DMCC Tradeflow signs MoU with TradeAssets

DMCC has announced its collaboration with TradeAssets, the first blockchain-powered trade finance e-marketplace of its kind for banks, in a move that will mitigate the risk of online transactions.
Through its collaboration with DMCC Tradeflow, a dedicated flexible and customised online platform for registering possession and ownership of commodities in the UAE, TradeAssets will gain access to a larger client base of institutional investors looking to mitigate risk when conducting online primary and secondary trade finance transactions. DMCC will also strategically assist TradeAssets with lead generation and business development, as well as help the digitally driven entity in identifying potential eligible financial partners.
"DMCC is committed to driving global trade flows through Dubai and ensuring that its member companies have access to an efficient, safe, secure and transparent marketplace. Our partnership with TradeAssets is an important one. We look forward to supporting the growth of the TradeAssets innovative platform that ensures client's online transactions are secure," said Sanjeev Dutta, executive director, Commodities and Financial Services at DMCC.
"Our Future of Trade report launched last year highlighted the 1.5 trillion trade finance gap currently facing the industry. Advancements in technology have the potential to bridge this gap and usher in a new phase of economic growth. This is where solutions provided by fintech and blockchain are key, and why we have signed this agreement with TradeAssets - the first e-marketplace for banks of its kind," he added.
Lakshmanan Sankaran, founder, chairman and CEO, TradeAssets, added: "The collaboration with DMCC will help us grow our client base and encourage other financiers to adopt advanced technology in their day-to-day processes. We are excited to join and interact with a diverse community of trade pioneers and tap into a dynamic market comprising some of the region's most tech-savvy business leaders."
- business@khaleejtimes.com