A Singapore company that operates an international business-to-business electronic-commerce exchange has received an investment form chip maker, Intel Corp. Among other uses, the money will help Bex.com increase the number of hubs in its network of exchanges in the region.
By linking the hubs into an international e-commerce network, Bex.com will materialize its vision to create a global e-marketplace, said Yong Voon Fee, chairman and CEO of Bex.com.
"We have been actively setting up regional electronic business exchanges," he said. "We have IBEX for Southeast Asia, UBEX for Taiwan and Greater China, NBEX for Japan and ABEX for the Americas. We are also well on schedule in setting up EBEX for Europe."
While Intel would not disclose the amount that it is investing in Bex.com, typically such investments made by the chip and networking vendor are between US$1 million to $10 million, said Tony Jansz, director, Corporate Business Development, Intel Asia-Pacific.
"With channel, marketing and business direction support, under the scheme, hopefully companies can move faster in e-commerce than they would otherwise," he said.
As for Bex.com, it will run its services on Intel technology.
"Intel will also help us with their data farms. In Asia-Pacific, as soon as Intel expands their data farm services in the region, we will use them," said Yong.
The Intel investment will also be used by Bex.com to hire more staff and undertake additional research and development (R&D).
Formed in 1996, Bex.com creates and operates e-marketplaces worldwide through its e-commerce transaction engine, Internet Trading Center (ITC). The company's international panel of shareholders includes DBS Bank, Intel Pacific, Koos Group of Taiwan, ST Telemedia and Vertex, both of the Singapore Technologies Group, Seletar Investments of Temasek Holdings, and ABN-AMRO.
It also has collaborative arrangements with financial institutions like ABN-AMRO, China Trust Commercial Bank of Taiwan and DBS Bank. R&D centers are in Singapore, Beijing and San Diego.