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Title SurplusGLOBAL, Inc., The New Standard in the B2B business in Asia
Source Seoul Economic Daily Date
SurplusGLOBAL, Inc., The New Standard in the B2B business in Asia

Seoul Economic Daily July 5, 2000

SurplusGLOBAL, Inc. (CEO Bruce Jungwoong Kim) has drummed up a lot of interest in the Internet business circle when the company recently opened its global B2B site (URL: The site aims to revolutionize the e-marketplace in Asia by upgrading the system for used assets and surplus goods. Furthermore, it is the first company in Korea to facilitate transactions for idle and surplus assets with the global community as its basis for auction systems.

There is a resounding response to the site when it opened a few days ago. During the period of test operation alone, auction items valued about 30 million US dollars total had been posted on site.

This company was founded on the aspiration to present the most efficient B2B model so that the company would be a frontrunner in the market of idle and surplus assets in Asia-Pacific area. The amount of transaction in the market is currently placed at 450 trillion US dollars.

The fundamental concept of the B2B site is to offer a marketplace where sellers in Asia post their idle and surplus assets. This will allow and encourage buyers to bid for their required items and products according to the various auction systems such as normal auction and `First Come First Served Basis (FCFS)?.

In an FCFS system, a seller can state the duration and starting price for his posted item. Buyers can then offer their bids above the original asking price. The auction will be closed as soon as buyers have entered their bids successfully within the system. The closing time of the auction is scheduled according to each country and each city. Thus, in all these transactions, the FCFS system can be useful and prompt.
One of the best services that offers is the `Dual Currencies Auction?, which is currently undergoing patent application. The system utilizes the customer?s choice of currency such as the USD, YEN, EURO or KRW. This facilitates and expedites both domestic and international transactions for both buyers and sellers.

To keep up with the B2B industry?s dynamic progress, the company is forging alliances with various support groups like international organizations that evaluates confidence; and UFS, a large forwarding agent in Asia.

CEO Bruce Kim said, ?In this early stage of the business, the main transaction will be concentrated on the idle and surplus assets stocks like Electrical, Electronics and Industrial Machinery, Equipment or Supplies in the Asia-Pacific region. Starting June 2001, we will expand both the types of idle and surplus assets and other markets such as the US and Europe.

The company has a roster of specialists in various fields. A majority of the team members are known experts in the Internet trade while others have garnered competency through their experience in the Internet business.

CEO Bruce Kim was an Officer of Aiding Trade with Kolon Trade Co Limited and Halla Inc. in Chungchung Nam Do (South Chungchung Province), Korea. He is a well-known opinion leader in the domestic fields of Internet trade.

Moreover, top-level specialists from various industries have focused their expertise in making the company a breakthrough in the Asian e-commerce business. Before he joined SurplusGLOBAL, COO James Kang worked with Morgan Stanley Dean Witter for 10 years as a financial specialist. CTO Dmitri Jung is also a trading specialist with the Kolon Trade Co. Limited and has an extensive experience on compensation trade with countries in the Third World.

Reporter Haemi Ryu (