GeTS to facilitate blockchain-enabled financing in partnership with Shuttle One
SINGAPORE, June 30, 2020 /PRNewswire/ -- Global eTrade Services (GeTS), a global trade platform company, has signed a strategic partnership with Shuttle One, a digital blockchain-enabled financing company that reduces the friction between digital assets and local currencies. This partnership will facilitate easier access to blockchain-enabled financing for customers, especially SMEs using CALISTA™ Finance through CALISTA™, a global supply chain orchestration platform.
Blockchain-enabled financing enables trade finance document to be exchanged securely and helps to prevent potential alteration of content, providing an immutable audit trail.
To apply for financing with Shuttle One, customers would only need to drop off their invoices and records of past transaction to show credit history. Through data modelling and analytics, the credit assessment process makes use of real-time trade and market insights, which allows for the quick integration of data from disparate sources. A loan agreement will then be automatically generated upon approval. This enables the financing process from the application submission to the receipt of money in account to take place within 24 hours, making the financing process more efficient, transparent and secure.
Jointly with Shuttle One's technological infrastructure, GeTS and Shuttle One onboarded a variety of financers onto the system to support regional SMEs and have funded more than 30 blockchain-enabled financing in the commodities and agri-food sector. GeTS will continue to work with new financiers to join this eco-system. Financiers provide funds which will be loaned to businesses through CALISTA™.
Chong Kok Keong CEO of GeTS, said: "We are happy to have Shuttle One onboard CALISTA™, to integrate the digital and physical aspects of trade financing on a single platform. This partnership will facilitate our customers to have more convenient access to trade financing. We will continue to make trade more accessible and easier."
Lim Hong Zhuang, CEO of Shuttle One, said: "We are delighted to be partnering with GeTS on the CALISTA™ platform. We share with GeTS the mission of making mobile banking more inclusive and accessible for more people, especially in Southeast Asia."
Tristan Ng, CEO of Suncorp, said: "CALISTA™ and Shuttle One have fundamentally changed how I finance my business in Singapore. I was able to receive the financing amount in my bank within 24 hours of sending the application. Apart from declaring on CALISTA, the almost automated financing expands my business rapidly."