• Thu, 21 Nov 2019, 06:11 PM
  • All times are UTC
  • Edition:
    International
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.
More
  • Bitcoin (BTC) $7,619.32 (-5.78%)
  • Ethereum (ETH) $160.16 (-9.54%)
  • XRP (XRP) $0.241100 (-4.58%)
  • Bitcoin Cash (BCH) $222.46 (-9.53%)
  • Litecoin (LTC) $50.17 (-9.66%)
  • Bitcoin (BTC) $7,619.32 (-5.78%)
Nov 21, 2019 (Thursday)
14:01
Binance.US teams up with crypto brokerage Tagomi to offer institutional liquidity
12:29
Chinese authorities move forward with plans to introduce blockchain standardization
11:54
Crypto Technicals: XRP/USD grinds lower capped below 5-DMA, bearish bias intact
10:15
Malta-based Binance acquires Indian crypto exchange WazirX
09:30
Crypto Technicals: ETH/USD drops below cloud, hits new 4-week lows, bias bearish
09:11
TradeStation Group's new crypto brokerage platform launches for approved countries, U.S. states
08:52
Libra will be classified once it goes live; PayPal explains why it backed out of the Association
07:56
Facebook’s Libra marches ahead, logs 34 projects since testnet launch in September
06:47
Crypto exchange Shapeshift introduces commission-free trading
06:36
Crypto Technicals: LTC/USD confirms 'Death Cross' on 4-hour charts, scope for downside resumption
06:04
Bitcoin.com to launch $200M bitcoin cash investment fund in 2020
05:34
CryptoCompare drops Binance out of its Exchange Benchmark; Hacking incident cited behind the decision
04:50
Crypto Technicals: BTC/USD extends consolidation above 55W EMA (7951), bias bearish
04:50
1.4M GateHub user information compromised five months after it suffered a hacking incident
04:46
$400M of Ripple’s XRP token linked to illicit activity: Elliptic
03:01
Federal Reserve chairman doesn’t see benefits of CBDC for U.S. consumers
Nov 20, 2019 (Wednesday)
12:47
MAS launches consultation on allowing crypto derivatives trading on approved exchanges
11:49
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:22
Chinese firms HDFH, ZVCA and Yillion Bank launch $1B blockchain investment fund
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft