Investors back global online market-place for ethical green farmers

A woman collects strawberries at a farm in Thailand. (Reuters)
Updated 20 November 2019

Investors back global online market-place for ethical green farmers


 KUALA LUMPUR: A former investment banker has raised more than $10 million to expand a startup that helps developing-nation farmers using green and ethical methods to earn more by linking them directly with food buyers around the world.

After a decade investing in commodity markets at Deutsche Bank and Korea Investment Corporation, Hoshik Shin set up online marketplace Tridge in 2015 to build a network of sustainable producers and link them to buyers at home and abroad.

Food sold on Tridge includes peppermint leaves from Egypt, peanuts farmed in Nigeria and mangoes grown in India and Thailand. “At the moment, suppliers in emerging countries are so restricted to just meeting local buyers,” said the South Korean entrepreneur, whose venture secured $10.5 million this month from investors to bolster the business.

“Through our platform, they can meet foreign buyers more easily ... prices will improve and that gives bigger benefits to both farmers and their employees,” Shin told the Thomson Reuters Foundation.

Tridge users include the world’s largest retailer Walmart Inc and French supermarket chain Carrefour, said Shin.

Globally, consumers and retailers are demanding more information about the goods they source, buy and eat, to make sure their production and transportation does not damage the environment, or use illegal and unethical business practices.

In response, manufacturers of household brands, restaurants and other businesses are seeking to attract more customers by offering products guaranteed free of deforestation or slave labour, for example. Earlier this year, conservation group WWF launched a website that harnesses blockchain technology allowing users to scan a QR code on a product or menu revealing its full history and supply chain.

Seoul-based Tridge makes use of artificial intelligence, data and algorithms, and has about 80 employees in 40 countries verifying that suppliers are trustworthy and ethical.

Food sellers on the platform, who are based in about 150 countries, can cut out middlemen and traders along the supply chain, who often take a cut and push up prices.

“The buyers get cheaper sourcing, and the supplier can get a better selling price,” said Shin.

Once linked, producers and their customers can do business away from the website, with suppliers paying Tridge for the connection.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

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Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.