Singapore, 20th March 2020 – Singapore-backed blockchain platform, dltledgers, has officially launched in MENA (Middle East and North Africa). The company supports regular trades flowing into, out of, or through the region, so the company’s executive team has picked Dubai as its first strategic location there. More may follow, with advanced commercial conversations already underway in several of the nearby trading hubs. Building a physical presence in MENA is proof of dltledgers’ commitment to be a truly global platform for cross-border trade digitization.
Since its inception in late 2017, dltledgers has grown into one of Southeast Asia’s leading enterprise blockchain platforms. Customers have executed nearly $3 billion worth of live trade transactions via the platform, supported by 45+ banks and 4500 other ecosystem partners. Blockchain is perhaps best known as the software behind cryptocurrencies like Bitcoin, but enterprise adoption of the underlying technology is still relatively nascent. dltledgers is at the forefront of those trying to change that. The company’s 400-strong list of customers includes large trading firms, multinationals, global supply chain firms, natural resources firms, and international banks.
Now, dltledgers aims to replicate its Southeast Asian success across the Middle East and Africa. To do so, it is leveraging assistance from the Singapore government. The “island nation” has, for some time, positioned itself as a global tech hub, with particular emphasis on fintech (financial technology). dltledgers benefits from support from two of its most active agencies: Enterprise Singapore, which champions enterprise development, and the Infocomm Media Development Authority (IMDA), which is mandated to boost technology, IP, and innovation capabilities in the city-state. The approach is already bearing fruit. dltledgers recently partnered with ADGM, one of MENA’s most progressive financial centres, to obtain commercial license to operate in the region.
Going forward, dltledgers is focused on scale. From its office in Dubai, the most populous city in the United Arab Emirates (UAE), it will support key customers and partners like IFFCO, ETG, RAK Ceramics, ADCB, and Standard Chartered Bank, which are already on the platform, as well as onboarding an expanding pipeline of new businesses. Dubai itself has a forward-thinking blockchain strategy. It aspires to digitize 50% of its government transactions by next year, saving 25.1 million hours of manual work. This is clearly an appropriate headquarters for dltledgers, which will support trade digitization both locally and with neighbouring regions and trading partners. The company’s short-term objective is to digitize 2% of cross-border trades in MENA by 2022.
Samir Neji, CEO at dltledgers stated, “Entering UAE has been critical for us as we aim to expand operations globally. It is home to the region’s most progressive institutions and was first on our radar. We are grateful to both our facilitators – EnterpriseSG and ADGM – which have helped us achieve this dream. I firmly believe with our expertise and resources, we will be able to deliver blockchain within the region, and with it, the digitization of crucial trade flows. I’m excited that dltledgers has been chosen as a preferred partner”.
Satvinder Singh, Assistant Chief Executive Officer at EnterpriseSG, added, “dltledgers is one of Singapore’s most exciting blockchain businesses. We are committed to advancing the reach of Singapore FinTech across the globe, and we’re delighted to see its adoption in the MENA region in partnership with ADGM”.
dltledgers is a global platform company headquartered in Singapore. Based on Hyperledger Fabric, the company’s blockchain platform was built specifically for digitizing cross border trade execution. The software provides users with the ability to link their trade counterparties on a common platform, integrating their core ERP systems, and building private, secure ecosystems consisting of finance providers, shippers, logistics operators, ports, and other network partners. With digitization and blockchain, cross-border trade is being transformed like never before. The dltledgers blockchain platform leads the pack with almost $3 billion-worth of completed trade transactions, over 400 global traders, 45 banks and 4500 network participants. For more information about dltledgers please visit dlt.sg.
- Founded in January 2018, dltledgers’ blockchain-powered trade platform enables companies to connect different parties within their supply chain and/or trading network. By doing so, they can digitalise trade processes and financing documentation with banks and trade finance providers. Between the launch of the platform in October 2018 and the time of writing, approximately S$3 billion of live trade finance transactions have been executed. So far, over 390 traders and more than 45 banks are onboard. dltledgers has enabled its customers to reduce trade execution times from 45+ days to a matter of hours, lowering operational overheads and improving the working capital lifecycle by up to 80%.
- dltledgers raised $2.5m in an investment round led by Walden International in 2019. The company is in the process of preparing for a significant investment round, and has already received term sheets from well-known investors.
- Customers include Shiseido, IFFCO, Agrocorp, Wipro Unza, and many more.
- Partners include DBS Bank, Africa’s Trade and Development Bank, Standard Chartered Bank, Microsoft, SAP, and Google.
- HackerTrail is a Singapore-based HR tech startup, focused on technology recruitment. The company recently raised $1.5m in seed funding, based on more than 100% growth in both 2018 and 2019.
- Blockchain’s unique ability to reduce risk and replace the need for trust within cross-border trade is now widely accepted. Risk is a topic of much discussion in today’s trading community.
- Follow dltledgers on LinkedIn