Singapore, 14th April, 2020 – dltledgers, Singapore’s leading blockchain platform for cross-border trade execution, and Global eTrade Services (GeTS), a global trade platform company, have inked a formal partnership agreement to help their respective customers deal with fallout from COVID-19. The aim of both parties is to speed up global trade transactions through CALISTA™ a global supply chain orchestration platform – making them more predictable, easier, seamless, and transparent. The dltledgers-GeTS relationship will leverage combined resources and expertise to provide a more efficient way of executing trades digitally. The end result – a more reliable supply of essential and non-essential goods.
Global trade still runs mostly on paper. Inefficiencies and delays are widely accepted, but COVID-19 has shone a light on many of the sector’s inherent vulnerabilities. Amidst a pandemic, more than ever, international trade is a lifeline. The ability of food and medical products, in particular, to reach their destination can be the difference between life and death. At the time of writing, dozens of ships sit idle, waiting for physical documentation to arrive and trigger unloading. Meanwhile, businesses and consumers must simply stand by. The inability of trade documentation to reach its designated recipient quickly – if at all – is one of many issues being magnified by the current crisis. Others include the risk of fraud, complex banking relationships, compliance, and slow-moving import and export processes. The partnership between dltledgers and GeTS aims to provide buyers and sellers with an immediate solution, through the online SaaS model.
Samir Neji, CEO at dltledgers said, “As the world struggles to mitigate the risks imposed by coronavirus, we believe it’s our duty to extend increased support to our customers. We’re delighted to announce our partnership with GeTS. Now, customers will have the ability to digitise documentation, e-file customs forms, and track the status of declarations in real-time, thereby reducing overall trade cycle times. We’re excited to be one of the pioneers to drive digitlisation across the supply chain, facilitating seamless cross-border trade”.
Kok Keong Chong, CEO at GeTS stated, “Our partnership with dltledgers enables customers to blockchain their cross-border trade transactions, creating a reliable, end-to-end, digital audit trail, unlocking financing options, and providing real-time visibility at each stage of a transaction. It also connects them to more than 60 customs nodes globally. We’re excited to roll-out our combined offering to customers, leading to more efficient cross-border trade processes”.
With the partnership already live, customers on both sides of the arrangement are already benefitting. dltledgers is leveraging CALISTATM to enable customers to request and submit documents, such as certificates of origin, transhipment declarations, and export permits, with multiple customs authorities around the globe. This reduces both effort and customs processing times. For example, where it could previously take days or weeks to launch a cargo declaration and obtain a Cargo Clearance Permit (CCP), it now takes minutes.
Similarly, GeTS can help its clients digitise their transactions, end-to-end. dltledgers recently became the first blockchain platform globally to pass $2.5 billion-worth of executed trades. In March it also completed the world’s first intercontinental shipment that brought together the buyer, seller, trader, multiple banks, carrier, and shipping agent on a single, common platform. GeTS customers will be among the first in the world to be able to digitise their entire supply chains, as well as track provenance and prove sustainability where necessary. They will also have the tools to negotiate better financing terms, either with the 45+ banks already on the dltledgers platorm, or with their own finance providers.
Ultimately, the anticipated result of this partnership will be not just shorter trade execution times, but also fewer problems with shipments. For consumers, as this type of technology is more widely adopted, that should mean a more stable, dependable supply chain, food on supermarket shelves, and medical supplies in hospitals. There have been few times in modern history where resilient trade processes were needed this acutely. Let us hope that technology can make a significant contribution.
About GeTS: Global eTrade Services (GeTS), a global leading trade platform company, is shaping the future of trade and supply chain with its innovative use of technology and deep G2B and B2B domain expertise. GeTS enables the orchestration of physical logistics, compliance and financial requirements of trade and supply chain seamlessly, smartly and securely, thus powering global trade by making it accessible, predictable and easier to fulfil. The company has linkages to 61 customs nodes across the world, with more than 175,000 connected parties and conducting 24.1 million transactions annually.
About dltledgers: dltledgers is a Singapore-based, cross-border trade execution platform, underpinned by blockchain technology. 400 customers, 50+ banks, and 4,500 network participants are now collaborating on the platform and to date nearly $3 billion-worth of trade transactions have been executed. As well as trade, large enterprises work with dltledgers to digitize supply chains, trace provenance, track shipments, and facilitate supplier financing networks. Among dltledgers’ growing set of key customers are Mitsui, Agrocorp, Shiseido, Wipro Unza, IFFCO, and Africa’s Trade and Development Bank. For more information about dltledgers, please visit dlt.sg.