• Sun, 25 Aug 2019, 12:13 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

New Zealand's ASB Bank invests in TradeWindow for distributed ledger technology trade platform development

Ingolfson [Public domain]

Tue, 13 Aug 2019, 03:50 am UTC

New Zealand’s ASB Bank has invested in blockchain startup TradeWindow, in a bid to fast track the development of a distributed ledger technology (DLT) trade platform.

AJ Smith, TradeWindow Founder and CEO, said the bank funding will be used to prepare the platform for commercialization, with an aim to release the first commercial version “very shortly.” The move makes the company one of the first technology firms in New Zealand to get direct funding from a New Zealand bank, according to a report by Finextra.

What began as collaboration through ASB’ innovation programme to solve a customer problem, is now a fully-fledged business ready to launch,” Nigel Annett ASB Bank’s Executive General Manager of Corporate Banking said.

Annett will join the company’s board, with ASB Bank taking a significant stake in the business.

TradeWindow has the potential to truly transform the way our customers experience the international trade process. By digitizing the trade process, business will be able to operate more efficiently with trust and security across the globe,” Annett said.

Last year, ASB successfully piloted the TradeWindow platform, conducting trades between a Korean importer and Greenlea Premier Meats, a major Kiwi meat exporter. TradeWindow utilized DLT to develop a “single trading window,” which can be accessed by all parties involved in the transaction. The move significantly reduced the risk of fraud and threats of cybersecurity as edits can only be made when the majority of the network agrees.

However, TradeWindow Founder and CEO AJ Smith noted that the primary advantage where immediate cost savings and efficiencies are realized is the “instantaneous sharing of documentation that is currently couriered at significant cost between the various parties, including exporters, importers, banks, certifiers, and insurance companies.”

Smith said this signifies a major market opportunity, given the 12,000 registered exporters in New Zealand.

TradeWindow allows all relevant documents – from certificates to invoices – to be exchanged digitally using one touchpoint,” he said, noting that many exporters are now seeking to future-proof their trading procedures amid increasing cybersecurity threats.

Meanwhile, Smith revealed that the firm has also scored exclusive partnerships with export documentation compliance firm Prodoc and import and export service provider Independent Verification Services Limited.

The company is also reportedly working with several pilot projects for other local exporters, including the country’s biggest lobster exporter Fiordland Lobster Company.

Last month, Ping An Insurance’s financial technology unit OneConnect announced its partnership with UBX, a fintech subsidiary of Philippines’ UnionBank, to utilize blockchain to offer financial services to micro, small, and medium enterprises.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,161.10 (-2.33%)
  • Ethereum (ETH) $190.97 (-1.59%)
  • XRP (XRP) $0.272000 (-1.42%)
  • Bitcoin Cash (BCH) $307.06 (-2.73%)
  • Litecoin (LTC) $73.51 (-2.32%)
  • Bitcoin (BTC) $10,161.10 (-2.33%)
Aug 23, 2019 (Friday)
Stablecoin project Terra receives funding from HashKey Capital
Three of the founding members of Libra Association consider backing out: Report
Overstock's Patrick Byrne steps down as CEO
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
BitGo announces support for multi-signature EOS wallet and custody services
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
Crypto exchange Coincheck mulls launching IEO Platform
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Sierra Leone launches blockchain-based National Digital Identity Platform
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.