As the International Fish Market operator, BiFEX (Busan Interational Fishery Exchange) is authorized by the market's establishment authority (Busan Metropolitan City) to list, purchase, and sell distant-water and imported seafood products to intermediate wholesalers and retail buyers through its own auction house.

BiFEX (Busan International Fish Market), the international seafood wholesale market operator, is authorized by the market's establishment authority (Busan Metropolitan City) to operate and facilitate the electronic auction process for distant-water and imported seafood products.

The company acts as an intermediary between suppliers and buyers, handling the listing, purchasing, and selling of seafood through its own proprietary auction platform.

The electronic auction process streamlines transactions, enhances transparency, and ensures fair pricing for all participants in the seafood industry.

1) Product Registration

Suppliers register their seafood products with BiFEX, providing detailed information such as species, origin, quantity, and quality specifications.

2) Product Inspection

BiFEX conducts thorough inspections of the registered seafood products to ensure they meet the required quality standards and regulatory requirements.

3) Product Listing

Once approved, the products are listed on BiFEX's electronic auction platform, accessible to registered buyers.

4) Auction Preparation

BiFEX sets auction dates and times for each product category, allowing buyers to preview product details and prepare their bids.

5) Auction Execution

During the auction, buyers submit their bids electronically, and the system automatically identifies the highest bidder for each lot.

6) Payment and Delivery

Upon auction completion, BiFEX facilitates payment processing and arranges for the delivery of purchased seafood products to the respective buyers.

BiFEX (Busan Gamcheon Port Fishery Market), the international seafood wholesale market operator, is authorized by the market's establishment authority (Busan Metropolitan City) to operate and facilitate the electronic auction process for distant-water and imported seafood products.

The company acts as an intermediary between suppliers and buyers, handling the listing, purchasing, and selling of seafood through its own proprietary auction platform.

The electronic auction process streamlines transactions, enhances transparency, and ensures fair pricing for all participants in the seafood industry.