Frequently Asked Questions

 

General

Data Security

General HeveaConnect Questions

What is HeveaConnect?

HeveaConnect is a Singapore-based technology company that develops software tools to solve digitalization and sustainability challenges in agri-commodities. We bring you the future of commodities trading by being at the forefront of digitalising the natural rubber supply chain across the globe to create a data-enriched, technology-powered ecosystem. This digital transformation enables deeper analysis of the supply chain to uncover environmental, social, and financial risks allowing targeted interventions.

At HeveaConnect, we use technology to enable data transparency and strengthen trust by providing industry intelligence and insights to empower our customers to make smarter decisions through the use of data-backed rubber. We strive to identify issues and deliver solutions that will redefine how commodities are produced and traded.

When was HeveaConnect established?

HeveaConnect was established in October 2018.

Is this for physical rubber trading?

Yes, it is currently for bilateral physical rubber trading between two parties in a private network. This follows the industry practice where all parties are pre-approved before they are allowed to trade with each other.

What is the HeveaConnect platform (HCP)?

HeveaConnect platform is a digital platform where natural rubber industry players can conduct their physical rubber trades online.

The sale and purchase transaction between producers and consumers are strictly bilateral and prices are not published. The platform facilitates trading and provides tools and digital capabilities for post-trade contract process optimisation.

Each trade is transacted directly between the seller and the buyer, and warranties and other terms and conditions are honoured and maintained between the two parties.

What type of NR is traded on the platform?

We currently have TSR grade traded on the platform, and we are looking to have RSS and Latex in the future. If there is a specific grade that you might be interested in, please contact us at info@heveaconnect.com for a discussion.

What are the conditions to join HeveaConnect?

We welcome all parties who are keen to move their procurement or sales functionality online to a digital platform. Contact us at info@heveaconnect.com for more information and for partnership opportunities.

How much quantity have been traded through the platform?

As of Q2 2022, more than 550,000MT of natural rubber have been traded through the platform.

How do I sign up for an account?

Users who are interested to sign up for an account on the platform may contact info@heveaconnect.com and request for more information on account opening. We will be in touch with you to arrange for a non-obligatory discussion.

Do I need to sign any legal documents upon signing up?

Yes, users would need to agree to our platform terms of use. Please contact us at info@heveaconnect.com for more information.

Does trading on the platform incur any charges?

Yes, there will be charges. However, we currently have a free trial period for new users. Please contact us at info@heveaconnect.com for more information on the free trial period.

Who should I contact to get a complaint resolved?

You may contact helpdesk@heveaconnect.com.

Are there additional charges for integration between HCP and my in-house system?

It is our aim to provide users with a seamless workflow and integration of systems play an integral part of the user experience. Please contact us at info@heveaconnect.com for a discussion about integrating HCP into your workflow.

Is financing available?

Trade financing is available on our trading platform, to find out more please contact info@heveaconnect.com.

Is DBS the exclusive bank on HeveaConnect?

DBS will be the first bank to offer trade financing on our platform, we welcome and are open to integrating other banks into our ecosystem.

Are insurance services available?

It is part of our product development roadmap to integrate insurance services with our platform.

Do I need to notify HC in advance if I decide to stop using the platform?

Yes, users can stop/terminate the use of the platform at their discretion by providing one (1) month’s prior written notice.

Data Security & Governance Questions

Can HC view all the trade details on the platform?

No, administrators of the HeveaConnect trading platform are not able to see the sensitive price information of trades. The data is stored securely into the application database. Access is strictly limited to authorized HC staff for investigation and troubleshooting purposes, and any such access is logged.

Who owns the customer data on the HeveaConnect Trading Platform?

Customer trade data hosted on the HeveaConnect trading platform is governed and owned by SGX.

Will any third parties have access to my data?

All trades on the platform are strictly bilateral between you and your counterparty. Only SGX will have access to your data as the sole data owner and data governance provider for HCP.

Where is HCP’s product infrastructure hosted?

HCP’s product infrastructure is hosted on Google Cloud Platform (GCP) in the Singapore region. GCP is compliant with SOC 2 and ISO 27001 requirements and is audited regularly by a third-party to certify against these standards.

Does HCP provide the option for Multi-Factor Authentication (MFA) / Two-Factor Authentication (2FA)?

