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SINGAPORE and HONG KONG, Nov. 1, 2024 /PRNewswire/ -- The fintech firm is leading a sea change in trade finance for SMEs by converting operational data into valuable assets to address the long-standing financing gap faced by asset-light businesses eCOM Registry, a fintech firm powered by a combination of blockchain, artificial intelligence (AI), big data, and other cutting-edge digital innovations, is redefining trade finance for small and medium-sized enterprises (SMEs) by turning operational data into valuable assets that can be used as collateral for loans. Despite their vital role in driving economic growth and trade, SMEs often face difficulties securing finance from traditional institutions due to limited assets, smaller scale and stringent collateral requirements coupled with lengthy application processes. This global financing gap for SMEs has grown to trillions of US dollars, intensifying the demand for financial solutions that are simple, fast and flexible. eCOM's platform is designed to address this gap by leveraging data to unlock new credit opportunities. In fact, unsecured loans, which eliminate the need for traditional collateral and lengthy paperwork, are gaining traction among SMEs, providing them with faster, more flexible access to finance. However, this approach hinges on sophisticated data-driven algorithms to deliver accurate credit assessments, robust risk management, and informed decision-making. As such, effective data collection, storage and analysis have become essential components of successful digital finance. eCOM is leading this transformation, harnessing big data, artificial intelligence (AI) and blockchain to revolutionise trade finance in the shipping industry. Headquartered in Singapore, the fintech company is backed by Kingful Ventures, chaired by Andy Tung, a non-executive director at Orient Overseas International Limited. Its operations span Hong Kong, Shanghai, Australia and the Philippines. The company aims to bridge the massive financing gap for SMEs in the shipping sector - such as freight forwarders, logistics companies and cargo owners - by providing collateral-free loans through an innovative digital financial model. The growth potential of this model is vast. Philip Ho (left), CEO of OnePort; Horace Mak (centre), founder and executive director of eCOM Registry Pte Ltd and eCOM DataFin Limited; and Andy Tung (right), founder of Kingful Ventures and non-executive director at Orient Overseas International Limited, join forces to introduce an innovative fintech solution that revolutionises trade financing with a data-as-collateral approach. Bridging an ocean's deep financing gap Traditional financial institutions face considerable uncertainty when extending credit to SMEs in the shipping industry, primarily due to a lack of collateral and time-consuming due diligence processes. Shipping service providers, typically asset-light and dispersed across the supply chain, offer little security for lenders. Moreover, the complexity of service transactions - unlike traditional goods trade - makes it difficult for banks to verify the authenticity of the services. Even when valid data is available, banks often face lengthy verification processes, resulting in inefficiencies. "Against this backdrop, we need a new approach and technology to bridge the gap between SMEs and financial institutions. eCOM serves as the connector, allowing data to tell the story and enabling lenders to carry out credit evaluations more efficiently and accurately," said Tung. Navigating a complex ecosystem with knowledge and data mastery eCOM's model offers two distinct advantages. First and foremost, the company has a deep understanding of the entire shipping ecosystem. "Numerous participants from various parts of the shipping supply chain, including freight forwarders, logistics companies, ports and customs authorities, contribute to a complex ecosystem, each with its own unique characteristics," Horace Mak, founder and executive director of eCOM Registry Pte Ltd and eCOM DataFin Limited, explained. "Understanding how to gather, interpret and integrate data from these sources is crucial to assessing creditworthiness and providing effective solutions," said Horace. "Our team, alongside Tung, has deep expertise in this ecosystem, with 20 to 30 years of experience in data integration and exchange." Using advanced data recognition and processing technologies, including AI models and analytical algorithms, the team continuously optimises parameters for risk assessment and precise forecasting. Furthermore, eCOM's financial experts work closely with financial institutions to analyse historical data, expedite KYC (Know Your Customer) and KYB (Know Your Business) processes, pre-approve credit lines and help banks identify high-quality clients. This collaboration, according to Horace, tremendously improves the efficiency of financial institutions' credit services and risk management. In 2021, eCOM introduced its data-driven financing solution in partnership with OnePort, a joint venture with Hong Kong's leading port group. By December 2023, eCOM DataFin Limited, the company's Hong Kong subsidiary, secured a lending licence to fund its eSPIN Cash (revolving loan) and Easy Ship Easy Pay (post-shipment payment) products, specifically designed for the port sector. Robust risk management and data governance When asked about risk management, Horace explained that all data gathered by eCOM is sourced from trusted entities, including