vCargo Cloud bags SBR National Business Awards for Trade Technology
The company was lauded for the development of vCargo Cloud’s CamelONE™ platform.
Leading infocomm technology (ICT) solution and service provider vCargo Cloud, bagged the Singapore Business Review National Business Awards for Trade Technology. The awards programme aims to honour exceptional local businesses in Singapore and give recognition to their outstanding initiatives.
vCargo Cloud (VCC) is a specialist in offering trade and logistics related solutions to governments and enterprises worldwide. Led by a team of dedicated IT and logistics experts, VCC revolutionises the trade and logistics industry through designing and providing a platform—CamelONE™. This consists of a suite of interconnected modules to simplify the complexity of international trade, including compliance and documentation.
Currently, in the market, no companies have solutions that cover the whole cross-border trade ecosystem which therefore is unable to facilitate end-to-end cross-border trade process.
VCC aims to simplify global trade, especially for small and medium enterprises (SME). To do so, they developed a holistic platform that can connect stakeholders such as shippers, logistics service providers, government authorities and financial institutions onto an integrated platform to facilitate procurement, logistics, compliance, and financing for global trade.
The CamelONE™ platform allows stakeholders to connect and exchange digitised information seamlessly. This connection and ecosystem is said to simplify and enable a seamless end-to-end cross-border trade process, thus simplifying global trade.
After analysing the market situation, VCC adopted the UN/CEFACT “Buy-Ship-Pay” reference model and developed the CamelONE™ platform. This is said to have reduced logistics costs by 10%-15% for SME shippers.
It has also increased productivity and reduced reliance on manpower for logistics service providers and facilitates access to trade finance facilities that SME businesses would otherwise may not have access or be eligible for financing.
Under the category of buy services, CamelONE provides services covering commercial activities relating to the ordering of goods. These services are also integrated into CamelONE Ship and Pay Services for logistics and financial services to support the trade executed.
Furthermore, the CamelONE eCargo marketplace under the ship services acts as a digital logistics platform for service providers to offer their services and manage their operations. The platform is also connected to the National Single Window of several countries to facilitate cross-border compliance and enables transferring of data of commercial documents.
Moreover, the latest addition to this platform CamelONE Trade Finance, facilitates the provision of financial services under the pay services. It is a one-stop multi-bank portal which simplifies trade finance applications through a single interface.
VCC said it aims to eventually form a worldwide ecosystem to integrate the whole supply chain and to keep bringing more efficiencies as well as cost savings for stakeholders in the ecosystem.