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.

 

Can IBM remake itself with hybrid cloud play Red Hat?

SINGAPORE (Nov 19): Legendary corporate icons can plunge from their exalted status to irrelevance in little or no time. The unfolding saga of General Electric, the world’s largest company by market capitalisation until Microsoft overtook it at the start of the tech boom in 1999, is a case in point. GE, which has been slowly shedding assets since the global financial crisis in 2008, has seen its downward slide escalate over the past two years. Its once lofty stock has plunged 77% from its recent July 2016 peak, and is down 87% from its July 2000 all-time high when it ....
Read More >>

Malaysia reopens submarine probe, questions former PM Najib

KUALA LUMPUR (Nov 20): Malaysian anti-graft authorities have reopened investigations into a contentious submarine deal 16 years ago involving former prime minister Najib Razak, the latest corruption probe facing the embattled Najib. Since losing a May election, Najib has been charged with multiple criminal offences and has been subject to corruption investigations, some linked to a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Najib has pleaded not guilty to all charges. Investigators with the Malaysian Anti Corruption Commission (MACC) are now also l....
Read More >>

Noble comes under investigation for potential accounting & regulatory breaches

SINGAPORE (Nov 20): Singapore authorities are launching an investigation into beleaguered commodities trader Noble Group and its wholly-owned subsidiary, Noble Resources, amid the group’s controversial debt restructuring exercise. According to a joint statement issued on Tuesday by the Singapore Police Force (SPF), Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Accounting and Corporate Regulatory Authority (ACRA), Noble is suspected of making “false and misleading statements” as well as breaches of disclosure requirements under the Securities and Future....
Read More >>