New Zealand’s ASB Bank has invested in blockchain startup TradeWindow. The platform aims to digitize international trade documentation to reduce the risk of fraud and cybersecurity threats. Last year we wrote about a TradeWindow pilot transaction between meat exporter
Greenlea Premier and a Korean importer, in which ASB Bank was also a partner.
“TradeWindow has the potential to truly transform the way our customers experience the international trade process,” said Nigel Annet, Executive General Manager of Corporate Banking at ASB Bank. “By digitizing the trade process, businesses will be able to operate more efficiently with trust and security across the globe.”
There are 12,000 registered exporters in New Zealand, which is a reasonable opportunity. However, ASB Bank is owned by Commonwealth Bank of Australia. While not mentioned in the announcement, clearly there’s potential to access an even bigger market.
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