ports, customs authorities and shipping companies. Harnessing blockchain and cloud computing technologies, eCOM guarantees both the authenticity and traceability of this data, he said. Philip Ho, CEO of OnePort, added: "Data privacy is paramount. We ensure all data is collected with customer consent and is rigorously managed in line with local privacy regulations." eCOM also continuously tracks multiple data points across the trade chain in real-time, allowing lenders to monitor borrowers' performance and conduct dynamic cross-checks to make timely adjustments. The company has established internal committees for information security, risk control and digital finance to oversee all process management, ensuring that both data handling and lending practices adhere to stringent regulatory standards. After nearly a year of trial operations at the Hong Kong port service platform, eCOM has successfully validated its core technology, business model and profitability. Building on this success, the company is now actively exploring new global partnerships in digital financial services. In 2022, eCOM launched a data finance platform in Shanghai's Free Trade Zone, offering data-driven financial services to local clients. The company has also made rapid progress in China's Greater Bay Area and at Australian ports. Looking ahead, eCOM plans to develop additional financing products for cargo owners and freight forwarders, including freight financing, purchase order financing and supply chain financing. "We set sights on building strategic partnerships with financial institutions, leveraging our data-driven model to offer joint loan solutions. Our goal is to bring more financial institutions and investors on board, ensuring that more SMEs can access efficient, high-quality loan services," Tung concluded.
SINGAPORE, Aug. 28, 2024 /PRNewswire/ -- Global Trade Review (GTR) is proud to announce GTR Asia 2024, set to take place on September 3-4 at the iconic Sands Expo and Convention Centre in Singapore. Celebrating its 15th year as the ultimate event in the region, the event promises to be an exceptional gathering of over 1,300 industry leaders, professionals, and stakeholders from across the trade finance ecosystem. GTR Asia returns to Singapore on September 3-4 GTR Asia 2024 will feature a dynamic programme designed to explore the latest trends, innovations, and challenges in trade finance, commodity trading, and fintech. Attendees will benefit from engaging sessions with over 100 top-tier speakers, providing unparalleled insights into the evolving landscape of global trade. This year's event is packed with exciting formats, encouraging maximum audience engagement and discussion, with a highly anticipated keynote address from S&P Global Market Intelligence, a Tradetech Showcase hosted by GTR Ventures, fireside chats and more. Key Highlights of GTR Asia 2024: In-Depth Sessions and Panels: Experience a rich agenda with thought-provoking discussions and presentations from leading experts. Topics will include the future of trade finance, advancements in digital solutions, and strategies for sustainable supply chains. Networking Opportunities: Connect with over 1,300 delegates from various sectors, including multinational corporations, financial institutions, fintech pioneers, and regulatory bodies. Forge valuable relationships and explore potential collaborations. Innovative Solutions and Technologies: Discover the latest advancements and technologies shaping the future of trade finance. Featured Sessions Include: Keynote Addresses: Hear from distinguished keynote speakers who will share their perspectives on the future of trade finance and the role of innovation in driving industry growth. Interactive Panels: Engage with expert panels on critical issues such as sustainable trade practices, digital transformation, and regulatory changes impacting the industry. Networking Events: Participate in exclusive networking events and meet industry leaders, potential clients, and partners. Event Discussion Themes: Digital transformation and innovation Global trade dynamics Trade finance and supply chain challenges Geopolitical and regulatory impacts Sustainability and ESG in trade Risk management and fraud prevention "We are excited to host the 15th edition of GTR Asia and look forward to bringing together a diverse group of industry professionals to discuss the future of trade finance," said Elisabeth Spry, Head of Marketing & Strategic Partnerships at Global Trade Review. "This event will be a cornerstone for industry dialogue and innovation, and we look forward to a successful gathering." Once again enjoying the support of the region's leading financial institutions and benefitting from close partnerships with Singapore's government agencies and trade bodies, don't miss your chance to engage in senior-level networking, thought-provoking content, vibrant debate and meaningful collaboration. About Global Trade Review (GTR): Global Trade Review (GTR) is the leading provider of news and analysis for the global trade, commodity, and supply chain finance sectors. With a reputation for delivering high-quality content and organizing premier industry events, GTR connects professionals and provides valuable insights to drive growth and innovation in the trade finance industry. Register now to secure your place at GTR Asia 2024 and join us in shaping the future of trade finance. Limited complimentary corporate rate passes available for non-financial companies only. Contact Elisabeth Spry for more information.
