We’ve just kicked off the new year of 2025. This time last year, the Oceanus team was deep in discussion about our new direction and purpose. 2023 had been a challenging year for the global food system. World events such as the COVID-19 pandemic, climate change and political uncertainties had disrupted global supply chains, triggering governments to adopt protectionist measures to ban food exports. Food insecurity was on the rise; yet 14% of global food is wasted through supply chain inefficiencies.
The case for food security was urgent. At Oceanus, we knew that we wanted to spend 2024 working on being part of the solution.
Thus was born our new vision: a world of Food Without Borders, and accompanying this, a new ambition to be the Asian leader in food security. We wanted to create a more efficient and resilient global food marketplace, where the trade of food flows without friction.
This bold, new, purpose-driven vision was unveiled to our partners and shareholders at our Annual General Meeting in April. We explained to our shareholders that the world faces a challenge with food like never before. The growing world population would require a projected 70% increase in food production by 2050; but at the same time, supply chain problems were causing significant wastage due to inadequate infrastructure, lack of market data, and a food trade finance gap estimated at USD$150 billion that makes it difficult for small and medium enterprises (SMEs) to compete.
We were immensely gratified when our shareholders rallied behind the cause. Some supporters later sent us encouraging messages, saying we would be “game-changers” who would “change the industry”.
“Food Without Borders is more than just a slogan for us – it represents a mission to create an economy where food moves freely across continents, unimpeded by the inefficiencies of global trade.” Peter Koh, Group CEO of Oceanus
Oceanus set out to put Food Without Borders as a guiding principle for our strategies. The first step towards improving food security was to address key pain-points in global food trade, especially for SME food traders. The Oceanus team identified 3 pressing issues: lack of capital, cash Flow and connections. We set about building the solution: Oceanus Digital International Network, or ODIN.
ODIN was designed to meet the challenges that traditional financing methods have posed to many SMEs. The platform facilitated cross-border trade and streamlined payments for SMEs by providing them with more accessible tools and efficient processes.
Outcomes have been promising: In 12 months of launching ODIN, we were able to process S$200m worth of payments and S$5.6m worth of FX Forwards contracts. ODIN Finance had a good start in its first three months, financing S$2m worth of food trades.
“We are not just a tech company – we are firstly food traders, we know how the business is operated, where the problems are and ODIN is built for that. And if it works for us, there is a huge market out there that needs the same solutions.“ Peter Koh, Group CEO of Oceanus
This initiative remains an important part of our strategy to support the growth and sustainability of SMEs within the global food trade network.
Read more about our Lessons in Digital Transformation here; find out how ODIN has empowered an SME here.
2024 was also a year of celebration – the global Oceanus team cheered as we were presented with the Voices for Good and Culture for Good (Distinction) awards at the Brands for Good 10th Anniversary Gala Dinner by Singapore’s Minister for Culture, Community and Youth, Edwin Tong. These awards reflect our ongoing commitment to social responsibility and operational excellence.
Just 2 months later, we received another award: the ASEAN Business Award (ABA) for “Food and Beverage, Large Corporation”, presented in October in Vientiane, Laos – joining the ranks of companies recognised by ABA for making positive impacts on the economic growth and prosperity of ASEAN.
And to cap off a great year, we were named Food Security and Sustainability Company of the Year in the APAC region by the Food and Beverage Technology Review. This recognition was a nod to our progress in advancing food security and sustainability, two core pillars of our vision.
We don’t do things to chase after awards; but we were incredibly honoured and heartened to receive strong affirmation that our purpose-driven mission was on the right track.
While we’ve reflected on the successes of 2024 and celebrated notable milestones, we’re also well aware that the challenges of the global food landscape remain complex and deep-seated.
2025 looks to be a challenging year ahead. From a macro-economic view, United Nations’ World Economic Situation and Prospects Report for 2025 forecasted subdued global economic growth as a result of continued conflicts, geopolitical tensions and the lingering scarring effects of COVID-19. Less developed countries will continue to be disproportionately impacted and unable to overcome structural challenges.
On the food front, the World Bank and the Food and Agriculture Organization (UN) warned that “food production remains highly sensitive to disruptions from adverse weather conditions, geopolitical conflicts, and policy changes. These factors threaten the balance between supply and demand, potentially undermining global food security.” At the end of 2024, an estimated 343 million people are acutely food insecure across 74 countries – a 10% increase from 2023.
There is still a lot of work to be done to achieve the Food Without Borders vision.
Oceanus is committed to shaping the future of food security and global trade. The milestones we’ve achieved in 2024 set strong foundations for us to continue our efforts in 2025. The global Oceanus team, across 12 countries and 36 subsidiaries, will continue to bring diverse perspectives and expertise to further advance our vision and development of a more secure, resilient and interconnected global food system.
We are deeply grateful to our partners, shareholders, supporters and our dedicated staff for closing 2024 on a strong note.
We look forward to making 2025 a more food-secure year. Let’s do it together.