Media ININ Economy We Trust
Media IN DUBAI, 15th May, 2019 (WAM)
Today DMCC, a Free Zone for commodities trade and enterprise, announced its collaboration with TradeAssets, the first blockchain-powered trade finance e-marketplace of its kind for banks.
As a result of the collaboration with DMCC, Tradeflow, a dedicated flexible and customised online platform for registering possession and ownership of commodities in the UAE, TradeAssets will gain access to a larger client base of institutional investors looking to alleviate risk when conducting online primary and secondary trade finance transactions.
DMCC will also strategically assist TradeAssets with lead generation and business development, as well as help the digitally driven entity in identifying potential eligible financial partners.
The Executive Director, Commodities and Financial Services, DMCC said that DMCC is committed to driving global trade flows through Dubai and ensuring that its member companies have access to an efficient, safe, secure and transparent marketplace.
“Our Future of Trade report launched last year highlighted the 1.5 trillion trade finance gap currently facing the industry. Advancements in technology have the potential to bridge this gap and usher in a new phase of economic growth. This is where solutions provided by fintech and blockchain are key, and why we have signed this agreement with TradeAssets – the first e-marketplace for banks of its kind,” he said
In his statement, the Founder Chairman and CEO, TradeAssets, added that the collaboration with DMCC will help grow clientele base and encourage other financiers to adopt advanced technology in their day-to-day processes.
TradeAssets was launched in 2018 by Dubai-based ‘Fintech Innovations International’, co-founded by ex-bankers Lakshmanan Sankaran and Sumit K Roy, to create efficiency and transparency in the traditional deal-making process, increase connectivity between institutions globally, make trade finance more accessible, and improve profitability for clients.
The blockchain-based platform operates in a large market base consisting of over 14,000 banks, with estimated secondary asset sales of US$1tn and primary asset origination of US$2tn.
A fully digital and interactive ownership registry, DMCC Tradeflow enables banks, financiers and suppliers to manage and alleviate potential risks across the commodity value chain by providing a transparent, regulated platform for registering possession of commodities, which are stored in DMCC’s UAE-based facilities
