Fintech start-up Source Sage has open platform for commodity trading

Fintech start-up Source Sage has open platform for commodity trading

By: 
Trinity Chua
03/02/17, 09:36 am

For many years, Sim Jian Min watched his father’s commodity trading business suffer from increased competition and lower margins. As a small player in an industry that has been slow to adopt new technologies, Integrated Chemicals Specialties struggled to compete. So, Sim, an Oxford engineering graduate, built a mobile platform to help.

Source Sage allows community traders of oleochemicals to list the raw materials that they want to buy or sell. Users can connect with each other through the platform or ask for help in sourcing for the right deals. The platform, which Sim founded in 2013, is used today by more than 10,000 traders, suppliers and buyers from more than 60 countries. Partly thanks to his father’s network, most of them are oleochemical traders. The deals posted on its platform are collectively worth about US$1 billion ($1.4 billion).

Using data from transactions, Source Sage can also provide its users with real-time market prices. “Users on Source Sage have to register, so we know [their trading patterns], which helps us provide more comprehensive data than marketplaces that only do listings,” Sim says. “Commodity trading is becoming more and more on-demand because of volatility. If traders don’t trade fast enough, the prices change, and their margins will be affected.” For the oleochemical industry in which Source Sage operates, he adds, more than 40% of trades are on-demand deals.

 

Next stop: The interchange of public and private good

SINGAPORE (May 20): Two-minute intervals between trains. Fewer breakdowns. Clean, new buses running at a higher frequency. Bright LED screens displaying details of stops on both buses and trains. To many commuters who are enjoying these benefits, the meltdown of Singapore’s transport system in December 2011, and again in July 2015, is a distant memory. Certainly, services have improved significantly. There are new trains and buses, while existing ones have been spiffed up. There has been an overhaul of the older rail systems, presumably including fixing the grips for the electricity rail ....
Read More >>
Moving from compliance to accountability

While the collection, use and disclosure of data is regulated by the Personal Data Protection Act, b

Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties. Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018. ASIC is seeking an order to appoint Deloitte to liquidate Merlin, owner of the Merlin Diamond Mine Pro....
Read More >>