Newgen's platform for Trade Finance, designed by industry experts, emerges as a game changer for banks NOIDA, India, May 13, 2024 /PRNewswire/ -- Newgen Software, a global provider of a low-code platform for end-to-end automation at scale, announced that it has been named in the Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions, 2023 report. Gartner describes global banking cash management and trade finance solutions as "capabilities that support end-to-end business and product processes, a consistent operating model, and client services in the corporate treasury and working capital domains." The report will help bank CIOs gain insights into the vendor solutions available in the market. Newgen's Trade Finance Solution, built on the NewgenONE low-code platform, offers transaction origination, transaction processing, and document management capabilities. The Swift-Compatible Solution enables commercial banks to comply with the latest Swift standards and enriches the journey orchestration for both customers and internal bank users. "Newgen excels in delivering operational excellence and unifying customer experience with its advanced trade finance solution. We believe this Gartner recognition reaffirms the critical role our innovative solutions play in creating a connected digital ecosystem and fulfilling the unique requirements of our commercial clients," said Runki Goswami, Global Head of Marketing at Newgen Software. Disclaimer: GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. About Newgen Software Technologies Ltd. Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML. Globally, successful enterprises rely on Newgen's industry-recognized low-code application platform to develop and deploy complex, content-driven, and customer-engaging business applications. Newgen unlocks simple with speed and agility. For more details, visit www.newgensoft.com Media Contact: swati.srivastava@newgensoft.com
TradeFlow utilises the leading on-chain debt capital markets platform, Obligate, to enhance and diversify its capital sources for asset backed trade finance SINGAPORE, Jan. 8, 2024 /PRNewswire/ -- Singapore-based Fintech-powered Fund management firm TradeFlow Capital Management (TradeFlow) has reached another milestone in its Digitalisation strategy through the issuance of a regulated USDC-denominated bond allowing access to new sources of capital flexibly. The bond leverages Swiss-based firm Obligate's eNote™ framework to ensure a legally and regulatory compliant and globally acceptable standard for digital securities. Dr. Tom James, CEO of TradeFlow stated: "TradeFlow is pleased to start 2024 with this announcement that testifies to our strong focus on digital innovation and the digital economy. Working with the Obligate team to launch a bond through their platform further highlights the commercial efficiencies that can be achieved by leveraging Blockchain technology for raising capital and refinancing for asset backed trade finance transactions." Tobias Wohlfarth, Head of Origination at Obligate commented: "The issuance of this subordinated bond through the Obligate platform not only showcases our versatility in supporting a range of modular debt instruments, including senior and junior debt, but also expands the financing options available for funds. This adaptability enables funds to efficiently raise working capital tailored to their specific capital structure needs, allowing for direct engagement with capital markets." The transaction is noteworthy due to the direct investment by different types of accredited investors such as high-net-worth individuals (HNWI), investment firms and family offices. This aspect of the issuance, featuring investment from HNWIs and investment firms, directly connects issuers like TradeFlow to a diverse investor base in a more efficient and straightforward process compared to the traditional finance channels. About TradeFlow Capital Management (Tradeflow) TradeFlow is the world's first Fintech-powered commodity trade enabler focused on SMEs. TradeFlow consists of a diverse team of experts with the focused mission of addressing the increasing trade finance gap faced by global SMEs operating as producers/traders/end-users in the bulk commodity trading space. By performing an enabling role in international trade and globalization, TradeFlow creates growth opportunities for businesses and economies. To date, TradeFlow has successfully invested in more than US$3 Bn of physical commodity trade through 3000+ transactions across 18+ countries and 30+ commodity types, with more than 1800 SME counterpart entities KYC reviewed. As part of its unique business model, The TradeFlow Funds*, advised by TradeFlow, were conceived in 2016 and launched in 2018. TradeFlow is a Partner of the International Chamber of Commerce (ICC) to mobilise capital and improve trade finance access for SMEs worldwide through the "'ICC Trade Now" and "ICC Digital Trade Standards Initiative" platforms. For more information, please visit: www.tradeflow.capital About Obligate Obligate AG is a member of VQF, a Swiss FINMA regulated AML SRO, and a financial intermediary. Standing at the forefront of institutional adoption in on-chain capital markets, Obligate is providing a secure, transparent, and regulatory compliant platform for the issuance, trading, and lifecycle management of debt instruments natively issued on the blockchain. The platform's unique architecture caters to the complex needs of institutional investors whilst lowering the barriers of entry for issuers by providing efficient access to multilateral financing. Featuring their proprietary eNotes®, ledger-based securities based on the most advanced DLT-legislation, a comprehensive dispute resolution framework, and global enforceability of the debt securities, Obligate demonstrates its commitment to meeting institutional standards. For more information, please visit : www.obligate.com
