ASB bank invests in TradeWindow supply chain blockchain

Tuesday 13 August 2019 10:50 CET | News

New Zealand-based ASB Bank has invested in blockchain startup TradeWindow to digitise international trade documentation.

The bank aims to reduce the risk of fraud and cybersecurity threats. TradeWindow representatives see the primary benefit of distributed ledger technology (DLT) as costs savings. Plus there’s the speed of document sharing by avoiding sending paperwork via couriers.

TradeWinds is also planning to acquire Prodoc, which creates digital documentation for more than 60% of New Zealand’s exports. Plus it intends to buy IVS (Independent Verification Services) which provides certifications for the forestry and horticultural sectors. Additionally, it’s conducting pilots in different industries including with Fiordland Lobster Company, New Zealand’s largest lobster exporter.

Singapore startup dltledgers has a similar international supply chain platform already in production. It has already processed more than USD 1 billion in trade finance.

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Keywords: ASB Bank, TradeWindow, supply chain blockchain, blockchain startup, digitisation, international trade documentation, distributed ledger technology
Countries: World