Block 81 Ayer Rajah Crescent, #01-65, Jtc Launchpad@One-North, Singapore 139967
FinTech dltledgers has formally launched its SmartFIN program, which uses a blockchain-based system for connecting microbusinesses and small- to medium-sized businesses (SMBs) that are seeking trade financing with non-bank lenders.
The Singaporean company stated on its website that a prospective borrower can register in the SmartFIN system in 24 hours and then can begin the process of obtaining a loan at what dltledgers stated are lower rates than through more typical channels.
Once registered, the would-be borrower posts its financing needs. Then, dltledgers’ website stated: “Sit back and let SmartFIN do the work for you. Financiers will contact you within hours. You pick the financier that best meets your needs. And thats it. It is as simple as that.”
Dltledgers added: “A single login for any trader to utilize a scalable, global technology and legal infrastructure to service all your working capital and trade finance needs with a few clicks of a button... Ask for the best rates for each transaction. Connect your existing trade flow without hassle and grab on the spot.”
Global Trade Review quoted a dltledger spokesman as having said: “On SmartFin, [SMBs] can compare financing rates, and also see which lenders on the platform specialize in lending to particular industries, such as copper, cotton or sugar.”
Global Trade Review further quoted the spokesman for dltledger as having said: “The whole play here is around how we leverage blockchain technology not just for large enterprises and commodity players and banks but also for [SMBs]. This is one of the use cases from the [SMB] perspective. Eventually, we would anticipate that banks will come on board, as this is another use case where banks can validate all of the documents on an [SMB] before they finance their trade.”In addition to Singapore, dltledgers lists offices in India, the United Arab Emirates, Tokyo, New Zealand and Thailand.
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