Singapore’s vCargo Cloud (VCC) has launched GUUD, a new ecosystem involving companies and a technology platform aimed at simplifying complicated trade processes globally. GUUD will help customers bypass long-standing barriers to trade, and digitally transform trade processes so they become simpler, more efficient and more inclusive, VCC said.
In line with the GUUD vision to Trade for Good, GUUD aspires to help all businesses, especially micro, small and medium enterprises (MSMEs), to become a player in global trade and to export and import from any part of the world by reducing red tape, eliminating middlemen and providing greater access to logistics and financial services. GUUD is also guided by UN’s Sustainable Development Goals.
GUUD references the UN/CEFACT Buy-Ship-Pay model to cover all aspects of trade facilitation. The GUUD platform streamlines all processes relating to trade, including compliance, shipping, financing and payments through an integrated platform which allows businesses to submit documents quickly and seamlessly, book and track their shipments every step of the way, while better managing their overall costs.
Desmond Tay, CEO, GUUD said: “Cross-border trade processes are notoriously complicated and tedious. MSMEs find it particularly difficult to cope with the onerous compliance requirements as they have limited resources. We decided to launch GUUD to level the playing field and create greater opportunities for producers of all sizes. By creating an end-to-end platform which encapsulates the entire trade lifecycle, GUUD will accelerate the region’s post-pandemic recovery through robust, inclusive and resilient trade.”
Headquartered in Singapore, VCC is the leading infocomm technology (ICT) solutions and service provider in Asia, specialising in technological solutions for governments and enterprises worldwide in the domain of trade and logistics. The company provides e-trade and e-freight solutions through the VCC CamelONE platform, connecting key stakeholders in the trade and logistics industry globally. This includes government agencies, traders, freight forwarders, carriers and financial institutions. VCC's cloud messaging platform enables the exchange of digitalised data for cargo and financial information, allowing stakeholders in trade, logistics and supply chain to communicate and collaborate virtually on the platform, simplifying global trade.
Within the Asia Pacific region VCC has offices in China and Indonesia, and has experience with projects spanning more than 16 countries. The company is behind the Seafood Xchange, Singapore’s first business-to-business (B2B) seafood e-marketplace for seafood traders; CamelONE Trade Finance, the first unified multibank trade finance portal in Southeast Asia; and the world’s first Blockchain-enabled eCertificate of Origins via its own Smart eCO solution.
Currently VCC handles 16% of all trade declaration permits in Singapore, while working with seven of the world’s 10 largest freight forwarders. Outside of Singapore, the company has worked on trade compliance projects with government bodies including the Cambodia National Single Window project. In Singapore, GUUD is supported by Enterprise Singapore, the Infocomm and Media Development Authority (IMDA), Singapore Customs (NTP Office), and Singapore Cooperation Enterprise (SCE).
With the launch of GUUD, VCC expects that its expertise and best practices from these projects will be leveraged to transform the wider global trade ecosystem.
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