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Veteran bank executive Vinod Elambilan Padinhere (Vinod EP) has left the Indian multinational bank, ICICI, to lead trade finance initiatives at Singapore-based fintech platform #dltledgers.
Singapore, 19th October – International trade digitisation blockchain platform #dltledgers has appointed Vinod EP as its new Client Director for Trade Finance. His focus will be to offer structured finance support for customers interested in digitising their trade execution processes. Vinod commenced his new role this month and will be based out of the company’s Singapore headquarters. He will report to Samir Neji, CEO at #dltledgers. This is one of several strategic hires for the company, which in the next phase of its journey will be committing additional resources to new developments in trade finance risk and global supply chain digitisation.
Vinod EP joins #dltledgers from ICICI Bank, where he worked as Head of Trade and Transaction Banking since 2012. Speaking on the move, Vinod said: “Covid 19 has made banks and corporates wary and vulnerable. Now more than ever, the sector needs an e-solution for trade finance which can reduce costs and increase efficiency and margins. I believe it is in the interest of the global ecosystem, and the millions of stakeholders and connected entities, that ‘weak links’ are identified as early as possible, and drastic steps are taken. This will protect the interests of depositors and help restore faith in the banking system. Blockchain technology enables the introduction of a new, digitally engineered model, which helps trade participants to tackle fraud while enabling trade flows to flow faster and smoother than ever”.
He added: “COVID-19 also exposed multiple trade finance gaps, with SMEs’ liquidity being the hardest hit. Digitisation through blockchain creates authenticity and trust in the system, potentially allowing smaller players greater access to capital. To this end, I’m thrilled to be leading #dltledgers’ recently launched SME financing programme. This is aimed at financial inclusion and helping to plug the world’s widening trade finance gap”.
“I am also excited by #dltledgers’ current work with Singapore’s Trade Finance Registry. Singapore has always been a flag bearer for positive change. For example, the country introduced controls in trade finance by issuing publications such as The Guidance on AML/CFT Controls in Trade Finance, and The Best Practices for Countering Trade-Based Money Laundering. Recently ABS, along with Singapore’s leading banks, pioneered a world-first blockchain-based solution to solve the problem of duplicate financing. I’m excited to be spearheading this initiative, as we roll it out to central banks in other countries”.
Only two weeks ago #dltledgers announced its new digital transformation leader, Shine Xavier, as Global VP of Engineering and Technology. And earlier this year the company hired Nikhil Joshi, formerly at Barclays, as COO. The company’s focus on hiring senior trade finance professionals is no coincidence. While digitising trade execution processes is the current focus, the company’s longer-term objective is to leverage its data to create a more sophisticated framework for managing risk and liquidity within global trade finance.
Since its inception three years ago, #dltledgers has digitised over SGD 3 billion-worth of cross-border trades, powering trade flows spanning 28 countries on four continents. On the back of significant growth in 2019/20, including the opening of several regional offices, the company is in the midst of its latest funding round, which will support further expansion in 2021.
For more information please contact James Green at #dltledgers: firstname.lastname@example.org / +65 9151 5207.
#dltledgers is the leading, independent fintech platform for trade and supply chain digitisation in blockchain. Based in Singapore, the platform facilitates inter-enterprise collaboration, connecting the “digital islands” across its value chain to create a trusted trade framework and supply chain ecosystem for its users. Network participants include buyers, sellers, trading companies, and finance providers, as well as carriers, logistics partners, insurers, ports, and a variety of certifying bodies and government agencies. The #dltledgers blockchain platform is a pioneer in enterprise blockchain, having executed $3 billion worth of live transactions, involving over 400 subscribed traders, 45 banks, and 4500 ecosystem partners.