We are Russia-Singapore Business Council, and we are back with our weekly column on doing business with Russia. Today we are going to talk about digital instruments for business, which is especially important for the new pandemic reality we all have to deal with. Total lockdown, quarantine, closed borders… Going digital seems to be the only solution within covid19 pandemic. What an ideal digital solution for business should be like? Taking the example of the trade and service B2B Platform RSTrade created in 2016 on the initiative of the RSBC with the support of the Rostec State Corporation, we have highlighted 4 key characteristics for you.

1. INTERNATIONAL Digital solutions should be cross-border, helping to facilitate the transaction process, even if its participants are from different regions. For the moment, on the RSTrade platform has over 84000 companies from 27 countries hosted. The Platform is multilingual. It is currently available in Russian, English, Indonesian and Chinese. RSTrade interface provides an opportunity to work with different currencies. For the moment users can choose Russian ruble, USD, Singapore dollar or Euro for their transactions. The Platform is open for integration with other platform solutions

2. MULTIFUNCTIONAL RSTrade helps to automate the entire transaction process, from purchasing goods to door-to-door delivery, due to integration solution with Singapore CamelONE logistics platform – one of the biggest in the region. There is an international commodity and logistics exchange and a closed cross-platform chat. Gate-to-gate tracking is available, including the so-called “last mile”. A contract manufacturing order function is also available. This is a unique service that allows in automatic and semi-automatic modes to search for a manufacturer and a customer under the order for the manufacture of products with specified properties, for the localization of production and for the formation of international cooperation in order to solve the problems of manufacturers.

3. EASY-TO-OPERATE RSTrade Platform interface is user-friendly and easy to work with. It includes 4 key modules – Products, Services, Investments and Contract Manufacturing. Registration gives an access to buying and selling options and to intra-platform chat with other users. If the price is specified by the Supplier for the product / service, the contracting is carried out automatically. If the price is not specified, the negotiation mechanism is activated through the messenger in the User’s Personal Account. After selecting an item and discussing the terms of the deal, users are redirected to the logistics module to select delivery options.

4. SAFE One of the issues of digital transactions is the lack of knowledge of the counterparty and the threat of contract breakdown and loss of funds. All suppliers are subject to mandatory verification on the RSTrade Platform. The high level of data protection is confirmed.

WOULD YOU LIKE TO KNOW MORE? The Platform is fully developed in Russia and operated by the executive company of the Russia-Singapore Business Council. In November 2018, RSTrade officially became one of the platforms which represented their services for the single platform of the Eurasian Economic Union on technologies transfer, industrial cooperation and subcontracting. RSTrade services are also integrated with the State Industry Information System (GISP).

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