New Zealand bank ABS funds local blockchain startup to expedite global trade platform.
New Zealand’s Auckland Saving Bank (ASB) has invested in local blockchain startup TradeWindow. The funding, reported Aug. 13, should expedite the launch of the company’s distributed ledger technology (DLT) trade platform.
Applying blockchain to the global supply chain
TradeWindow CEO, AJ Smith, believes that this link-up represents one of the first times a New Zealand bank has directly invested in a technology company. The company offers a host of solutions aimed at the global trade and supply chain industry.
With 12,000 registered exporters in New Zealand alone, Smith says he is excited about the “\major market opportunity this offers.
Nigel Annett, Executive General Manager of Corporate Banking at ASB was equally effusive.
"TradeWindow has the potential to truly transform the way our customers experience the international trade process. They will be able to operate more efficiently with trust and security across the globe."
Filling a gap in the market
TradeWindow’s technology creates a single trading window during the transaction, accessible by all parties. Edits can only be made with network majority approval, significantly reducing the risk of fraud.
The platform allows all relevant documentation, from certificates to invoices, to be exchanged digitally using one touchpoint. This eliminates courier charges, which currently give rise to significant costs to the various parties involved.
TradeWindow has also signed exclusive partnerships with digital documentation service, Prodoc and New Zealand-based Independent Verification Services.
New Zealand becoming increasingly blockchain and Bitcoin friendly
Yesterday, Cointelegraph reported that the New Zealand tax office issued a ruling that cryptocurrency salaries being both legal and taxable.
Coupled with this investment by ASB, blockchain and cryptocurrency certainly seem to be becoming more mainstream in the country.