DBS Bank recently announced it has teamed up with Halcyon to launch a new digital marketplace for the trading of sustainably processed natural rubber, HeveaConnect. The Singapore bank revealed:
“The HeveaConnect digital marketplace aims to connect natural rubber stakeholders such as farmers, rubber producers and tyre manufacturers in an integrated ecosystem, offering a convenient one-stop shop for participants in the natural rubber supply chain. Through the digital marketplace, natural rubber producers and consumers are able to track pricing and supply information and transact directly on HeveaConnect, promoting greater price transparency in the industry. Other offerings provided also include access to value-added services such as financing, insurance and logistics.”
While sharing more details about the platform and partnership, Robert Meyer, Executive Director and CEO of Halcyon, stated:
“We are pleased to collaborate with DBS as our key banking partner for HeveaConnect. DBS’s successful digital strategy and approach to financing fits with our digitisation strategy to make a difference in the natural rubber industry. HeveaConnect will not only be able to promote greater price transparency in the natural rubber market, but will also serve as an all-inclusive platform for farmers, producers, tyre manufacturers, as well as facilitators such as financial institutions, logistics and warehousing suppliers. Halcyon is first adopter as a natural rubber producer and we are also in discussion with our tyre customers to come onboard.”
Raof Latiff, Head of Digital of Institutional Banking at DBS Bank, then noted:
“Building industry ecosystems that offer an enhanced customer experience continue to be a key focus in our business. As the bank with the world’s largest API platform in the banking industry, we continuously explore new ways to harness our digital capabilities to help our customers solve their business challenges. By integrating our APIs to facilitate trade financing to both upstream and downstream rubber players through HeveaConnect, we are also able to deepen our understanding of our customers’ needs, allowing us to provide innovative advice to best position their businesses for a sustainable future. We are pleased to be part of Halcyon’s ambition to be the leading provider of sustainable natural rubber.”
DBS added it has also taken a minority stake in HeveaConnect, as part of the bank’s commitment towards supporting sustainable business practices.