ASB bank invests in blockchain startup TradeWindow
ASB bank, a New Zealand based bank owned by the Common Bank of Australia, recently invested in TradeWindow.
TradeWindow is a start-up supply chain tech company that uses Distributed Ledger Technology (DLT). The company uses this technology to create a ‘single trading window’ that, provides real-time insight into the trade for all participants on the platform.
This investment is set to fast track the development of TradeWindow’s visionary blockchain trading platform, and makes TradeWindow the first tech company in the country to receive direct support from a New Zealand bank. While commenting on the news, TradeWindow Founder and CEO, AJ Smith said:
The decision by ASB to invest in TradeWindow is a great vote of confidence. The bank is committed to accelerating the progress of New Zealand’s trade environment using new technology and recognizes the potential our product has to streamline trading between Kiwi exporters and the rest of the world.
As part of the deal, Nigel Annett, ASB Bank’s Executive General Manager of Corporate Banking, will be expected to join TradeWindow’s board of directors. ASB bank is also set to have significant take on the overall business. Talking on the investment, Nigel said:
TradeWindow has the potential to truly transform the way our customers experience the international trade process. By digitizing the trade process, businesses will be able to operate more efficiently with trust and security across the globe.
This new trading platform is set to significantly reduce the risk of fraud and cybersecurity threats. With more than 12,000 registered exporters and importers already signed on the platform, TradeWindow will significantly reduce costs incurred on services such as courier during trading. The platform enables instant document sharing amongst companies on its platform.
It also allows various parties including exporters, importers, banks, and insurance companies to share and exchange documents safely using one touchpoint. The sharable documents on the platform range from certificates to invoices. This digital sharing of documents, therefore, eliminates the costs the companies spend when sharing documents.
TradeWindow also intends to expand its operations. It has secured a crucial exclusive partnership with two other New Zealand export-related companies: Prodoc and Independent Verification Services (IVS).
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