ASB Bank takes a stake in early-stage supply chain tech company TradeWindow
AUCKLAND 12 Aug 2019:
Major bank funding and Callaghan Innovation grant fast-tracks launch of company focusing on distributed ledger
technology trading product.
An investment from ASB into a newly launched technology company, TradeWindow, will fast-track development of its
visionary Distributed Ledger Technology (DLT) trade platform.
TradeWindow Founder and CEO, AJ Smith, says the company is one of the first technology companies in New Zealand to
receive direct funding from a New Zealand bank.
“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 recognises the potential our product has to
streamline trading between Kiwi exporters and the rest of the world,” says Smith.
ASB Bank’s Executive General Manager of Corporate Banking, Nigel Annett, will join the company’s board, with ASB Bank
taking a significant stake in the business.
“What began as collaboration through ASB’s innovation programme to solve a customer problem, is now a fully-fledged
business ready to launch,” says Annett.
“TradeWindow has the potential to truly transform the way our customers experience the international trade process. By
digitising the trade process, businesses will be able to operate more efficiently with trust and security across the
Last year ASB successfully piloted the TradeWindow platform, executing a trade between a Korean importer and a major
Kiwi meat exporter, Greenlea Premier Meats.
TradeWindow uses DLT to create a ‘single trading window’ accessible by all parties involved in the transaction from the
importer to the exporter. It significantly reduces the risk of fraud and cyber security threats as edits can only be
made with the consensus of the majority of the network.
However, Smith says the primary benefit 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. With 12,000 registered exporters in New Zealand it
represents a major market opportunity. TradeWindow allows all relevant documents – from certificates to invoices – to be
exchanged digitally using one touchpoint”.
“With cyber security 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
Smith says TradeWindow is growing quickly and has secured key exclusive partnerships with two other New Zealand
export-related companies, Prodoc and a division of IVS (Independent Verification Services). It is currently finalising
agreements to acquire these companies. It also has several pilot projects planned and underway with other Kiwi exporters
in different sectors, including one with Fiordland Lobster Company, New Zealand’s largest lobster exporter.
Prodoc is an export documentation compliance company that creates digital documentation for over 60% of New Zealand’s
exports. IVS assists New Zealand exporters in the forestry, timber and horticultural industries with product
certifications and quality assurance.
“The addition of these companies’ services within the TradeWindow eco-system will create significant synergies in
verification and documentation compliance for Kiwi producers, and significantly simplify the export process,” says
Prodoc Director, Steve Cox, says “We are excited to be joining forces with TradeWindow, which we believe will become the
go-to platform for exporters who need to meet critical deadlines. It will offer competitive advantage by improving
turnaround times and lift customer service levels for demanding export partners.”
Smith says the bank funding and a recent Callaghan Innovation grant will further the research and development of
TradeWindow, helping ready the platform for commercialisation. “We aim to announce the release of our first commercial
version of the product very shortly.”
was developed by VerifyUnion NZ Ltd, a distributed ledger technology (DLT) specialist with a focus on creating
innovative commercial solutions to supply chain problems. VerifyUnion NZ Ltd has gained ISO 9001 and 27001
Albertus ‘AJ’ Smith is a successful entrepreneur with a background in financial technology for insurance and personal
loans. He has previously founded two fintech companies both of which he successfully sold including one to a Swiss