Oceanus Group

Oceanus Group, once the world’s largest land-based abalone farming company, has radically transformed. From the brink of insolvency to becoming a multi-faceted enterprise with a mission to transform food security through cutting-edge technology, Oceanus’s journey is a testament to visionary leadership, resilience, and a steadfast commitment to making a positive global impact.

“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,” says Peter Koh, Group CEO.

Oceanus has diversified its business into four pillars to achieve this goal: food production, distribution, services, and innovation. Driving synergy between these pillars is the Oceanus Digital Network (ODIN), a blockchain-enabled digital exchange that integrates all aspects of the business into a unified platform. Oceanus is creating a seamless digital infrastructure that reshapes global food security by facilitating food trade through cross-border payments, trade financing, procurement and warehouse logistics all in one platform.

A Humble Beginning in Abalone Farming

In its early days, Oceanus established itself as a prominent player in the aquaculture industry. The company became the largest land-based abalone farm in the world, capitalizing on the high demand for abalone—a delicacy deeply ingrained in Chinese culture, especially during festive seasons. This success attracted over 10,000 shareholders, many of whom were senior citizens investing their pensions, drawn by the company’s promising prospects and cultural significance.

However, by 2014, Oceanus faced severe financial difficulties that pushed it to the verge of insolvency. It was at this critical juncture that Peter Koh stepped in. Coming out of retirement in December 2014, he assumed the daunting task of reviving the company. With no formal contract and even lending personal funds to pay salaries, Peter’s commitment went beyond traditional corporate responsibilities.

Strategic Restructuring

Peter implemented a comprehensive three-phase plan to resurrect Oceanus, transforming it from a debt-laden company into a diversified and technologically advanced enterprise.

From 2015 to 2018, the Clean Up phase focused on resolving Oceanus’s debts and regulatory challenges. Peter prioritized financial stability by clearing outstanding obligations and addressing compliance issues. By 2018, Oceanus had successfully restructured its debts, setting a solid foundation for rebuilding and growth.

In the second Build Up phase, Oceanus diversified beyond abalone farming by establishing four main pillars to expand its business. In food production, the company ventured into shrimp farming and other agriculture initiatives, broadening its portfolio in the sector. For distribution, Oceanus developed six key divisions—seafood, meat, fruits, fast-moving consumer goods (FMCG), alcohol and beverages, and commodities like sugar—enhancing its reach across various market segments.

To support its growing operations, the company launched services such as Oceanus Media Global for marketing and Oceanus Trade Logistics for warehousing and logistics solutions.

An innovation arm for fintech solutions was also created, and a major payment license was secured to facilitate financial transactions within the food supply chain.

Oceanus is now experiencing a digital transformation by integrating technology across all its pillars to enhance efficiency and connectivity. The company has expanded its distribution channels through e-commerce platforms to tap into the growing digital market. It also incorporates artificial intelligence into warehouse management systems to optimize logistics and supply chain management. Furthermore, Oceanus provides fintech solutions within the supply chain to streamline transactions and add value for partners and customers, in the form of ODIN.

ODIN: Revolutionizing the Food Supply Chain

As food traders themselves, Oceanus was very familiar with the key pain points in food trade, which could be summarised as the 3Cs – Capital, Cash flow and Connections.

Consider a mid-sized company engaged in international trade struggling with lengthy loan approval times and the high cash conversion cycles associated with delayed supplier payments. As they expand into new markets, it is not uncommon for them to face increased financial strain due to inefficient workflows, making it difficult to scale operations and meet growing demand. They also struggle to find trustworthy partners in new markets, making expansion challenging.

ODIN is a lifesaver for such scenarios, providing all the tools necessary to overcome financial roadblocks, improve efficiency, and fuel growth in the global marketplace. ODIN operates through a fly-wheel effect of 4 parts.

