IFFCO Singapore Pte Ltd (ISPL), regional arm of the IFFCO Group based in UAE has announced the launch of its new and innovative enterprise grade blockchain platform in collaboration with #dltledgers, an award winning blockchain platform developer based in Singapore. ISPL reported the completion of its first live end-to-end trade in blockchain, moving cross border goods on Palm Oil and its extracts, which is USD100Mn worth of business annually for IFFCO Group from Malaysia/Indonesia to the Middle east.
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 cross-border 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.
ISPL has developed a state of the art blockchain platform with #dltledgers for an end to end digital process in Agro-commodities value chain bringing the key ecosystem partners in a single network enabling an easier, faster and a more efficient digital transaction. A key differentiator of this transaction was that the transaction involved world's first Digital execution of the Avalisation of Bill of Exchange, which is a specific endorsement by the importer's bank digitally to guarantee payment of the bill at maturity if the importer defaults.
The term ‘blockchain’ is becoming a buzzword in the entrepreneurial landscape, given how this powerful technology can impact businesses big and small. In this week’s Community Feature, we had the privilege of meeting with Samir Neji, the CEO and founder of one of Singapore’s leading blockchain companies, #dltledgers, to find out more about what they are doing to develop this technology.
UAE’s Abu Dhabi Commercial Bank (ADCB) announced that it has adopted blockchain for trade finance using Singapore’s dltledgers blockchain platform. The bank’s first transaction involved moving goods for Western Red Spring Canadian Wheat worth $6.5 million, from Canada to Bangladesh.
A new blockchain platform is set to help farmers receive payments for their goods more quickly, enabling parties in the supply chain to look into the sources of their commodities and making it easier for them to learn more details of their trade as well.
The value of an average container shipment costs around $300,000, some $2,000 of which comes from the physical movement of documents, which for us is a huge cost”, says Nitin Jain, Head of Treasury & Capital Markets at Agrocorp International, speaking at the EuroFinance International Treasury Forum in May.
Blockchain Platform Startup, dltledgers, Secures Pre-Series A Funding
"We are impressed with dltledgers' execution. In less than 18 months, its blockchain platform has facilitated more than US$1 billion of trade executed across 30+ banks and a network which is growing on a global scale." said Kris Leong, Vice President of Walden International Singapore.
With 340+ global traders, 30+ banks, hundreds of network partners and thousands of repeat trades, this places #dltledgers in forerunner position. Customers enable complex trade flows and build their private blockchain networks and connect with inter-operability, scaling into a larger digital and interconnected world.
Yesterday Singapore based dltledgers announced that in the last 18 months it has processed more than $1 billion in trade finance on its blockchain trade platform. The company wants to “uberize” the trade finance model. It also recently secured a $2.5 million pre-Series A financing from Walden International.
The bank has announced it has completed a supplier finance transaction on dltledgers, a Hyperledger Fabric-based platform that enables traders to connect to their supply chain network and digitalise trade processes and financing documentation.
Singapore-based blockchain platform dltledgers will soon expand to Japan, Australia and Dubai, as well as launch two new features that will make it easier and cheaper for commodity traders to access finance for their transactions.
The blockchain startup has announced that more than 30 banks and 340 trading houses are now onboarded to the platform..