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G. Chandrashekhar

Mumbai , Oct. 19

A COMPREHENSIVE electronic platform to promote commercial and related transactions in the burgeoning palm oil sector has been launched (www.oilpalmworld.com; http://www.oilpalmworld.com) as part of the first private initiative in Malaysia that attempts to bring all stakeholders together.

Key features of this unique palm oil e-marketplace include a digital marketplace to trade physical palm oil, procurement, market intelligence and business management, all of which translate to cost-effective and efficient business solutions for the industry.

The process of dis-intermediation (removing unnecessary intermediaries) by bringing buyers and sellers together as also by matching the needs of service seekers (corporates) and service providers is one sure way to bring down costs and manage the supply chain more efficiently, according to Mr John Kuruvilla, CEO of Oilpalmworld who has close to three decades of hands-on experience in the palm oil market.

The portal enjoys the support of Malaysian Government organisations such as National Information Technology Council; Malaysian Ministry of Science, Technology and Innovation; and the Ministry of Plantation Industries and Commodities in addition to the backing of palm oil related industry associations, research boards and promotional councils.

The portal's client list that is now over 400 and growing includes plantation companies, refiners, traders, brokers, commercial banks, associations and government agencies.

As of now, it is the only exchange tailored to the palm oil sector's requirement, Mr Kuruvilla said. The management team includes senior officials and experts from various disciplines of the vegetable oil market. In recent years, Malaysia has not only been aggressively consolidating its position as the top producer and exporter of palm oil, but also that it is keen to be seen as tech-savvy.

Adoption of the latest in information and communication technologies enjoys the government support.

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