We expect this solution to be the first of its kind in the logistics space.
Speed to market is greatly reduced while uses enjoy similar low interest rates by banks.
We foresee the industry pivoting to this convenient, trustable, and entirely paperless process.
Background
GeTS support the digital logistics space for Small & Medium Enterprises (SMEs) and Freight Forwarders (FFs). We aim to cover the purchasing and financing segment of the supply chain, and automate this segment with blockchain.
Why blockchain? Blockchain may be viewed as a secondary source of funds. It is decentralized, transparent, and it has smart contracts to enable auto-disbursements. Global trade financing is a wide and massive market, however it is highly dependent on human intervention and is not yet technologically advanced. It is not uncommon to find a long wait of customers often encountering rejection or no-response. It islargely a traditional industry, held back by slow and manual processes.
Requirements
We currently have a cloud-based machine-learning AI financing platform CALISTA, that enables automated financing, payment, and remittance. It handles ‘Know Your Customer’ (KYC) and audit checks and assessment of company credit applications, for fund disbursement. This includes a blockchain-enabled web and mobile application on Android and iOS, for trade financing. This application uses blockchain to prove ownership in the pledging of assets as collateral. The platform is implementing IMDA’s TradeTrust which is a framework that facilitates the interoperability of electronic trade documents exchanged between different digital ecosystems.
We are seeking collaborators to improve upon our current Blockchain solution,
The proposed technology should be compatible with IMDA’s TradeTrust framework and technology.
Minimum Required Technology Readiness Level (TRL)
Level 7
Development Timeframe
2 months, by End Jul 2020.
The Singapore Management University Institute of Innovation and Entrepreneurship (SMU IIE) is a practice-oriented institute that nurtures changemakers and founders who aspire to make the world a better place. To achieve this mission, SMU IIE focuses on its three areas of competencies which include customised training programmes, an equity-free incubation programme, and fostering a cohesive innovation and entrepreneurship community.
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