SINGAPORE, Oct. 25, 2022 /PRNewswire/ -- HeveaConnect Pte Ltd ("HC") today announced its corporate name change to Agridence Pte Ltd ("Agridence"). Agridence is the holding company that owns all the proprietary technology needed to operate the agri-commodity trading platforms and products. Founded in 2018, Agridence has built a digital trading platform for physical natural rubber trading with more than 600,000 metric tonnes ("mT") traded since 2019. Its customer base includes the world's top tyre makers, rubber producers and traders.
Fueled by a recent round of Series A funding, Agridence plans to enter different agri-commodity verticals other than natural rubber. To cater for the expansion, Agridence has incorporated a wholly owned subsidiary, Agridence Rubber Pte Ltd ("ARPL"), to tailor to the specific needs of the natural rubber industry. All existing rubber-related products will be transferred from Agridence to ARPL.
To address the industry call for independence and neutrality, Agridence has made the following corporate governance and structure changes:
- ARPL to setup a Board of Advisors ("BOA") consisting of an equal number of buyers and sellers with an optional independent member.
- The BOA's main role is to promote adoption of the trading platform, advise SGX on the creation of a physical price index and act as a check and balance to prevent misuse of data.
- The BOA may appoint a representative to join ARPL's Board of Directors ("BOD").
- ARPL's BOD shall comprise of directors from SGX Group ("SGX"), DBS Bank ("DBS"), Provident Capital ("Provident"), DeClout Ventures ("DeClout"), Agridence Chairman, Agridence CEO and a member from the BOA.
Mr Gerald Tan, CEO of Agridence, expressed, "With new investors come new expectations and new possibilities. We think this is the perfect time for a name change and rebranding to represent a new beginning for our company. The creation of our ARPL subsidiary and new governance structure show our commitment to independence and neutrality, which would promote further customer adoption.
The growing momentum from increased customer participation from large multinational companies is very encouraging. We want to sincerely thank our shareholders and the customers who gave us a chance and helped us develop a working platform over the last few years. Looking ahead, we want to focus on delivering a physical natural rubber price index and have plans to expand our team to cover other agri-commodities. Our team is thrilled to embark on this new journey with a brand-new name and seek your continued support!"
About Agridence Pte Ltd
Founded and based in Singapore, Agridence brings you the future of commodities trading. We are at the forefront of digitalising the agri-commodities supply chain across the globe to create a data-enriched and technology-powered ecosystem. This digital transformation enables deeper analysis of the supply chain to uncover environmental, social and financial risks allowing targeted interventions.
At Agridence, we use technology to enable data transparency and strengthen trust. We provide industry intelligence and insights to empower our customers to make smarter decisions. We strive to identify issues and deliver solutions that will redefine how commodities are produced and traded.
For more information, please visit www.rubber.agridence.com
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ARPL Governance Details: www.rubber.agridence.com/governance/