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ADCB launches real time trade finance for customers on dltledgers Blockchain platform

Vlad Poptamas

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Photo source: dubainewsgate.com
Reading Time: 2 minutes

 

The UAE’s Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB today reported completion of its first live end-to-end trade in Blockchain, moving crossborder goods for Western Red Spring Canadian Wheat worth USD 6.5m (AED 25m), from Canada to Bangladesh. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation through the dltledgers platform, offering corporate customers efficiencies and faster access to cash.

Krishnakumar Duraiswamy, ADCB’s Group Head of Trade Finance said, “By joining the fastest growing dltledgers Blockchain platform for cross-border trade, the Bank is able to re-imagine trade finance for its customers. This private network allows ADCB to service corporate customers in real time, increasing transparency and building cross-border interconnectivity.”

ADCB’s private network provided end-to-end trade visibility across the entire life cycle of the transaction with authenticated and consented digitized documents at every step. This pioneering transaction involved several trade partners: Islami Bank (Bangladesh), SGS Surveyor, Richardson International Shipping Canada, Banjo Auto Flour Mill Bangladesh and Agrocorp, a large Singapore-based trading house.

Nitin Jain, Head of Treasury & Capital Markets, Agrocorp International commented on dltledgers technology, said, “We could potentially reduce our financing costs by at least 15-20% through dltledgers technology, saving significantly on the costs of physically moving documents. Moving onto the electronic system, we are also able to access earlier financing from banks as the documentation flow is much closer to real-time.”

The flow mirrors the traditional letter of credit process, involving agreeing the terms, the application, the issuance, the advising, the amendment request and its approval, the document presentation, the discrepancy resolution, and the bill settlement instructions. The efficiencies stem from using a single Blockchain network for all participants, instead of relying on multiple systems.

As global trades intertwine and evolve, demands for a networked and collaborative model will intensify. Not only do transactions need to be seamless and safe, clients are increasingly looking for innovative solutions that save them time and costs. Using the dltledgers platform, ADCB is able to offer its corporate customers greater confidentiality, the ability to keep a closer tab on the flow of the goods and documentation, faster turnaround, and enhanced fraud prevention.

Mr Samir Neji from dltledgers said, “We are extremely delighted to work with ADCB to support their trade finance digitisation through the dltledgers platform. We have huge demand for our network from our 50+ traders signed in from UAE and hence our plan to expand into Middle East and Africa. We have over 400 global traders running 3600 live trades and over one billion USD trade financing performed with more than 30 banks globally. We are very bullish of our partnership with ADCB and the region. The growth and sustenance of the global US$8 trillion open account trade finance market are heavily reliant on the easy availability and robustness of financing mechanisms. Considering that trade finance is widely viewed as the fuel for global commerce, it is easy to see why customer-centric Blockchain platforms like ours is dominating conversations in the trade finance world. We will continue to grow and expand.”

 

SOURCE dltledgers

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Blockchain

Supply Chain Management Association Becomes Supply Chain Canada

Vlad Poptamas

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At its AGM yesterday, the Supply Chain Management Association™ announced its name change to Supply Chain Canada™. The association also launched a new website as part of an overall rebranding initiative.

“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”

Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”

The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.

“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:

  1. Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
  2. Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
  3. Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.

The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.

These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.

The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.

 

SOURCE Supply Chain Canada

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Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum

Vlad Poptamas

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Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum
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Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.

“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”

This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.

“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”

Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.

The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.

 

SOURCE Export Portal

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Crypto.com Lists Lisk (LSK)

Vlad Poptamas

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Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Lisk (LSK) to its App. LSK joins a growing list of cryptocurrencies and stablecoins on the Crypto.com platform, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, TrueUSD (TUSD), PAXOS (PAX), and its own MCO and CRO Tokens.

Lisk is a next generation platform that allows for the development and distribution of JavaScript based decentralized applications using an easy to use, fully featured ecosystem. Through Lisk, developers can build, publish, distribute, and monetize their applications within a custom built cryptocurrency powered system that utilizes custom blockchains, smart contracts, cloud storage, and computing nodes; all from within one industry solution.

With LSK added to the Crypto.com, users can now purchase it at true cost with no fees – credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to LSK as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally.

 

SOURCE Crypto.com

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