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MoU Between Verofax Asia and Distichain to Enable Empowered Digital Global Trade
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The aim of the MoU is to create the first digital ASEAN B2B cross-border trade platform to facilitate a potential of RM 50 Billion Malaysian trade internationally with seamless digital transactions over the next 5 to 10 years. The collaboration between Distichain and Verofax Asia will offer a platform that delivers Digital B2B marketplaces as a service (MAAS) to enterprises by offering full marketplaces or through API integration.
Using blockchain and AI as core technologies, the platform digitizes global trade with end-to-end transactions through its ecosystem of supply-chain, verification, and trade finance providers. The solution enables suppliers to readily plug their catalogs, update product data, manage routes and orders, verify documentation and access aggregate financing and logistics all in one place. This unique platform that simplifies, secures, and empowers every participant in a trade.
"The signing of this MoU is an important step for Distichain's ambition to continue the further development and expansion of its solution. We are especially pleased to be taking this step alongside our partner Verofax Asia, and impact the ASEAN trading industry with rapid digital transformation through our one-day marketplace activation approach," said Mr Haisam Jamal.
Captain Koh added, "This platform will instantly digitalize the entire export and import process in governmental, non-governmental enterprises as well as SMEs. It will generate low-cost opportunity to digitize processes, introduce trade finance and automate supply-chain across all industries, accelerating economic growth in Malaysia and the ASEAN region. Through this partnership agreement signed today, we will further develop our technologies to meet the ongoing digitalization of international trade. Verofax Asia will have a massive impact on the performances of exports and imports with rapid digitalization, all the while building a resilient digital infrastructure and foster innovation for the recently signed Regional Comprehensive Economic Participation (RCEP) Trade Agreement, which came into effect on 1st January 2022."
About Verofax:
Verofax utilizes patented technology incorporating Blockchain, Augmented Reality and Artificial Intelligence to provide 'Traceability as a Service', enabling brands to turn their offline products interactive, and manage their entire supply chain to trace goods, fend off counterfeit activities, and improve manufacturers' productivity. Brands can extend their reach directly to end-consumers, thereby increasing consumer intimacy with direct engagement, and leveraging the boom in NFTs and metaverse experiences. Visit: www.verofax.com, or Email: [email protected].
About Distichain:
Distichain delivers B2B marketplaces as a service (MAAS) to customers using blockchain and AI, digitizing global trade with end-to-end transactions through its ecosystem of supply-chain, verification, and trade finance providers. SMEs and enterprises alike benefit from automated transactions governed by the system to deliver door-to-door border agnostic trading, with on-platform trade compliance present rules. Using smart contracts, Distichain ensures the highest levels of data privacy, and by connecting to innovative solutions within Fintech and Supply Chain, it facilitates transactions backed by instant trade finance with zero email trading. Distichain's objectives are to simplify cross-border trading, secure end-to-end transactions, and empower decision-makers with real-time AI analytics. Visit: www.distichain.com, or Email: [email protected].
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAn MoU was signed on January 12th, 2022, between Capt. Koh Chen Tien, Chairman of Verofax Asia, and Mr.Haisam Jamal, CEO of Distichain. The event took place in the Address Hotel Dubai Marina, where attendees from around the world were present for the opening of Malaysia Digital Week, taking place at Expo 2020 in Dubai, UAE.
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Firms currently trading in extended sessions on international exchanges are driving the trend, with many of these financial institutions expressing some or significant interest in trading during extended hours trading sessions, according to researchers at Ingerson Capital Partners.
Overall, Asia has the strongest demand, with a large percentage of financial institutions throughout the continent already trading extended hours, and firms that do not currently are showing a keen interest to look into it. The highest demand for extended hours comes from asset managers and hedge funds, representing the increasingly global reach of this market segment.
"As we continue to push the evolution of our markets and satisfy the increasing global appetite for European derivatives, launching extended hours in Asia was the next phase of our company's globalization strategy," explained Matthew Price who heads up the Capital Markets division for Ingerson Capital Partners.
"As we move forward, extended trading hours will better align our business with our global peers, boosting our international visibility and connecting us to more of our clients," he added.
For firms currently trading extended hours, key drivers for the demand include capturing unique opportunities, requirements for trading strategies, the ability to respond to events throughout the day, and hedging considerations.
"The world is becoming a lot smaller in terms of investment firms' and their ability to trade globally, and the introduction of extended trading hours is a crucial move to facilitate that trend," said Simon Philips, Ingerson Capital Partners' Senior Vice President.
"The motivation from firms based in Asia, like our own, is to expand the scope of their trading activities and reflects the growing sophistication and vision of firms across this continent."
For those firms that are not yet trading extended hours, the most vital importance is to capture unique opportunities relating to extended trading hours.
About Ingerson Capital Partners
At Ingerson Capital Partners, we provide a more personalized approach to managing your finances. We take the time to get to know you, learn about your goals, understand your lifestyle, and listen to your ambitions to create unique solutions for every financial stage of your life. Find out more by visiting: https://www.icpmanagement.com/
Media Contact
Ingerson Capital Partners, Research Department.
James Peterson, Head of Analytics.
Broadgate Tower, 201 Bishopsgate, London, England, United Kingdom. EC2M 3AB
[email protected]
+44 (0) 208 157 6450
SOURCE: Ingerson Capital Partners
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comIngerson Capital Partners today released a performance report on 'Asia Driving Demand for Longer Trading Hours'. The report has outlined that there is a significant rising desire for brokers and other investment professionals, including its own, to trade on markets based outside of their time zones during their local trading hours - with Asia demonstrating the leading the pack.
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