Sydney Fish Market has launched SFMblue, a new digital trading platform set to modernise seafood industry trading, complementing the vibrant physical auction floor at the market.
Developed using ShoreTrade technology, this new platform opens enormous possibilities for the industry, allowing seafood to be traded on a national basis at the click of a button. Operating around the clock, every day of the week, the opt-in platform connects sellers to more buyers across the country, providing access to Sydney Fish Market’s variety and volume of species.
Working in conjunction with the traditional Dutch auction at Sydney Fish Market, SFMblue offers valuable and transparent industry intelligence including daily market pricing, trading volumes and Australian supply-and-demand data. Buyers benefit from new functions including 24/7, nationwide access to quality seafood, flexible payment methods and visibility of daily market pricing and supply. Fishers have the opportunity to negotiate a price prior to bringing in their catch, focusing on what buyers need – a reversal of the way the market currently works.
‘We’re incredibly proud of the Sydney Fish Market’s long-standing history and the instrumental relationships we have created to help sustainably grow Australia’s seafood industry. The introduction of SFMblue will increase opportunities for our company and for our traditional suppliers here in NSW, while attracting new operators from the wild caught and aquaculture sectors across the country,’ said Sydney Fish Market CEO Greg Dyer.
‘In a way, you can think of us as a 70-year-old start-up – we’re combining decades of expertise in large-scale, high-quality seafood trading, with modern, cutting-edge technology to revolutionise the seafood industry. This is just the start, and through close consultation with industry, our sellers, and buyers, we hope to continue to grow and evolve SFMblue to future-proof Sydney Fish Market and modernise the way the industry trades.’
Sydney Fish Market received financial backing from the NSW Government to help support the development of the trading platform. Minister for Agriculture Dugald Saunders said the new platform will fundamentally change the way the $3 billion Australian seafood industry operates.
‘Sydney Fish Market is at the epicentre of our fresh and sustainable seafood industry, having facilitated the distribution of world class, sustainably caught seafood in New South Wales for over 70 years. The digitalisation of the market, will see the nationwide expansion of Australia’s seafood trading and will ultimately support more buyers and sellers to connect and engage in mutually beneficial transactions across the board,’ he said.
