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STX unveils TrollyGo to digitize raw material trading

EditorAmbhini Aishwarya
Published 11/22/2023, 02:42 AM
Updated 11/22/2023, 02:42 AM
© Reuters.

SEOUL - South Korean trading conglomerate STX has launched TrollyGo, a digital B2B platform aimed at transforming global trade in raw materials and industrial goods. At a Seoul press conference today, Chairman Hong Ra-jung outlined the platform's capacity to modernize the 47-year-old business model, highlighting its potential to reduce costs and errors associated with traditional trading.

TrollyGo, which has been under development since 2018, offers an intuitive interface that includes features like one-click trades across various commodities, from nickel to zinc. The platform also boasts an innovative bidding system for selling surplus inventory and market data collaboration with Yonhap Infomax to provide users with real-time analytics.

One of the key aspects of TrollyGo is its commitment to security and confidentiality. For private negotiations, the platform provides an encrypted messaging system that allows buyers and sellers to communicate discreetly. Chairman Hong emphasized the importance of this feature in maintaining privacy during deal-making, a critical requirement in the digital age.

The initiative is part of STX's broader strategy to focus on its core trading business while moving past its previous liquidity crises. In September 2023, CEO Ashley Hong announced the creation of STX Green Logis for the firm's shipping operations and dismissed rumors about APC Private Equity's intentions to sell the shipping unit.

APC Private Equity CEO Ashley Hong also stressed the importance of digital transformation in today's market landscape. She detailed TrollyGo's capabilities and its role in digitizing the raw material industry, a sector that has traditionally relied on more conventional methods of trading.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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