For 60% of the share capital of Indonesia based Integrated Logistics Player, PT Gatotkaca Trans Systemindo (GTS), Singapore based vCargo is ready to pay up to $850000. With this investment, vCargo CamelONE deployment reaches 14 customs nodes globally. Under the agreement, VCC is set to pay $850000 for 60 % of the enlarged share capital of GTS and will extend a $545000 loan to GTS.
GTS provides a suite of logistics services such as trucking, freight and forwarding services. VCC intends to accelerate and automate the Indonesian market which has a population of 260 million and recorded US$300 billion worth of trade in 2017.
VCC’s CamelONE platform revolutionizes e- logistic as it enables digitalized data exchange of cargo and financial information for stakeholders in trade, logistics and supply chain sectors. It also allows stakeholders to seamlessly transmit data across 14 countries through its unified platform that connects governments, businesses and consumers. Value added services like cargo insurance and trade finance are also provided with the respective service providers through the CamelONE platform.
According to Mr. Desmond Tay, Chief Executive Officer of VCC:
“This acquisition in Indonesia marks a major milestone which is in line with our strategy to form a Digital Silk Road. With a strong presence along global trade arteries, VCC is well-positioned to digitalize global trade as stakeholders move towards fully transparent paperless transactions.”
“The GTS acquisition is significant on two fronts. GTS’ mature operation allows VCC to jumpstart on our foothold in Indonesia, a key ASEAN market which is ranked Singapore’s fourth largest trading partner. The deployment of CamelONE platform will augment the existing inter-government ASEAN Single Window to facilitate trade flows for both governments and businesses.”
Mr. Johan Djaja, Director of GTS also added the following:
“GTS is pleased to be working with VCC on a strategic level as we believe that the automation of custom declarations will contribute positively to the growth of trade sector in Indonesia. With the implementation of the CamelONE platform, it will help to reduce reliance on time-consuming manual processes, thereby facilitating cross-border trade.”
About vCargo Cloud (VCC)
Founded in 2013, VCC provides e-trade, e-freight, and logistics cloud solutions. Headquartered in Singapore, VCC is a leading e-trade and e-logistics platform provider that offers e-trade and e-freight solutions through its CamelONE platform to governments and companies worldwide. VCC also has offices in Kenya and China and its strategic partners include CAAS, IATA, IE Singapore, IMDA, Singapore Cooperation Enterprise, SPRING Singapore and various trade associations.
About PT Gatotkaca Trans Systemindo (GTS)
GTS provides integrated logistic services with specialty in total logistics solutions and it was founded in 2000. Employing 300 employees globally, GTS is headquartered in Indonesia.