New Fund and Trading Platform will help address the global energy transition urgency. Critical minerals are vital for the energy transition and the UAE stands to be a market leader in the emerging new energy economy. SINGAPORE, Dec. 4, 2023 /PRNewswire/ -- Singapore-based Fintech-powered Fund management firm TradeFlow Capital Management (TradeFlow) and Abu Dhabi based digital trader Open Mineral have joined forces, launching the 'Critical Minerals Trade Finance Fund' and a new TradeFlow Metals platform to help address urgent global energy transition needs. Open Mineral will be a Founding Client, providing a multi-year commitment to this collaboration that will connect new and existing trade finance investors and banks with digitally de-risked transactions of global critical minerals flows including copper, lithium and zinc. The "Critical Minerals Trade Flow Fund" and TradeFlow Metals digital platform were launched at the recent Abu Dhabi Finance Week 2023. Dr. Tom James, CEO and co-founder of TradeFlow, highlights: "Open Mineral brings a remarkable team of metals trading experts who possess a strong digital DNA aligned with ours. We are excited to see the establishment of two new entities today, aimed at fostering the growth of the commodities trading industry in the UAE. The first entity is the 'Critical Minerals Trade Flow Fund', managed by TradeFlow. The second entity is the 'TradeFlow Metals platform', which will operate as an independent and fully separated entity. This platform will leverage the skills and expertise of TradeFlow's technology provider and long-term partner, Liberatech Plus, which has already assisted in the processing of over 3,000 trades and USD3 billion in cross-commodity cargoes since 2018. This is a great opportunity to participate with our partners to bring the advantages of FinTech and liquidity to the transition metals market with our digitalised solutions. This is a great success for all involved and the transition metals and energy markets as a whole." James Rilett, Chief Product Officer of Open Mineral affirms: "We are honoured and proud to be the Founding Client of the Critical Minerals Trade Flow Fund. In partnership with TradeFlow, we are committed to bringing proven Risk Transformation methodology and technology to the critical minerals sector. Open Mineral has one of the fastest growing critical minerals books in the world and we see no shortage of opportunity to trade more of these flows, but our industry needs capital. Since incorporating in Abu Dhabi Global Market in 2022, we have profitably traded over $500mn of metals." Mr. Rilett further explains: "This is a crucial phase in the transition of the regional economies, and we want to de-risk and capture opportunities at scale. Commodities as an asset class has a high risk, high complexity reputation, with tech and data changing this risk profile. Our strategic role in enabling global trade finance to meet these new opportunities serves to enhance and catalyse the regional economies. To be combining this game-changing trade finance platform with Open Mineral's trade book and metals know-how was an unmissable opportunity." According to the International Energy Agency (IEA), the market for energy transition metals was USD320bn in 2022, which based on Open Mineral assessment will treble in the next 10 years. This collaboration with TradeFlow shall be an effective means of addressing critical metals demand. About TradeFlow Capital Management (Tradeflow) TradeFlow is the world's first Fintech-powered commodity trade enabler focused on SMEs. TradeFlow consists of a diverse team of experts with the focused mission of addressing the increasing trade finance gap faced by global SMEs operating as producers/traders/end-users in the bulk commodity trading space. By performing an enabling role in international trade and globalization, TradeFlow creates growth opportunities for businesses and economies. To date, TradeFlow has successfully invested in more than US$3 Bn of physical commodity trade through 3000+ transactions across 18+ countries and 30+ commodity types, with more than 1800 SME counterpart entities KYC reviewed. As part of its unique business model, The TradeFlow Funds*, advised by TradeFlow, were conceived in 2016 and launched in 2018. TradeFlow is a Partner of the International Chamber of Commerce (ICC) to mobilise capital and improve trade finance access for SMEs worldwide through the "'ICC Trade Now" and "ICC Digital Trade Standards Initiative" platforms. For more information, please visit: www.tradeflow.capital About Liberatech Plus Liberatech Plus is a leading provider of cutting-edge and scalable solutions that empower businesses in the commodities supply and trading industries. Our innovative technologies are designed to remove barriers, enhance transparency, and drive innovation in global trade. From small and medium