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ASB Bank takes a stake in TradeWindow
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 globe.”
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 supply chain.”
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 Smith.
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.”
About
TradeWindow
TradeWindow www.tradewindow.io 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 accreditations.
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 Venture Fund.
ends
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
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