Singapore-based financial technology firm Distributed Ledger Technologies Pte. Ltd. today announced it has completed a new funding round of $7 million.
The Series A funding round was led by India’s Regus and Savoy Capital, and existing investor Vittal and Walden International.
The company also said that it has switched its distributed ledger blockchain technology infrastructure from IBM’s Hyperledger Fabric to R3 LLC’s Corda blockchain. According to #dltlegers, the migration is intended to help the company streamline its business operations and reduce transaction and record-keeping costs.
“Corda aligns with our goals at #dltledgers — which is to build efficiency in inter-enterprise transactions, reduce friction in physical and financial flows, and to help customers transition to a future dominated by data,” said Farooq Siddiqi, chief executive of #dltledgers.
The company is a cross-border fintech firm for traders, banks and large enterprises and provides what it calls a “plug-and-play” solution to for trade, finance and supply chains. To do this, it uses blockchain technology, which acts as a tamper-proof, secure ledger of transactions among parties and across jurisdictions.
To date, #dltlegers has executed $3 billion worth of trades on its platform and it is used by more than 4,000 businesses participating in, financing or supporting cross-border trades.
These businesses need a platform that delivers results immediately, reduces transaction cycle time and provides real-time updates on transfers and money availability. That frees up working capital and thus automates traditional expensive, manual processes.
“We will continue shifting our users from disparate processes, communications, and reliance on email and paper, to a single, private, digital network, which can expand as customers’ requirements evolve,” said Siddiqi. “Through that network, users will be able to manage any type of repeatable transaction with external parties.”
The company claims that it can increase the efficiency of trades for traders by 80% and reduce finance costs by 20% by increasing traceability and open up new credit lines thanks to better visibility within trades.
Banks can deliver increased improvements in trade flow visibility. The company has already helped more than 45 banks in Asia, Australia, Africa, the Middle East and Europe to reduce risk, fraud and errors. Large enterprises can benefit from supply chain visibility, 15% to 20% lower financing costs and the ability to track and trace provenance from origin to customer.
Photo: Pixabay
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