we.trade Strengthens Collaboration with IBM
we.trade, a blockchain-based platform for international trade, announced an enhanced collaboration with IBM. This partnership will enable network enhancements and accelerate the global commercialisation of the platform. IBM has also become a new shareholder along with the 12 existing bank shareholders.
Already one of the largest blockchain-enabled trade networks in production, we.trade is designed to improve the trade finance lending process, supporting companies as they grow their business and expand into new markets. Over the last few months, we.trade has seen momentum continue to build as companies move to replace paper based trade finance processes with a digitised solution.
Starting July 2020, we.trade will extend services to additional banks and clients across Europe before expanding the network globally, starting with Asia. At the same time, work will continue to help enable we.trade to interoperate with other distributed ledger-based trade finance networks, such as the work already completed with Hong Kong-based eTradeConnect, a blockchain-based trade finance platform formed by 12 Asian banks.
"No other distributed-ledger based platform for trade has moved so rapidly to deliver value for member organisations and their customers," said Ciaran McGowan, CEO, we.trade. "The enthusiasm for this platform underscores the need to continue to invest and expand access to a growing number of organisations."
Built on the latest version of the IBM Blockchain Platform, we.trade is backed by some of the world's top banks including CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit. It is designed to connect buyers, sellers, banks, insurers and logistics organizations in a network that simplifies cross-border trading. It helps automate many of the processes around trade finance, as well as provide traders with access to insurance, credit rating and logistics services.
"The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the market place," said Jason Kelley, GM Blockchain Services, IBM. "Innovative technology and new pricing structures will help more banks align to internal production controls using their choice of cloud services. Meanwhile we.trade aims to help banks create new trusted trade corridors and expand markets by interconnecting with other regional trade services platforms."