Despite the impact of the pandemic, #dltledgers’ growth has continued in 2020. Income has doubled and trade volume has passed S$3.5 billion (USD 2.6bn). The company is also benefitting from tailwinds – first from its successful Trade Finance Registry proof-of-concept, which is now in the hands of the Association of Banks in Singapore (ABS), then from the awarding of two government grants. More recently, the ABS announced the government-backed “Code of Best Practices for Commodity Financing”, which stresses the importance of transparency and robust risk management in trade – two key advantages of a platform like #dltledgers. In light of recent momentum, the Singapore-based firm is strengthening its team across the business. Kua’s appointment, the latest in a string of recent bank hires, comes as no surprise: he worked with new CEO, Farooq Siddiqi, who himself joined from Falcon in November.
Kua’s focus at #dltledgers will be to lead strategic partnerships with financial institutions. He brings to the company experience in relationship management, product sales, and structuring, having spent most of his career between ANZ Banking Group, Standard Chartered Bank, and Bank of Tokyo Mitsubishi. He also has a B.A. in Economics from Boston University.
Speaking on his appointment Kua said, “I’m excited to have joined one of the world’s fastest-growing trade digitisation platforms and am delighted to be working with Farooq again. I’m also looking forward to reconnecting with many people in my professional network. 2021 is likely to see a split between businesses who invest in the future of trade and those who do not. I believe in #dltledgers’ vision and I am excited to be part of the story”.
CEO, Farooq Siddiqi, was equally enthused, “Jeremy and I have a strong working relationship – our styles and appetite for risk are similar. I’m excited he’s back on my team”.
Since its launch in 2018, #dltledgers has digitised over S$3.5 billion-worth of cross-border trade transactions, powering trade flows spanning 28 countries on four continents. As the Singapore Government builds on its position as a pioneer in digital trade, as illustrated by the expanding list of Digital Economy Agreements, #dltledgers’ forecast is bullish. The company is predicting significant growth in revenue, trade volume, and international footprint.