Rostec supporting the Russia-Singapore Business Council to expand the RSTrade Platform


June 11, 2019 – Novikombank and the Russia-Singapore Business Council signed a cooperation agreement during the XXIII St. Petersburg International Economic Forum (SPIEF-2019). The agreement aims to provide banking services and other support for companies doing business with partners from the Southeast Asia.

According to the parties, prioritized areas of cooperation will be the automation of business processes for providing banking services and related services for enterprises engaged in foreign economic activity, as well as the integration of banking services to the RSTrade platform ( Novikombank will use its capabilities to implement joint projects aimed at providing digitalized financial services.

“The main purpose of the agreement is to reduce the cost of services for companies from Russia and Southeast Asia operating on the RSTrade platform, as well as to makefinding and receivingfinancial services more efficient”, pointed out the Deputy CEO of Rostec and Chairman of the Russia-Singapore Business Council, NikolayVolobuev.“With Rostec’s support we have already created two efficient mechanisms for developing cooperation between Russian and Asian businesses: an online platform and a Center for Overseas Promotion of Russian High-Tech Companies in Singapore. Now, as planned, we are actively working to streamline the operational interaction between companies from Russia, Singapore, Malaysia, Indonesia, Thailand and other countries in the region”.

According to the agreement, the parties are planning to provide diverse digitalized and single-window banking services to clients from Russia and other countries of the EAEU and ASEAN during the current year. This will allow to e.g. provide financial support services of various transactions through the RSTrade interface, without the need of additional agreements.

Customized online services will be available to the users of RSTrade when conducting a transaction through their personal account on the platform. The services will also be presented separately in their corresponding section. This allows resolving issues connected to international interbank transactions directly in an automated mode.

RSTrade is information-service B2B e-platform designed to promote Russian civilian industrial goods to the Pacific Rim markets and develop cooperation between companies from Russia and countries of the region. A unique feature of the platform is the automation of contract manufacturing, which allowsto organize international cooperation in manufacturing activities. Currently about 82,000 companies from 23 European and Asian countries are present on the platform. RSTrade supports Russian, English, Indonesian and Chinese languages and is integrated with CamelOne, the largest electronic commodity and logistics platform in the region, operated by Singapore-based vCargo Cloud Pte. Ltd.