The Funding Partners Has Eyes on Alibaba-Thailand Deal
RAUB, Malaysia, May 13, 2018 (Newswire.com) - The Funding Partners, a leading blockchain firm involved in Malaysia and Cambodia’s durian industry, views the recent deal between Alibaba and Thailand as a significant step forward for the entire durian industry.
The new durian retail frenzy is part of a Chinese-Thai initiative to help develop Thailand's digital economy, including e-commerce, spearheaded by the Alibaba Group.
China and Malaysia are currently in negotiation on an agreement that will allow the export of fresh durians to China within a year.
Ahmad Shabery Cheek, Malaysia's Agriculture and Agro-based Industry Minister
Jack Ma Yun, Alibaba's executive chairman and co-founder, said recently in Bangkok that China was on its way to becoming the world's largest consumer, driven by its growing middle class of about 300 million people. "There is no better time than now for trade-oriented countries to seize this opportunity to export to China as the country continues to open its door wide for global trade," he said.
Their enthusiasm was recently highlighted when Chinese consumers bought 80,000 durians in just one minute on Alibaba Group Holding's Tmall, the Chinese online shopping site. The durians on offer, weighing a total of 200 tons, were snapped up for 199 yuan ($31) for an individual order of 4.5kg to 5kg.
As part of a special trading arrangement agreed in 2004, China allowed Thailand to export fresh durians to the country to celebrate their excellent bilateral relations. Durians from other countries such as Malaysia or Indonesia still must be boxed as frozen products before being exported to China. He also noted that Jack Ma's wife loves durians, apparently a factor in the "durian alliance" between Alibaba and the durian industry.
Despite its pungent smell and prickly exterior, the so-called "king of fruits" helped forge Thai-Chinese diplomatic relations in 1975 when Thai Prime Minister Kukrit Pramoj visited Beijing. He brought along 160 Thai delegates and some special gifts for Chinese leaders, including 200 durians as well as Thai beer and whiskey, to help cement relations.
Malaysia has been pressing China for the same durian trading privileges as Thailand as it is well-known that its Musang King variety is superior to Thailand's Monthong - it is creamier and has a thicker meat and stronger bitter-sweet taste. Chinese President Xi Jinping, a known durian fan, once asked whether the Monthong durian was Thailand's best.
Malaysia’s Agriculture and Agro-based Industry Minister Ahmad Shabery Cheek says that China and Malaysia are currently in negotiation on an agreement that will allow the export of fresh durians to China within a year.
When this becomes a reality, Malaysia will most probably make a similar deal with Alibaba as their Musang King durians are highly coveted by the Chinese market, thrusting the lucrative fruit further into the global spotlight.
The Funding Partners stands to benefit greatly in this potential arrangement as the firm is greatly involved in Malaysia’s durian industry, utilizing modern blockchain technology in supply chains, which creates greater transparency and encourages higher efficiency and cost savings.
They are the first company to incorporate blockchain technology in a food supply chain at such a capacity; their agriculture equities, real estate and alternate investments total assets under management of 2.8 billion U.S. dollars.
The potential of a deal with Alibaba greatly supplements their technological prowess and expertise, with blockchain technology able to seamlessly synchronize with various online tools and platforms such as Tmall. The boost in durian revenue will quicken The Funding Partners’ global ambition of incorporating blockchain technology into the global durian supply chain, before expanding into the rest of the agriculture industry.
Source: The Funding Partners