It starts with ODIN Pay, which streamlines cross-border payments with solutions such as multi-currency virtual accounts, local collections and payouts, competitive foreign exchange (FX) rates, FX Forwards and Options. The digital platform also digitizes trade documents, making the payment process more transparent and secure while generating valuable data points.

These feed into ODIN Finance. Leveraging this data, ODIN Finance provides lenders with granular insights for credit risk assessments and process controls, reducing credit risk and enabling more SMEs to access financing solutions. As more SMEs receive financing, the volume of cross-border trade increases, further driving demand for ODIN Pay.

Two additional components have been added to accelerate the fly-wheel: ODIN Market and ODIN Warehouse Management Service (WMS). ODIN Market is a procurement platform that connects trusted suppliers and buyers, all vetted by Oceanus. The vetting process adheres to the same stringent standards that Oceanus applies to itself as a publicly listed company in Singapore, ensuring credibility, proper governance, and regulatory compliance among its vendors.

ODIN WMS complements this by digitalizing warehouses to track the movement of physical goods in real-time. Monitoring the flow of goods into, within, and out of the warehouse, ODIN WMS, helps create a more accurate picture of the physical supply chain. When paired with the transactional payment data generated by ODIN Pay, it enhances the credit risk assessment capabilities of ODIN Finance, further improving financing opportunities for SMEs.

In 12 months of ODIN’s launch, Oceanus processed more than S$250m worth of payments and over S$6m worth of FX Forwards contracts. ODIN Finance had a similarly promising start in its first three months, financing more than S$2m worth of food trades.

The key ingredient of ODIN is trust. As a publicly listed company in Singapore, Oceanus maintains transparency and accountability in accordance with the rules and regulations set by the Singapore Stock Exchange.

ODIN is licensed by the Monetary Authority of Singapore (MAS) with a Major Payments Institution (MPI) payment license, further establishing its credibility and reliability.

“Uber never ran a taxi service, AirBnB never operated hotels before they started out,” Peter points out. “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.“

That is the key differentiating factor in Oceanus’ digital strategy – a product for food traders, built by food traders.

Expertise Meets Technology

The next bound for Oceanus’ Food Without Borders vision is to work with governments on food security programmes.

“People often think of food security solely as a government mandate,” says Agnes Kwek, Director of Business Development and Government Relations for Oceanus. “But 76% of global imports are conducted by SMEs, and there is a huge space to co-opt the private sector into the food security objectives of the country.” She speaks from first-hand insight, having joined Oceanus after 20 years of working experience in the Singapore government, developing public-private partnerships.

Oceanus’ food security programme will work with governments to address the financial shortages in their countries’ food trade supply chain by building an ecosystem of selected local SMEs procuring essential food products, and extending them favourable payment terms through securitization of trade receivables to raise funds at lower cost.

The benefits of this programme are three-fold: better cash flow by reducing their cash conversion cycles; access to lower-cost financing through investment-grade securities, thus reducing high borrowing costs; and ensuring a stable and continuous supply of essential food products for the country.

Tech with a Purpose

Beyond business objectives, Oceanus is deeply rooted in a purpose-driven philosophy. The company’s leadership and employees are motivated by a collective desire to make a meaningful difference. This ethos has attracted talent from various sectors who share a commitment to social impact over profit alone.

Oceanus Group’s journey underscores the power of purpose-driven leadership and strategic innovation. By focusing on efficiency, transparency, and equitable distribution, its business continues to evolve and contribute to solving one of the world’s most pressing issues—food security. The company’s efforts demonstrate that profitability and social responsibility coexist, driving positive change while delivering value to shareholders.

It is excited to expand into food tech innovations and enhance supply chain transparency and efficiency. These advancements will solidify Oceanus’ position as a food security leader and set new benchmarks for sustainability and trust in the industry.

As Oceanus expands its global footprint, its commitment to “Food Without Borders” serves as a guiding principle, inspiring others in the industry to rethink and reshape the future of food distribution.