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Dubai, UAE. TradeAssets, a trade finance e-marketplace powered by blockchain technology for digital origination and the distribution of trade assets has partnered with several banks and has hit a transactional value of 1 bn USD within the first 10 months of 2021.
The announcement was made at an event recently by Vincent O’Brien who chaired the event. The event held in Dubai showcased latest trends in trade and innovations in trade facilitating technology.The event had a positive focus on the potential of trade to lift the World economy and take people out of poverty while also helping to achieve the ESG sustainability goals, according to O’Brien who is also Director of the International Chamber of Commerce (ICC) in the UAE.
The trade finance gap, as reported by the Asian Development Bank is now more than USD1.6 trillion and remains a huge barrier to trade finance and trade development, especially for SME’s who now provide the backbone of the trade economy.
TradeAssets, a unique emarketplace for banks, with over 75 banks members from 25 countries so far, run by 40 ex bankers across the world, is making inroads into closing thr trade finance gap through an open , inclusive ecosystem connected by technology and enabling banks to gain access to affordable trade finance and liquidity in order to support their customers and keep supply chains open during the pandemic.
O’Brien was pleased to announce that Trade Assets is making inroads into the trade finance gap using advanced distributed ledger technology which enables banks and their customers in emerging markets gain access to affordable trade finance which in turn has helped keep supply chains open during the pandemic.
Commenting on the development, Mr. Lakshmanan Sankaran, Founder and CEO of the fintech Trade Assets said “When we presented our Trade Assetstechnology at GTR MENA some 18 months ago we had impressive technology but frankly low volumes of deals going through. However, in the intervening period with access to trade finance so mission critical due to the pandemic the throughput of trade finance deals has grown beyond our expectations. By the end of the third quarter of 2021, Trade Assets breached the USD1.bn throughput benchmark, which was our target for the full year of 2021”
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About TradeAssets:
TRADEASSETS is the first Trade Finance e-Marketplace of its kind for banks TRADEASSETS gives its members efficiency, convenience, security and increased revenues TRADEASSETS was created by bankers for banks to bring efficiency to a manual process of originating and distributing trade finance assets.
For further queries look up www.tradeassets.online or reach out to vaishali@outsourcedmarketing.co
© Press Release 2021
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