Fintech Innovations International, a fintech company, has launched a blockchain powered e-marketplace to help banks optimise trade finance risk and increase revenues.
Dubbed TradeAssets, the platform has been built to create efficiency and transparency in a traditional deal-making process, increase connectivity between institutions globally, make trade finance more accessible and improve profitability for clients.
TradeAssets will help create a brand new global ecosystem of secondary and primary financial institutions, development banks and commodity traders, securely connected 24 by 7, conducting, buying and selling of trade finance assets and other similar products.
Lakshmanan Sankaran, founder, chairman and CEO, Fintech Innovations International said: "The UAE is one the world's largest trading hubs and Dubai being the fore runner in innovation technology, it makes perfect sense for our company to launch TradeAssets in Dubai."
Lakshmanan added that TradeAssets will offer exceptional economies of scale and ROI, and aims to acquire over 100 clients in two years. "We are looking at achieving recovery of investment and a moderate revenue surplus by the end of third year of operations," he said.
"DMCC is proud to be the host Free Zone for TradeAssets, its group of banking experts and the innovative blockchain powered platform," said Sanjeev Dutta, executive director, Commodities at DMCC.
"Digitalisation is at the core of our strategy as the market maker for global trade and enterprise. Providing all the products, services, physical and financial infrastructure that businesses need to trade with confidence is central to DMCC's growth strategy. Offering our support to the new TradeAssets platform is simply an extension of this long-term view, and we wish the team behind it every success," Dutta added.
Ravi Jagannathan, CEO KrypC Technologies, said further to establishing trust, blockchain enables all the participants in the ecosystem to exchange information and assets with others selectively, securely and efficiently to participate in the trust economy. "We are highly excited that Fintech International is putting blockchain technology at the core of their Trade Assets Platform and we strongly believe that this platform built on our proprietary KrypCore technology will change the future of assets trading by banks and financial institutions," said Jagannathan.