Y3 Technologies Inks MoU with veriTAG and Rizon Technologies to Pioneer Blockchain-Enabled Trade Platform
Singapore, 18 April 2018 –Leading omni-channel software solutions provider, Y3 Technologies (Y3), cross-border cloud-tagging specialists, veriTAG, and Rizon Technologies – a joint venture including Chongqing Transportation Holdings Group (CTG), China’s second largest transport-related state-owned enterprise (SOE) – have signed a Memorandum of Understanding (MoU) to jointly build one of the region’s first blockchain-enabled cross-border trade platforms.
Under the agreement, the three parties will jointly:
-Deploy blockchain and digital-ledger technology as part of a cross-border trade platform to enable seamless information exchange between manufacturers, transporters, customs and financial institutions for the supply chain and logistics industry
-Utilize Internet-of-Things (IoT) sensor and quick response (QR) technology to provide enhanced cross-border product traceability, forgery prevention and authenticity validation capabilities, with an emphasis on food products and food safety; and,
-Drive adoption amongst transporters across different modes such as road, rail, air and sea, to advance the use of multi-modal shipping routes and allow for shorter lead times to transport goods between Singapore and China.
The signing ceremony was held on Wednesday, 18th April 2018, at the Chongqing Connectivity Initiative Administrative Bureau, and witnessed by Mr. Han Baochang, Director-General, Chongqing Connectivity Initiative Administrative Bureau and Mr. Tan Kiat How, Chief Executive Officer, Infocomm Media Development Authority of Singapore (IMDA).
From left-to-right: Jason Lim (CEO, veriTAG), Gabriel Tho (COO, Y3 Technologies), Chen Te-Bin (General Manager, Rizon Technologies)
Y3 Chief Operating Officer Mr Gabriel Tho said, “Y3 has been very active on the ground in Chongqing since the early days of the Chongqing Connectivity Initiative (CCI) in 2015. Today marks another major milestone in our journey towards unlocking the potential of the Belt & Road Initiative. We are excited to be one of the first-movers leveraging digital ledger technology to build an innovative new solution that can have impact on a large scale for the supply chain and logistics industry both in Singapore and in China.”
Mr. Jason Lim, CEO of veriTAG stated, “The Belt & Road Initiative provides a wealth of opportunities for innovation and emerging technologies such as blockchain to thrive. For veriTAG, blockchain facilitates a natural evolution to allow us to deliver the best possible solution to the massive challenges around food safety, product authenticity tracking and forgery prevention. We look forward to collaborating with Rizon, with their local network and market context, as well as Y3’s domain expertise to jointly pioneer one of the region’s first blockchain-enabled trade platforms.”
Mr Tan Kiat How, Chief Executive of Infocomm Media Development Authority, Singapore (IMDA) commended the companies on their collaborations. “The partnership between Singapore and Chinese companies opens doors to both markets, and importantly allows for greater collaboration in seizing new opportunities in other regions. As Singapore transforms into a Digital Economy, we believe that every business needs to be digital, and should leverage partnerships and digital platforms to reach out to the global markets. Congratulations to the companies signing the MoU today”.
About Y3 Technologies
Y3 Technologies is a Singapore-based, award-winning software solutions provider. Y3 provides a full suite of omni-channel solutions – delivering analytics-based tools & capabilities, purpose-built supply chain management applications and customized eCommerce, CRM & loyalty services, to enabling companies to better plan, manage, optimize fulfilment and deliver winning customer experiences. Today, Y3’s proprietary solutions manage more than $50 billion in inventory across 120,000 different unique products every year and are integrated with more than 11,000 connected point-of-sales, handling over 50,000 transactions every day. Its clients include IKEA, Dell, Starbucks Coffee, and Infineon Technologies.
veriTAG seeks to create a one-stop solution platform into China for food using its patented authentication system as the foundation, veriHUB, as a central database system with applications and a rules-based engine and veriSHOP to link customers to the products. Currently, veriTAG has more than 40 merchants, 100 unique products on board with strategic partners, which include ito yokado, Isetan, and G Super.
About Rizon Technologies
Rizon Technologies is a joint venture between Y3 Technologies and Chongqing Transport Group (CTG). This initiative is one of the twelve projects under the Chongqing Connectivity initiative (CCI).Through forward-looking technological innovation and global resource integration, the use of data-driven intelligence supply chain solutions, in supply informalization strategic planning, supply chain logistics management solutions and logistics hardware and software to provide design, development, management and implementation of services, delivering world-class services ad cutting-edge technology innovations, aiming to become a leading innovation technology service provider in Chongqing and Western China.
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