The World Blockchain Trade Consortium (WBTC) officially launched this week in Singapore with the aim to utilize blockchain technology to lower costs, reduce risk and increase funding to SMEs.
According to Crowdfund Insider, WBTC was created by a group of non-bank financiers and an insurance firm, including National Credit Insurance Brokers (Australia, New Zealand, Singapore), Incomlend (Singapore), GTR Ventures (Singapore, Hong Kong, U.K.) and Portal Finance (Chile, Colombia, Mexico). Additional members are expected to be announced soon.
The members will all use Invoice Check, a blockchain application developed by Trade Finance Market (TFM), which works with existing workflows and is the first in a suite of distributed ledger technology (DLT) tools developed by TFM.
“When we created Invoice Check, we approached a lot of fintechs and stakeholders in the industry. We found that there was a community of people who wanted to utilize this, who were not in the banking environment per se,” said TFM Executive Director Raj Uttamchandani, according to Global Trade Review. “Whilst we were talking to them about Invoice Check, they were asking about a lot of different use case scenarios for blockchain applications. We thought it would be good to have everybody under one roof to utilise the power of blockchain to solve problems today rather than creating a theoretical, conceptual model which may not be used in the future.”
Financiers can use the registry to cross-reference an invoice before actually financing it, while still keepin any data private and secure.
“For lenders, it seeks to reduce the perennial risks associated with invoice fraud or multiple invoicing. We are pleased that TFM is leading the technology charge in terms of creating a global network infrastructure for trade built on the blockchain. I invite all other stakeholders to explore collaboration with WBTC,” said Rupert Sayer, co-founder & CEO of GTR Ventures in Singapore, which invested in TFM.
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