|| [ 20 December 2001 ] CommerceTrust appointed
Authorised Code Owner by IDA for B2C Web-based Retailers
CNSG's Global Reliability Programme, CommerceTrust announced today that IDA has appointed CommerceTrust as an Authorised Code Owner (ACO) for business-to-consumer (B2C) web-based retailers. Following the appointment, CommerceTrust will award the TrustSg seal to online merchants who are accredited under its ConsumerTrust Global Reliability Programme. This means TrustSg seal will be accompanied by the ConsumerTrust trustmark and displayed by licensees of ConsumerTrust on their websites.
"We are pleased to welcome CommerceTrust as an ACO under the TrustSg programme," said Dr Wang Kai Yuen, Chairman of NTC. "As more businesses enter the global online environment, it has become increasingly important to help consumers identify reliable and trustworthy web-based retailers. We strongly encourage web-based retailers to adopt the TrustSg seal to distinguish themselves as players who are committed to sound e-business practices. In time, I am confident that the TrustSg seal will play a significant role in boosting consumer confidence to transact online".
"CommerceTrust is extremely honored to have passed the NTC's rigorous review and earned the ACO status," said Associate Professor Toh See Kiat, Chairman of CommerceTrust Limited. "We have long believed that third-party seal programmes such as ConsumerTrust and TrustSg can have a significant impact on industry's ability to create a trusted environment for online shoppers. This ACO appointment will certainly expedite our efforts to create a business environment on the internet that promotes consumer confidence and trust," added Professor Toh, who is also a Council Member of the National Trust Council.
Launched in September this year, ConsumerTrust is a trustmark to distinguish reliable and trustworthy merchants who are committed to best business practices. It is initiated by CNSG, a not-for-profit industry association for local companies that engage in electronic commerce and e-business. "By leveraging on CNSG's global network, CommerceTrust is in a unique position to ensure an equitable level of protection for consumers across national boundaries," said Mr. Wong Jeh Shyan, Chief Executive Officer of CNSG. CNSG is also the secretariat for the International Trustmark Network (ITN), a global network that aims to promote mutual recognition and cooperation among trustmark awarding organisations.
Mr. Robert Neely, Director of Electronic Commerce China Limited, who is also a director CommerceNet China, commented that "This will be an excellent opportunity to synchronise accreditation criteria across national boundaries. Such synchronisation, harmonisation and mutual recognition is essential for the acceleration of global electronic business."
"It should become apparent in the very near future that the crucial element of a successful e commerce business is trust. We are on the right track to becoming a vibrant and trusted e-commerce hub. I am confident that online merchants will be approaching CommerceTrust to obtain the TrustSg seal as they begin to realise its importance as a symbol of security and sound e-business practices." said Ms. Ann Koh, Deputy Chief Executive Officer of CommerceTrust Limited.
The ConsumerTrust code of practice is based on the international practices of trustmarks established in the Organisation for Economic Cooperation and Development (OECD), Global Business Dialogue on Electronic Commerce (GBDe) guidelines and several other global regulatory standards. It focuses on issues such as disclosure of relevant information about goods or services offered, truthful and accurate advertising, dispute resolution as well as security and privacy of business transactions. It also pays special attention to help parents protect their children from potentially harmful materials on the internet.
To ensure that e-businesses are duly accredited, CommerceTrust is working with Société Générale de Surveillance SA (SGS), a renowned independent international certification organization from Switzerland, to perform the conformity assessments for its Global Reliability Programmes.
In addition to ConsumerTrust, CommerceTrust has entered into a joint venture agreement with ePublic Intelligence Inc. of the United States to expand the scope of its trustmark services. CommerceTrust will be working with US-based ePublicEye.com, a proprietary monitoring system that allows consumers to rate e-businesses for reliability, privacy and customer satisfaction, as an innovative way to promote safer e-commerce. CommerceTrust will also provide assistance to ePublicEye.com in its application to the National Trust Council for ACO status.
In the coming months, CommerceTrust will focus on creating consumer awareness and education on the role of trustmark accreditation in instilling trust and confidence online. CommerceTrust and CNSG will be hosting the 3rd International Trustmark Network meeting in April 2002 in Singapore. Trustmark awarding organisations from Japan, Korea, Hong Kong, Malaysia, Pakistan and the United States had confirmed that they will be attending the meeting.
One of the most significant obstacles for adoption of e-Business practices is the uncertainty both consumers and businesses feel about the privacy and security of online transactions. For a conducive and trusted electronic commerce (EC) environment to flourish, the National Trust Council has developed the TrustSg programme to help build confidence amongst both consumers and businesses.
The TrustSg programme is an approved certification scheme to identify and accredit organisations such as trade associations, chambers or businesses whose members are bound by an online Code of Practice to promote good business practices. This is the first initiative by the National Trust Council.
The programme aims to heighten awareness and accelerate adoption of the TrustSg mark and industry specific trust marks amongst both businesses and consumers.
CommerceTrust was formed with the primary objective of accelerating the development and promotion of trust in both the physical and internet business environments by providing a benchmarking framework for trust. Its mission is to be a global leader in building trust and confidence by providing trustmarks that facilitate business transactions.
The Global Reliability Programme is customised to meet the different requirements of specific industries or categories of businesses. Each programme has a representative trustmark that is distinctive and easily recognisable. Currently, three distinctive trustmarks are issued: ConsumerTrust, PrivacyTrust and BusinessTrust.
CommerceTrust was initiated by CNSG, a not-for-profit industry association for companies that engage in electronic commerce and e-business. CNSG is part of a global consortium of business partners spread over 20 countries. Its mission is to make electronic commerce easy, trusted and ubiquitous.