Stratech provides boost to e-commerce by establishing Safe-EX Global Pte Ltd to offer Safe-EX, an innovative e-escrow secure payment service
Mainboard listed, advanced IT systems and technology developer, Stratech Systems Limited ("Stratech"), today announced the set up of a wholly-owned subsidiary in Singapore known as Safe-EX Global Pte Ltd ("Safe-EX Global"). Safe-EX Global has developed and will provide and market Safe-Ex, which is a payment escrow service that leverages on the Internet and that encompasses complete end-to-end payment & fulfilment assurance. Safe-EX is targeted at online and offline, B2B and B2C businesses and marketplaces that need to buy or sell high value or high volume items, such as DRAM chips, liquidated stock, electronic goods and others, regardless of geographical boundaries.
Safe-EX is a unique electronic financial service that promotes and facilitates high-value e-commerce transactions. Safe-EX does so by providing a transactional platform for the safe exchange of high-value goods and payments between known or unknown buyers and sellers. By its tight integration with global financial institutions and logistics services companies, Safe-EX provides a high level of payment and fulfillment assurance, thereby enabling buyers and sellers to trade more readily – especially those who would otherwise not trade at all or do so uncomfortably due to a lack of confidence or trust among each other.
As the lead agency promoting e-commerce in Singapore, the Infocomm Development Authority's ("iDA") Assistant Chief Executive for Online Development, Dr Kaizad Heerjee, explains, "End-user confidence has been identified as one of the key motivators in spurring online transactions. The launch of Singapore's first payment escrow service provider, Safe-EX Global, will provide added assurance to businesses and consumers to transact online. This confidence is an important component of the e-business ecosystem which we are nurturing. I believe that Safe-EX will pave the way for more innovative online assurance services, all of which will contribute towards making Singapore a vibrant and trusted e-business hub."
To ensure Safe-EX’s global reach and recognition, Safe-EX Global is forming strategic alliances with leading international trustee company - Dexia Trust Services Singapore Limited, the global leader in Express, Logistics and Mail - TNT, as well as online trading marketplace companies - TradeOneAsia.com Pte Ltd and WizOffice.com Limited.
Said Mr Noud Leussink, Regional Manager, E-Business of TNT Asia, "As part of TNT's strategy to be the leading provider for e-fulfillment and e-commerce facilitating services in Asia, we are very pleased to team up with Safe-Ex Global. The innovative Safe-EX e-escrow concept coupled with TNT's reputation as the most reliable delivery company will no doubt raise confidence in online business among traders. The smooth implementation of highly flexible XML based links between Safe-EX and TNT's back-end systems means that TNT is the first logistics provider to support the Safe-Ex Global’s business model."
Under the initial Safe-EX service, Buyers and Sellers can negotiate payment or shipment terms and re-negotiate options either offline (e.g. by fax, phone) or online (e.g. e-mail) before placing the transaction on Safe-EX to ensure total payment & fulfilment assurance. Safe-EX acts as the neutral and trusted third party that holds money paid by the Buyer in a trust account, until the funds are released to the Seller upon the safe delivery of the purchased goods to the Buyer. Thus, Safe-EX dramatically reduces the risks normally associated with online transactions and offline, international transactions – specifically that of the Buyer not paying or the Seller not fulfilling.
Added Mr Oon Tik Lee, Chief Operating Officer, Safe-EX Global, "Business opportunities that e-commerce creates has no boundaries, however they are limited by many risks such as trust, transaction settlement, shipment of goods, multi-currencies settlement, financing, cross border trade rules and others. Now, with Safe-EX’s escrow service, these risks are being addressed. Safe-EX Global's mission is to be the premium escrow service provider providing trust, security, convenience and confidence for the full potential of e-commerce opportunities to be realised."
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