IBM becomes new shareholder in blockchain-based platform we.trade
we.trade has expanded its collaboration with IBM which will enable network enhancements and accelerate the global commercialisation of the platform.
Blockchain-based platform we.trade has beefed up its collaboration with IBM which will enable network enhancements and accelerate the global commercialisation of the platform. IBM has also become a new shareholder along with the 12 existing bank shareholders.
From July 2020, we.trade will extend services to additional banks and clients across Europe before expanding the network globally, starting with Asia. At the same time, work will continue to help enable we.trade to interoperate with other distributed ledger-based trade finance networks, such as the work already completed with Hong Kong-based eTradeConnect, a blockchain-based trade finance platform formed by 12 Asian banks.
Built on the latest version of the IBM Blockchain Platform, we.trade is backed by some of the world’s top banks including CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit. It aims to connect buyers, sellers, banks, insurers and logistics organizations in a network that simplifies cross-border trading.
we.trade helps automate many of the processes around trade finance, as well as provide traders with access to insurance, credit rating and logistics services. Once on the network, traders can initiate orders, manage the order-to-payment process and attain financing. They can also search the network to discover new trading partners.
we.trade aims to improve the trade finance lending process, supporting companies as they grow their business and expand into new markets. Over the last few months, we.trade has seen momentum continue to build as companies move to replace paper based trade finance processes with a digitised solution.
Jason Kelley, GM Blockchain Services, IBM, commented:
“The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the market place. Innovative technology and new pricing structures will help more banks align to internal production controls using their choice of cloud services. Meanwhile we.trade aims to help banks create new trusted trade corridors and expand markets by interconnecting with other regional trade services platforms.”
