• About Us
  • Contact Us
  • Privacy & Policy
CoinNewsDaily
  • Home
  • Coin Market Cap
  • ICO Live
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • ICO
  • Business
No Result
View All Result
  • Home
  • Coin Market Cap
  • ICO Live
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • ICO
  • Business
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup

coinnewsdaily by coinnewsdaily
August 13, 2019
in Business
0
New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees

Ethereum’s Top DEX Is Rebooting With New Scaling Features

December 7, 2019
Bank of China Issues $2.8B in Bonds to Small Businesses Using Blockchain Tech

Bank of China Issues $2.8B in Bonds to Small Businesses Using Blockchain Tech

December 6, 2019

A New Zealand bank has invested a “significant” amount in a startup working to put trade finance on a blockchain.

Announced Tuesday, ABS Bank – an institution owned by the Commonwealth Bank of Australia – said it backed the TradeWindow platform after taking part in a pilot utilizing its tech to carry out a trade between a Korean importer and a New Zealand meat exporter last year.

A.J. Smith, founder and CEO of TradeWindow said the undisclosed investment means his firm is one of the first tech companies in the country to backed directly by 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,” Smith said.

The firm said the funding will be used to “fast-track” development of its platform.

TradeWindow uses distributed ledger technology to create a “single trading window” that provides real-time insight into a trade for all participants. Changes to data can only be made “with the consensus of the majority of the network,” the firm said, meaning the risk of fraud and cyberattacks are greatly reduced.

The most immediate benefit for clients, though, according to Smith, is the greater efficiencies and lower costs brought about by the real-time sharing of documentation. Currently, this is “couriered at significant cost” between all trade participants, he said.

As part of the funding deal, Nigel Annett, executive general manager of corporate banking at ASB Bank, will join TradeWindow’s  board.

“What began as collaboration through ASB’s innovation programme to solve a customer problem, is now a fully-fledged business ready to launch,” Annett said.

TradeWindow is said to be finalizing partnerships that will see it acquire two New Zealand-based export companies, as well as having more pilot schemes in the pipeline.

Ship and containers image via Shutterstock

Credit: Source link

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Share76Tweet47
Previous Post

This Crypto Is Worth Less Than 1 Cent. VCs Are Betting Millions on Its Future

Next Post

SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees
Business

Ethereum’s Top DEX Is Rebooting With New Scaling Features

December 7, 2019
Bank of China Issues $2.8B in Bonds to Small Businesses Using Blockchain Tech
Business

Bank of China Issues $2.8B in Bonds to Small Businesses Using Blockchain Tech

December 6, 2019
Four Insights on Crypto Liquidity From Binance US and FTX
Business

Four Insights on Crypto Liquidity From Binance US and FTX

December 6, 2019
Kadena Blockchain Taps Healthcare Data Firm to Track Medical Cannabis Product
Business

Kadena Blockchain Taps Healthcare Data Firm to Track Medical Cannabis Product

December 6, 2019
Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees
Business

Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees

December 5, 2019
Crypto Lender BlockFi Rolls Out Zero-Fee Trading for Bitcoin, Ether, GUSD
Business

Crypto Lender BlockFi Rolls Out Zero-Fee Trading for Bitcoin, Ether, GUSD

December 5, 2019
Load More
Next Post
SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security

SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Stories

  • Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees

    Ethereum’s Top DEX Is Relaunching to Tap Istanbul’s Lower Gas Fees

    189 shares
    Share 76 Tweet 47
  • Microsoft Teams up With Enjin to Offer Crypto Collectible Rewards

    189 shares
    Share 76 Tweet 47
  • France Will Launch Its Own Digital Currency in 2020

    189 shares
    Share 76 Tweet 47
  • Ex-Morgan Stanley Executives Launch Crypto Derivatives Platform in Singapore

    189 shares
    Share 76 Tweet 47
  • Ripple Files Last Bid to Dismiss XRP Securities Lawsuit Before Court Meeting

    189 shares
    Share 76 Tweet 47
CoinNewsDaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • Ripple
  • Tech
  • Trading

What New here?

  • Bitcoin Volatility Is Up, Liquidity Stagnant
  • SBI Holdings Will Pay Dividends in XRP
  • Ethereum’s Top DEX Is Rebooting With New Scaling Features

Subscribe to Get More!

  • About Us
  • Contact Us
  • Privacy & Policy

© 2018 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • ICO Live
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • ICO
  • Business

© 2018 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$7,524.90
  • ethereumEthereum(ETH)$147.91
  • bitcoin-cashBitcoin Cash(BCH)$213.33
  • rippleXRP(XRP)$0.224493
  • litecoinLitecoin(LTC)$45.58
  • cardanoCardano(ADA)$0.038502
  • iotaIOTA(MIOTA)$0.206200
  • dashDash(DASH)$52.25
  • nemNEM(XEM)$0.036307
  • moneroMonero(XMR)$54.48
  • stellarStellar(XLM)$0.055499
  • eosEOS(EOS)$2.73
  • ethereum-classicEthereum Classic(ETC)$3.90
  • liskLisk(LSK)$0.68
  • tronTRON(TRX)$0.014577
  • neoNEO(NEO)$9.13
  • vechainVeChain(VET)$0.006956
  • qtumQtum(QTUM)$1.75
  • bitcoin-goldBitcoin Gold(BTG)$6.03
  • tetherTether(USDT)$1.00
  • omisegoOmiseGO(OMG)$0.75
  • iconICON(ICX)$0.133879
  • binance-coinBinance Coin(BNB)$22.60
  • nanoNano(NANO)$0.83
  • vergeVerge(XVG)$0.004590
  • bytecoin-bcnBytecoin(BCN)$0.000494
  • zcashZcash(ZEC)$29.77
  • ontologyOntology(ONT)$0.62
  • aeternityAeternity(AE)$0.164246
  • steemSteem(STEEM)$0.120551
  • wanchainWanchain(WAN)$0.192276
  • siacoinSiacoin(SC)$0.001463
  • bitsharesBitShares(BTS)$0.020077
  • bytomBytom(BTM)$0.079930
  • zilliqaZilliqa(ZIL)$0.006582
  • populousPopulous(PPT)$0.52
  • bitcoin-diamondBitcoin Diamond(BCD)$0.374038
  • bitcoin-privateBitcoin Private(BTCP)$0.149109
  • stratisStratis(STRAT)$0.301309
  • wavesWaves(WAVES)$0.58
  • rchainRChain(RHOC)$0.018772
  • dogecoinDogecoin(DOGE)$0.002225
  • hshareHyperCash(HC)$1.22
  • statusStatus(SNT)$0.010926
  • digixdaoDigixDAO(DGD)$16.89
  • loopringLoopring(LRC)$0.024611
  • iostokenIOST(IOST)$0.006165
  • aionAion(AION)$0.065613
  • waltonchainWaltonchain(WTC)$0.489530