- Trustana adds five Chongqing suppliers of “mala” flavor food products to its online B2B food marketplace
- Trustana intends to expand its collaboration with suppliers in other Southeast Asian countries this year
- Numbering over 70 million in Southeast Asia, SMEs make up over 99% of all businesses in the region, yet less than 1% are registered traders
Singapore-based online B2B food trading platform Trustrana announced that five new food suppliers from Chongqing, China have joined the online marketplace, enabling Singapore buyers greater access to Chongqing suppliers of “mala” (spicy) flavor food products.
Trustana on April 9 signed a memorandum of understanding (MOU) with the Chongqing food suppliers under the China-Singapore (Chongqing) Agriculture Export Enablement Project created by the office of the Singapore-Chongqing Connectivity Initiative (CCI).
The partnership aims to provide food & beverage (F&B) companies in China and Singapore better access to import and export markets to internationalize their businesses. It also reflects the growing relationship between ASEAN and Western China over the past five years, said Trustana in a release.
Under the agreement, Trustana brings into Singapore the five food manufacturers from Chongqing specializing in “mala” flavor food products. These are Chongqing Haoxifu Food Co.; Chongqing Dekang Condiment Co.; Chongqing Jiaowang Agricultural Development Co.; Chongqing Tanmeizi Jinzhang Tujia Coriander Processing Co.; and Chongqing Haogemen Food Technology Co.
“Singapore-based buyers, particularly SMEs, face major challenges when seeking to expand internationally. They must first identify products that will sell well, and source from trusted suppliers, all the while managing language and cultural barriers across borders. They must also navigate the complex processes and operational costs of import with limited volumes,” said Rebecca Xing, general manager and head of product at Trustana.
She said that to make international markets more accessible to SMEs, Trustana curates food products and pre-screens suppliers within their database before presenting the most relevant partners tailored to the needs of potential buyers, which are mostly SMEs. The company conducts market research on product trends and consumer demand, and arranges the end-to-end import & export process so that the selected products are ready for sale in their destination country.
There are at least 70 million SMEs in Southeast Asia, which make up more than 99% of the business ecosystem in the region, yet less than 1% of them are registered traders, said the company.
Although starting with China and Singapore, Trustana intends to expand this offering to additional Southeast Asian countries this year, seeking additional collaborations to uncover quality products for its growing merchant base.
“With every province, city, and country having their own specialty food products, Trustana aims to enable SMEs across the world to bring the best products to international consumers,” it said.
Seeded by Temasek in early 2020, within a year Trustana has helped over 2,000 F&B buyers and suppliers build new cross-border business connections across Australia, China, India, North America, and Southeast Asia.
Photo courtesy of Trustana