Yes, HCP allows users to configure MFA/2FA using an Authenticator app (such as Google Authenticator) and Short Message Service (SMS). Customers may also request to have mandatory MFA/2FA for all employees who use HCP by contacting us at helpdesk@heveaconnect.com.

How does HCP encrypt data?

Data on HCP is encrypted using 2 methods. For data in transit, we utilize TLS 1.2/1.3 and all communication between the user and our servers are encrypted with SSL. For data at rest, we utilize AES-256 standard encryption.

How does HeveaConnect maintain customer data confidentiality?

The data you generate when using our solutions are highly sensitive and confidential, and we have put in place strong database security and encryption protocols to protect your business and your interests.

HeveaConnect also adheres to global and regional privacy standards such as GDPR and complies to local privacy standards such as Singapore’s PDPA.

All data is stored in a secure database, and the only third-party that will have access to your data is SGX, in line with its role as data owner and data governance provider. HeveaConnect Customer Success team are only able to see the data they need in order to support you – such as for investigation and troubleshooting purposes – and are unable to see the most sensitive data generated such as the price of each trade.

Data is also strictly tied to each user account and data flow/exchange is strictly bilateral between approved sellers and buyers in a trade. Competing producers and consumers are unable to access data exchanged outside of their approved relationship with the counterparty.

Additionally, information about every trade is available on the platform for a limited time of 13 months, after which it is purged from our systems. The trade data and relevant configuration data (such as company information, user information, factory information, etc.) on the platform is automatically backed up to SGX’s servers on a daily basis and is retained for a minimum of 7 years according to SGX’s data retention policy. Only SGX will have access to the complete trade history.

The application has passed a stringent penetration test and the company has data security controls in place to ensure your data will be always protected. Our application security will also be audited on an annual basis as part of our ongoing commitment to security. We are also currently in the process of obtaining ISO 27001 certification and aim to complete the process by end of Q2 2022.

How long is trade data retained on the HeveaConnect Trading Platform?

The transaction data on the platform is purged on a rolling 13-month basis. Users have access to their own data and have the option to download or backup at their convenience while the data remains on the platform.

All transactional data is backed up to SGX’s servers on a daily basis and retained for a minimum period of 7 years as per SGX’s data retention policy. If you require your data to be retained for longer than 7 years or if you would like to request data that is older than 13 months, please contact us at helpdesk@heveaconnect.com to lodge a request.

Where is customer content stored?

Customer’s data is hosted on Google Cloud Platform (GCP), a leading cloud infrastructure provider with state-of-the-art network and perimeter protection.

Can I request for access to my transaction data that is older than 13 months?

SGX allows data requests for legal and audit purposes. If your request falls under one of these categories, please contact us at helpdesk@heveaconnect.com to lodge a request.

How does HeveaConnect ensure consistent privacy protections globally?

HeveaConnect adheres to global and regional privacy standards such as GDPR and it complies to local privacy standards such as Singapore’s PDPA.

What information does HeveaConnect process or collect about me?

HeveaConnect collects email addresses and mobile phone numbers to facilitate communication and multi-factor authentication.

What user information does HeveaConnect disclose, and to whom does HeveaConnect disclose it?

User information such as email addresses are disclosed to your counterparties only. This is to allow communication and notification for important activities that occur on the platform.

How do I request access to or update the personal information that HeveaConnect stores about me?

You may update your personal information on the platform directly or contact helpdesk@heveaconnect.com with your request.

Will I be able to request for my data or my employee’s data to be purged (e.g.: GDPR deletion request)?

Yes, please contact us at helpdesk@heveaconnect.com to request for a data purge. However, do note that transactional data may only be purged with the approval of your counterparty in the trades.

Will someone be able to figure out my prices from the physical price index being developed by SGX and HeveaConnect?

SGX is working closely with HC to explore the creation of pricing indices based off the benchmark SICOM prices to reflect a range of origins and grades of rubber. Broadly, the index methodology will incorporate data from anonymised trades registered on the HC Platform that cannot be reverse engineered to a specific participant or trade. SGX will publicly release the methodology alongside the publication of the indices.

For the index to be robust and fit for purpose, a diverse range of participants along the rubber value chain, coupled with acceptable levels of transacted volume will be needed to provide an accurate and representative reflection of market prices.

Still have questions? Drop us a message.