Barter Business Network Sdn. Bhd. (BBN), Malaysia Premier commercial barter exchange company, aims to set up a barter exchange for the Asian region.

BBN chief executive officer and managing director Lim Kean Beng said the company with 500 members had set a 2-year target to achieve its goal in building an Asian centric barter exchange.

He said the company, which provided online and offline trading services, would leverage the technological advantages of the internet to introduce its e-commerce platform www.asiaBarterZone.com and trading systems to other Asian countries.

“The Asian centric barter exchange will ultimately link most barter exchanges in Asia and hold significant stake in each of the exchange,” Lim told reporters at the company’s 2001 Barter Trade Nite at a hotel in Penang on Friday.

Lim said the company’s agreement to acquire a substantial stake in the Korea Barter Exchange (KBX), a leading barter trade exchange in South Korea early last month, was its first move towards achieving the goal.

He said the agreement also covered the KBX purchase of the BBN propriety barter exchange administrative software with its e-commerce platform.

With both exchanges employing the same e-commerce platform and administrative software, members from both exchanges will be able to trade freely among themselves,” Lim said.

BBN, set up in Penang 1999, now with an office in Subang Jaya’s Menara Summit is actively expanding its customer base in the Selangor region.

Listed among its current members are leading hotels, public-listed companies, manufacturers, retailers, professional services and information and communications technology (ICT) firms.

In 1999, BBN joined the International Reciprocal Trade Association (IRTA) to set up business lines and foster common interests with the global commercial barter industry. Today it is a commercial barter trade company providing both online and offline services for all types of trading.

Members can join the exchange to sell their products or services in exchange for other purchases, which they need, thus potentially conserving cash.

Through the services, members can increase sales and market share, decrease cash expenditure, reduce surplus inventory, take advantage of underutilized capacity and increase cash flow.

BBN also provides a clearinghouse service and acts as third-party record keeper. Clients will receive a monthly statement detailing the trade transactions and account balance and fees due.

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