United Arab Emirates, Dubai - TradeAssets, the first e-marketplace for banks of its kind, announced the successful completion of the first, cross border, bank to bank trade finance transaction through its custom built platform. Two leading banks based in Bangladesh and India took part in the transaction.
The transaction was completed in less than a day, as expected from a digital process, and was coordinated by TradeAssets senior management to ensure that the platform functionality worked and ensured a very satisfactory end-to-end digital experience for the banks involved. Lakshmanan Sankaran, Founder Chairman & CEO said ‘TradeAssets has gone from a concept to the completion of its first commercial transaction in less than a year and this is a landmark occasion, not just for us at TradeAssets but our entire industry. This transaction celebrates the digitization of the asset trading business within banks and encourages all modern day bankers to adopt technology in traditional processes. The attention to detail given by the team while building the platform allows it to replicate all the complex steps of completing these transactions in a convenient and efficient manner. Our in-depth understanding of the trade finance industry and the banking processes and the beta feedback received from the working group of 15 banks last year allowed us to cover every step in detail and make the entire process easier and quicker, while complying to the required industry processes.’
With 25 banks live on the platform and over a 100 banks in different stages of adoption, TradeAssets foresees a busy 2019. Sumit K.Roy, Founder President and CMO says ‘The platform has a very significant impact on the way the business of trading assets is done within banks today. Just the use of the platform allows banks to complete transactions quicker and be able to do more transactions thus increasing profitability manifold. There is a strong social impact to the platform too. Banks in developing nations can forge ties with major international banks through the platform in a secure, digital environment. This will have a positive impact on global trade apart while enhancing the revenues of member banks on the platform.’
The TradeAssets platform uses state of the art technology and security allowed by the latest blockchain Hyperledger platform and combines it with a deep knowledge of the intricacies of the asset trading business. As a member of the TradeAssets ecosystem, banks do not need to invest millions of dollars into building their own platforms and then interfacing with each other in the hope of discovering more transactions. The platform built by bankers for banks, enables members to make the most of a digital environment and the immense value through efficiency that it brings to this large, complex and critically relevant world of trade finance.
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© Press Release 2019