO of SPH, said: "As a leading media organisation in Asia, we have cultivated close ties with various business communities in Singapore and beyond. Riding on the fast-growing e-commerce industry, we hope to partner ICBC to build the first bilingual cross-border e-commerce platform in South-east Asia that will help enterprises in the region expand market reach and promote growth in trade."

Mr Lee Ark Boon, CEO of IE Singapore, said, “This is a strategic collaboration, bringing together both companies’ expertise and reach. This B2B e-commerce platform will foster greater regional trade and enable more Singapore companies to extend their digital reach into China and South-east Asia. This partnership builds upon Singapore’s connectivity and reinforces Singapore’s position as a trade and e-commerce hub.”   

Please see attached Chinese media release.


Jointly Issued by:
Singapore Press Holdings Ltd
Co. Regn. No. 198402868E

Co Regn Number:S93FC4609L

For media queries, please contact:

Dr Zhou Zhao Cheng
Assistant Vice President, New Growth
Lianhe Zaobao
Chinese Media Group
Singapore Press Holdings
DID: 6319 1946

Mr Francis Mah
Senior Manager
Corporate Communications & CSR Division
Singapore Press Holdings
DID: 6319 1028

Ms Lu Ting Ting
Industrial and Commercial Bank of China Limited, Singapore Branch 
DID: 6709 1370

About Singapore Press Holdings (SPH)

Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms, ranging from print, digital, radio and out-of-home media.

SPH owns award-winning newspapers, magazines and best-selling books in both print and digital editions, as well as online classified businesses in the region. In addition, SPH has two English radio stations and one Chinese radio station, an out-of-home digital advertising unit, a regional events and conferences arm, and runs a chain of modern retail convenience stores. SPH also has a 20 per cent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8 and U, and a 40 per cent stake in MediaCorp Press Limited, which publishes the free newspaper, Today. 

SPH REIT comprises Paragon, a premier upscale retail mall and medical suite/office property in Orchard Road and The Clementi Mall, a mid-market suburban mall. SPH's latest retail development is The Seletar Mall located in Sengkang. 

For more information, please visit 

About ICBC Singapore

Industrial and Commercial Bank of China (ICBC) Group is China’s largest bank and the world’s largest bank by total assets. Established in 1993, ICBC Singapore is ICBC Group’s first overseas branch and was awarded a Qualifying Full Bank License in October 2012. Subsequently, in February 2013, ICBC Singapore was appointed by the People’s Bank of China as the first overseas RMB Clearing Bank outside Greater China, and Singapore’s sole RMB Clearing Bank. In 2014, ICBC Singapore was the only financial institution to be named among the “Top 10 Enterprises Entering ASEAN” by China-ASEAN Business Council.

ICBC Singapore maintains a clear market lead through its continuous innovations in RMB products and services. Since launching its clearing service in May 2013, ICBC Singapore’s accumulated RMB clearing volume exceeded RMB 100 trillion as at Dec 2015. Leveraging its advantage as the sole authorised RMB Clearing Bank in Singapore, and its in-depth understanding of the Chinese market and domestic policies, ICBC Singapore has forged numerous industry firsts in RMB products and services, including:

· 1st RMB Fixed Rate Remittance
· 1st RMB/SGD UnionPay and 1st USD/SGD Visa Dual Currency Credit Card
· 1st cross-border RMB banknotes delivery service
· 1st in Singapore market to guide clients in making foreign direct investments in China with RMB
· 1st cross-border RMB intercompany loan
· 1st RMB syndicated loans to an international commodities trader 
· 1st RMB SGX FX Futures transaction and  1st RMB SGD RMB FX direct trading transaction
· 1st China onshore RMB Bond Repo transaction
· 1st Shanghai Free-Trade Zone (FTZ) Money Market transaction
· 1st cross-border RMB cash swapping between Singapore and Shanghai FTZ
· 1st cross-border RMB loans to Shanghai FTZ, Suzhou Industrial Park and Guangxi Financial Reform Pilot Zone respectively
· 1st issuance of corporate Lion City bonds for both Chinese and Singapore companies
· The biggest Lion City Bond issuance of RMB 4 billion to date, of which two of three tranches were dual-listed on the SGX and GTSM, a 1st in the market