iSwitch’s Parent Company, RCMA, Bags The Top 3 Volume Contributor Award for 2017/2018 At SGX Electricity And Petrochemical Awards Night!
Held on the 26th of June 2018, the annual SGX Electricity and Petrochemical Awards saw iSwitch’s parent company, RCMA Asia win the ‘Top 3 Volume Contributor Award’ for 3 years in a row since 2015.
As one of the top volume contributors in the swaps market, iSwitch & RCMA play a key role in contributing to Singapore’s electricity markets not just in the paper derivative markets but also in the physical supply of electricity to customers as one of Singapore’s licenced electricity retailer.
An Innovative Electricity Retailer With A Rich Heritage
iSwitch’s entry to the Singapore electricity market began in 2015 when its parent company, RCMA Group began trading and facilitating over-the-counter (OTC) electricity products in the Singapore market before receiving its Electricity Retail Licence from the Energy Marketing Authority (EMA) in Singapore.
iSwitch draws from a rich heritage that traces its origins back in 1964 when Singapore Tong Teik was established that eventually evolved into the RCMA group today. With a diversified portfolio of commodities ranging from energy to agriculture, the RCMA group is a global commodity trading house today with an annual turnover in excess of US$1 billion and employs more than 250 people. As a wholly owned subsidiary of the RCMA Group, iSwitch benefits from a strong capital base, commercial experience, retail knowledge and risk management expertise.
With the recent launch of Singapore’s Open Electricity Market in April, iSwitch has been serving residents in Jurong for their electricity needs in addition to their existing portfolio of commercial businesses that purchase electricity from iSwitch for their daily operations.
From highly popular fixed rate plans to discount over tariff (DOT) plans, iSwitch provides a range of innovative electricity products for customers both retail and commercial to suit their unique needs that can vary from household to household and the different business models operating in the market today.
A Commitment In Going Green
iSwitch holds a strong belief in renewable energy and playing a part in transforming Singapore into a green nation and is proud to offer their 100% Green Energy product, iSwitch2Green. Using United Nations verified carbon credits to offset the carbon pollution consumed by customers, iSwitch has helped various corporations and companies such as Dulwich College become 100% carbon neutral and assisted Vagabond Hotel to become Singapore’s first hotel to buy 100% clean energy.
The Road Ahead
As the electricity market in Singapore starts to mature with more contestable retail customers available as we move into 2019, customers will be expecting more from their electricity retailers in terms of better products that are centred around their lifestyles and households and not the other way around.
Joshua Nathan, iSwitch’s Head of Marketing notes that “We foresee that customers will have more choices when it comes to selecting the right electricity plan for their businesses. With the help of technology, they will also be able to manage this consumption on a real-time basis and we believe that the industry is gearing up towards that.”