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BUSINESS

NTT Com, SBT commence trial of local currency price display, settlement system for used car sales and export

13/10/2021 06:20 PM

KUALA LUMPUR, Oct 13 -- NTT Communications Corporation (NTT Com), and SBT Co Ltd (SBT) announced they will conduct a trial of a solution that allows prices and settlement details to be displayed in local currencies at guaranteed rates of exchange on SBT’s cross-border e-commerce site.

NTT Com is the ICT solutions and international communications business within the NTT Group, while SBT is a trading company specialising in the export of automobiles and other vehicles to more than 150 countries and regions worldwide.

The trial, which will commence on Oct 13, will introduce local currency pricing and settlement on the SBT’s e-commerce site - the first-of-its-kind solution in the field of cross-border vehicle e-commerce.

NTT Com’s “Home Currency Anywhere”™ (HCA) service will be used to guarantee exchange rates at the time of contract during the period of transportation of vehicles, according to a statement.

The aim of the proposed new service is to increase convenience for users and further expand the market for used vehicles, and the trial will seek to uncover potential further needs in this market.

The trial will run from October 2021 to January 2022 on the SBT’s used car cross-border e-commerce site. SBT will utilise the HCA service to display prices and settlement amounts in prospective buyers’ home currencies and to provide guaranteed rates for settlements.

In addition, NTT Com will provide guaranteed foreign exchange rates and be responsible for design of the e-commerce platform.

Based on the results of this trial, the two companies aim to provide full-scale local currency pricing and settlement at guaranteed rates in Africa, Latin America, Asia, and certain other regions, by 2022-end.

This collaboration with NTT Com will allow SBT to expand its business beyond a ‘From Japan to the World’ model to a ‘From the World to the World’ model, and the company will continue to develop services aimed at boosting customer satisfaction worldwide.

More details at www.ntt.com.

-- BERNAMA


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