Prudential Singapore jointly announced a partnership with StarHub to launch Fasttrack Trade (FTT) - Singapore’s first digital trade platform for Small and Medium-sized Enterprises (SMEs) using blockchain technology.
The platform allows SMEs to seek business partners and distributors, buy and sell goods, track shipments, receive and make payments, access financing and buy insurance via a single platform. The pioneering platform is being developed by fintech startup Cites Gestion with funding from Prudential.
What does FTT offer SMEs?
Under the partnership, StarHub will offer its enterprise customers access to FTT’s services while Prudential will offer insurance to help them mitigate business risks. The platform also provides alternative financing options to SMEs through Funding Societies, a peer-to-peer lender. More service providers in areas ranging from financing, business intelligence, payments and logistics are expected to join the FTT by the time it is commercially launched in the first quarter of 2018
How does the platform build trust?
FTT is powered by distributed ledger technology which establishes trust among SMEs through the sharing of a common audit trail between counterparties on the platform.
Every transaction on FTT is recorded and traceable, making it not only safer but also faster and cheaper for SMEs to conduct trade transactions and access financing. For instance, for transaction values of between S$3,000 and S$20,000, an SME can get access to financing within 24 hours and insurance cover for its outstanding loan for premiums as low as S$20.
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