IBM takes stake in bank-backed blockchain platform we.trade

21 mai 2020

IBM has taken a seven percent stake in we.trade, a blockchain-based trade finance network owned by 12 banks, according to a press release.

we.trade helps automate many of the processes around trade finance, as well as provide traders with access to insurance, credit rating and logistics services. Once on the network, traders can initiate orders, manage the order-to-payment process and attain financing. They can also search the network to discover new trading partners.

Initiated by nine banks in January 2017 under the project name, Digital Trade Chain, the platform was re-badged as we.trade in October 2017. The network went into live production in June 2018.

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.

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.”, IBM said.

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.

A new IBM Institute for Business Value 1) survey of more than 1,000 organizations globally found respondents said that accessing new markets is among the top motivating factors to join an existing blockchain network such as we.trade. Meanwhile 64 percent of respondents indicated that reducing friction in current processes and services was a top reason for using blockchain technology to augment existing trade digitization investments.

„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.”

1) Source: IBM Institute for Business Value – Advancing global trade with blockchain

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?