dltledgers offers blockchain trade finance to SMEs

Friday 14 May 2021 14:35 CET | News

Singapore-based fintech dltledgers has launched a platform for small and medium enterprises (SMEs) to access trade financing from alternative financiers.

SmartFin is a blockchain-based system that matches SMEs that are seeking finance to funders who can provide it. According to dltledgers, over 400 companies have already signed up, and can currently access financing from a handful of non-bank financiers, including TradeFlow, Drip Capital, Funding Societies, Crowd-Genie, Stenn International, and Capital Match.

SMEs are contacted by the dltledgers customer service team to verify their credentials, and once this is completed, they can submit their request for funding along with all their supporting documents directly via the blockchain platform, and control which lenders their application goes to.

Instead of having to submit documents multiple times to different lenders, they can centralise the process in one place and control who accesses their data. Plans for the new feature were originally revealed to GTR by dltledgers in 2019, with the key aim of SmartFin being that it enables users to request rates from multiple financial institutions on a single transaction, rather than having to agree rates with their financiers outside of the platform.

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Keywords: supply chain finance, trade finance, SME lending, blockchain
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Singapore
This article is part of category

Banking & Fintech