ASB backs kiwi blockchain start-up
TradeWindow, an Auckland-based tech developer, has announced it will receive financial backing from ASB to fast-track the development of its blockchain trading platform.
According to TradeWindow’s chief executive, AJ Smith, the deal is among the first direct funding arrangements between a New Zealand bank and a technology company.
“The decision by ASB to invest in TradeWindow is a great vote of confidence,” Smith said. “The bank is committed to accelerating the progress of New Zealand’s trade environment using new technology and recognises the potential our product has to streamline trading between Kiwi exporters and the rest of the world.”
TradeWindow’s ready-to-deploy platform is unique to the market, Smith said, creating a “single trading window” accessible by all parties involved in the transaction – from importer to exporter.
As with other Distributed Ledger Technology (DLT) platforms, edits can only be made with the consensus of the majority of the network, reducing the potential of fraud risk and cybersecurity threats.
ASB Bank’s EGM corporate banking, Nigel Annett, who will also join TradeWindow’s board, said the platform has the potential to transform the customer's experience of the international trade process.
“By digitising the trade process, businesses will be able to operate more efficiently with trust and security across the globe,” Annett said.
Last year ASB successfully piloted TradeWindow's platform, executing a trade between a Korean importer and a major NZ meat exporter, Greenlea Premier Meats.
According to Smith, the primary benefit of the platform, where immediate cost savings and efficiencies are realised, is the “instantaneous sharing of documentation that is currently couriered at significant cost between the various parties, including exporters, importers, banks, certifiers, and insurance companies.
"TradeWindow allows all relevant documents – from certificates to invoices – to be exchanged digitally using one touchpoint.”
“With cybersecurity threats on the rise, many exporters are looking to future-proof their trading procedures. By using TradeWindow, exporters can prevent revenue loss from criminal activity and provide increased traceability through the supply chain,” Smith said.