ADERA and BreadTalk Group to Establish Technology JV to Develop Innovative Fintech and Digital Solutions for SMEs
ADERA AI Pte. Ltd, an innovative technology services group headquartered in Singapore with a track record of more than 35 years, and BreadTalk Group Pte Ltd (BreadTalk Group), an award-winning F&B Group with more than 1,000 retail stores spread across 17 territories, are pleased to announce the establishment of a technology joint venture to develop innovative fintech and digital solutions targeted at small and medium enterprises (SMEs).
– COVID-19 has accelerated the pace of technology adoption as initiatives to tap new growth opportunities amid the pandemic were largely reliant on digitalisation and technology
– The technology joint venture aims to develop innovative fintech and digital solutions, such as data analytics, blockchain-based supply chain financing platform, digital payments, to accelerate SMEs’ digitalisation strategy to enhance their business efficiency and unlock new growth opportunities
– The first batch of fintech and digital solutions is targeted to be rolled-out by 1Q2021 and it will be deployed progressively across BreadTalk Group’s F&B establishments as proof-of-concepts before adaption for mainstream adoption in other industries
SMEs are an important component of Singapore’s economy, providing employment for two thirds of Singapore’s workforce and contributing nearly half of Singapore’s Gross Domestic Product (GDP) on an annual basis.
COVID-19 has accelerated the pace of technology adoption as initiatives to tap new growth opportunities amid the pandemic were largely reliant on digitalisation and technology. As such, the scale of technology adoption for business enterprises to transform their business models has never been more apparent than now.
Leveraging on the combined expertise and resources of both ADERA and BreadTalk Group, the technology collaboration aims to:
1. Develop digital tools that offer data analytics, enhance operational efficiency and data- driven decision methodology on issues such as inventory, payments, customer acquisitions and etc.
2. Create a scalable omni-channel platform to enhance outreach to customers via new sales channels, integrating operations, incorporating digital payments, facial recognition and designing a cohesive user experience for end-customers.
3. Establish a blockchain-based supply chain financing platform with digitalised processes and document automation so stakeholders can gain faster access to financing and potentially lower their costs of funding. With more accountability and transparency, it can foster greater trust and confidence between financing institutions and transacting parties, leading to lower financing and business risks.
Under the joint venture, ADERA will provide its knowhow, capabilities and experience in key areas such as digital automation, facial recognition, digital identity, digital payments and artificial intelligence, while BreadTalk Group will contribute its technical and operational experience.
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Commenting on the technology joint venture, Mr. Lennon Tan, Chairman of ADERA, said: “Amid the COVID-19 pandemic, technology has become an essential tool to overcome operational challenges and enhance business agility.
As we adapt and adjust to the new normal economy, both ADERA and BreadTalk Group recognise that our combined know-how and experience can lead to the development of cutting- edge fintech and digital tools that can be adapted for the digitalisation roadmap of other industry segments.
With BreadTalk Group’s established F&B business presence across 17 territories, it will provide significant opportunities for us to introduce and deploy our fintech and digital solutions to improve business operations and customers’ engagement, leading to more proofs-of-concept and accelerating mainstream adoption of our technology innovations.
Combining the resources and strengths of both ADERA and BreadTalk Group, we look forward to using our best talents and expertise together to unlock new opportunities in the digitalisation journey for stakeholders.”
Mr. Cheng William, Group COO of BreadTalk Group, added: “There are vast, untapped opportunities in the areas of digitalisation within the Group and the F&B industry. Our diverse multi-brand operating environment with international presence provides an ideal platform for proof-of-concepts.
To this extent, we have identified 3 “pros” to guide our digitalisation efforts: pro-customers, pro-workforce, pro-business partnerships to create more value propositions for stakeholders.
Leveraging on ADERA’s expertise and capabilities of more than 35 years in technology services, we are confident that this joint venture will strengthen the core capabilities of our businesses and such technology innovations can be replicated to enable businesses in other industries to build sustainable growth in their digitalisation roadmap.”
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