Partnership announced between #dltledgers and banking solutions provider, Grover.
Banking solutions provider, Grover (formerly Kris FinSoftware), and #dltledgers recently announced a partnership to accelerate the adoption of enterprise blockchain by businesses and banks in Asia Pacific. Through the partnership Grover, which helps banks and large enterprises to identify innovative digital banking, lending, compliance, and risk management solutions, will connect #dltledgers to organisations wishing to explore blockchain within trade and supply chain financing.
This announcement comes after a spate of serious and sophisticated fraud and blow-ups in the region. High-profile casualties have included Singapore firms, Agritrade and Hin Leong Trading. Together these cases have left billions of dollars-worth of unpaid bank loans and guarantees, shining a light on gaps in established trade finance processes. This has resulted in a surge in interest in blockchain and inter-enterprise collaboration.
At the heart of blockchain’s appeal is its capacity to create authentic, transparent, tamper-proof records of transactions. Such records enable multiple parties to cooperate on digitally executed trades, without security, trust, and data ownership issues. Singapore-based #dltledgers was one of the first enterprise-focused blockchain platforms to launch in the region. Now working with Enterprise Singapore, Trade Trust, and Singapore’s Networked Trade Platform (NTP), it has assembled a network of thousands of counterparties, and processed $3bn-worth of transactions, despite going live only in 2018. The #dltledgers network is expanding quickly, supporting trade-flows across four continents, and covering all major commodity sectors. Grover will support #dltledgers in its regional rollout, as well as promoting newer initiatives like trade document validation between parties, digital bills of lading, and the prevention of double-financing.
Krishan Grover , Chairman and founder of GROVER commented “#dltledger is a great technology company and we are extremely delighted to work with them to support the challenging needs of our clients . This will help us accelerate the digitalisation of trade finance processes in the Philippines which is a great need of the hour”.
Led by banking industry veterans, with extensive experience in providing innovative and practical solutions to global companies, Grover provides a full range of world best-of-breed software solutions for banks in the region.
Find out more on them at : www.grover.sg