enterprises (SMEs) to multinational corporations (MNCs), our solutions enable clients to thrive in the dynamic commodities markets and benefit from the digitalisation of global supply chains. We offer a comprehensive range of advanced solutions, including state-of-the-art Commodity Trading and Risk Management (CTRM) systems, and all-encompassing Digital Trade Services (DTS). With our expertise and forward-thinking solutions, we actively contribute to economic growth and foster a world where geographical borders, financial constraints, and technological barriers no longer hinder global trade. Open Mineral About Open Mineral After securing funding from Mubadala Investment Co, amongst others, Open Mineral accelerated its growth plan last year by opening offices in Abu Dhabi and Shanghai, where the company expects to double its headcount over the coming year. Currently headquartered in Zug, Switzerland, Open Mineral has a global presence with offices in Latin America, UAE, China, the Americas, Asia, and Europe. Open Mineral is a physical commodity trader powered by technology and market intelligence, enabling profitable and efficient trading of raw material commodities. Founded in 2016 by a team of ex-Glencore traders based in Baar, Switzerland – The Open Mineral platform has onboarded over 900 metals and mining companies from 40 countries. For more information, please visit: www.openmineral.com
With DocuTrade, Yodaplus is seamlessly blending the rich legacy of trade finance with the boundless potential of the digital age MUMBAI, India, Sept. 28, 2023 /PRNewswire/ -- The global trade finance sector, pivotal to international commerce, has long been anchored by traditional paper-based practices. From bills of lading to promissory notes, the tangible nature of these documents has been both a symbol of trust and at the same time, a source of inefficiency. In a world increasingly dictated by speed, efficiency, and environmental concerns, these age-old paper-bound practices have been a growing concern. Nilesh Pathak, Blockchain Head, Yodaplus (first from right) at the launch of DocuTrade at GTR Asia 2023, Singapore In an era where global trade remains tethered to traditional paper-based practices, the need for digitization has never been more pressing. The United Nations Commission on International Trade Law (UNCITRAL) took a transformative step with the introduction of the Model Law on Electronic Transferable Records (MLETR) in 2017. Designed to be a beacon for the digital evolution of trade documentation, MLETR offers a structured approach to transition from paper-based negotiable instruments to electronic formats, without compromising their legal sanctity or international credibility. Stepping into this evolving landscape, Yodaplus recently introduced DocuTrade — a documentation solution optimized for today's digital age, yet deeply respectful of the legacy and intricacies of trade finance. Aligned with UNCITRAL- MLETR's principles, DocuTrade not only streamlines trade operations but also champions the major tenets of MLETR: technology neutrality, functional equivalency, and cross-border recognition. DocuTrade simplifies the intricate process of trade documentation and also ensures that digital documents maintain the same legal standing as their paper equivalents. The result is a secure and efficient trade environment, empowering businesses to concentrate on growth. Nilesh Pathak, the BU Head of Blockchain at Yodaplus, sheds light on the solution's core objectives, "With DocuTrade, we aim to bridge the historical with the futuristic. The global trade finance industry stands at a crossroads, and we're dedicated to ensuring that the path to digital transformation is seamless, secure, and aligned with international standards." While MLETR sets forth a robust framework, its global adoption is on an upward trajectory. Leading jurisdictions like Bahrain, Singapore, and the Abu Dhabi Global Market have already embraced its guidelines. Now, economic powerhouses such as the UK, Germany, and France are making strides towards its implementation. The aftermath of the COVID pandemic has only accelerated the push towards digital solutions in trade finance. Amidst this sea change, platforms like DocuTrade are poised to be at the forefront, leading the digital transformation journey. About Yodaplus DocuTrade Yodaplus DocuTrade is a beacon of innovation in the global trade finance sector. By offering a meticulous digital solution that resonates with the UNCITRAL MLETR framework, DocuTrade aspires to redefine trade finance for the modern era. It embodies a commitment to innovation, security, and efficiency, making it an indispensable asset for businesses, banks, and trade finance stakeholders across the globe. Dive deeper into the future of trade finance at https://docutrade.yodaplus.com/ About Yodaplus Headquartered in Mumbai, Yodaplus is an esteemed IT service firm renowned for its excellence in digital transformation, blockchain technology, trade finance digitization, AI, and IoT. Led by Vishrut Srivastava, the company consistently delivers pioneering tech solutions that serve a global clientele, touching every corner from the US and UK to the UAE and Singapore. Visit: https://yodaplus.com/ to know more about Yodaplus. Press Contact Amit PareekSenior Marketing Manageramitp@yodaplus.com
Trade Finance
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