Weighted Average Price /kg Last 7 Days  More Prices


How It Works


BusinessModel

  • Producer/Service Provider/Buyer to complete FGX application and sign-up process.
  • Process includes contracts stipulating terms and conditions of transactions through FGX.
  • Producer to use online platform to load stock onto FGX system that is ready to be sold. A Service Provider is able to load stock on behalf of a Producer only when permissions have been granted.
  • Producer to specify which service providers may have access to the stock loaded.
  • Note: only stock that is ready for dispatch may be loaded onto FGX system (level 2) and this stock has to be available for 48 hours from time of loading into system.
  • Service Provider to view stock available from producer and request stock to be allocated to them for sales.
  • Note: Service Provider has to obtain permission from producer to allocate this stock to them for transactions and an allocation reference number must be issued to service provider by the producer.
  • For cash transactions, Buyers need to deposit funds into FGX trust account and send proof of payment to Service Provider to arrange for prepaid cash to be loaded onto the Buyer’s FGX account.
  • For credit transactions, Buyers need to complete a credit agreement stipulating credit limits and payment terms. This credit agreement needs to be signed off by all parties in the credit transaction.
  • Note: Before a sales order can be capture on FGX, the Buyer has to have credit available on their FGX account.
  • Service Provider to negotiate and finalise terms (price & quantity) of transaction with producer and buyer.
  • Service provider to obtain purchase order from buyer with details of transaction.
  • Service provider to load sales order on system with details of transaction.
  • Service Provider to send producer relevant documentation (Picking note/slip) with details of order to be dispatched.
  • Producer to send Service Provider confirmation of product to be dispatched (Dispatch note)
  • Service Provider to send Producer the invoice for order to be sent to buyer along with product.
  • Buyer to take delivery of order.
  • Buyer to inspect order and evaluate if product received meets order specifications.
  • If delivered product meets order specifications, then buyer to send Goods Received Note (GRN) or Proof of Delivery (POD) to Service Provider as confirmation of order receipt.
  • If delivered product does not meet order specifications, then buyer to inform service provider of problem.
  • If service provider cannot resolve problem with producer and buyer, then a dispute is declared, which is investigated and settled by PPECB or PROCON.
  • (Note – the cost for investigation by PPECB or PROCON is paid by party at fault)
  • Service Provider to receive POD or GRN from buyer and capture on FGX system.
  • FGX to confirm POD reference received and release orders for processing.
  • Service Provider to notify FGX of payment received for credit sales. FGX to confirm payment and receipt transactions.
  • Service Provider to finalise account sale by deducting all charges relevant to transaction. (i.e. transport, storage etc.)
  • Service provider to pay creditors (i.e. Producer, FGX Fee, Levies) and deduct their commission and provide account sale and remittance advice for transaction.

Key Features


  • The infrastructure costs associated with the FGX business model allows for a significant reduction in transaction costs.
  • One of the main drivers behind FGX is the establishment of a system that can capture the large volumes of transactions that currently take place outside the fresh produce markets. If these transactions are captured on a central system it can contribute to the pricing mechanism on the fresh produce markets.
  • The virtual platform enables registered users on FGX to access their transaction details though their online profile. The producer will therefore have greater transparency with regards to the transactions through the FGX platform.
  • The FGX platform will enable the Service Providers to supply a tailored service offering that matches the expectations and requirements of their clients and principals.
  • The FGX business model is based on direct logistics from the producer to the customer, which eliminates the additional handling currently present at physical fresh produce market environments.
  • FGX utilises a tried and tested ERP system, which has been specifically developed for the fresh produce industry and is used internationally by fresh produce companies. This ERP system is utilized by both FGX as well as the service provider to manage the entire transaction process as well as fund management of the transactions.
  • Customers who purchase product through the FGX platform have immediate access to a wide variety of products which are traditionally found on the physical fresh produce markets.
  • The registered FGX user will have the option of access to an online business intelligent tool, which will enable them to draw real time statistics on their transaction history.
  • Transactions are processed using a state of the art web based platform which controls the input and flow of the transactions. As the details of the transactions are published through the online portal, producers and customers have full visibility on the progress and particulars of the transaction.

Benefits


... for the producer

Fresh produce can be sold more efficiently at reduced transactional and logistical costs by selling it directly from the farm gate to the buyer. Improved access to information leads to more transparent transactions. Because the trading platform offers a broader base of transactions, a more efficient price discovery mechanism can be achieved. The information captured on this platform enables more efficient logistical planning and execution.

... for the service provider

The FGX service provider facilitates the process of meeting supply and demand, which contributes to the price discovery mechanism. The service provider can also offer a differentiated service to a diverse customer base. Ultimately the service provider can build greater trust with clients because transactions are transparent. One of the greatest advantages is however the access to new business that currently falls outside the existing market system

... for the buyer

FGX offers a convenient, secure and efficient one-stop solution for buying a variety of produce at a competitive price and at a reduced logistical cost. Bulk buyers benefit by moving produce directly from the farm to the retail outlet.

Participants

FGX is an open trading platform intended for use by all producers, service providers (agents) and buyers of fresh produce.

Producer

To register and transact on FGX, a producer has to meet the following requirements: be a producer of fresh produce or a producers organisation, be the authorised owner of the produce, register with FGX, sign and adhere to FGX trading conditions, sell through a service provider / agent and have a supplier contract that regulates the relationships with the appointed service provider. If you are interested in becoming a Producer on FGX please click here to register

Service Provider

The Service provider is key to the FGX platform. To be an Agent on the FGX platform, the SP has to comply with the following requirements: valid APAC certificate, pay a SP license fee, comply with the Service Provider Agreement. The roles of the SP include amongst other but are not limited to: price discovery at the supply-demand point, sale of fresh produce, facilitating logistics of transactions, etc. If you are interested in becoming a Service Provider on FGX please click here to register.

Buyer

The Service provider is key to the FGX platform. To be an Agent on the FGX platform, the SP has to comply with the following requirements: valid APAC certificate, pay a SP license fee, comply with the Service Provider Agreement. The roles of the SP include amongst other but are not limited to: price discovery at the supply-demand point, sale of fresh produce, facilitating logistics of transactions, etc. If you are interested in becoming a Service Provider on FGX please click here to register.