Yesterday, Singapore-based Global eTrade Services (GeTS) announced a partnership with blockchain firm Shuttle One to integrate the former’s financing and supply chain platform with Shuttle One’s payments solution ecosystem.
GeTS is the partly government-owned logistics and supply chain management firm that developed the CALISTA platform for digital cross border trade. The solution already uses the GeTS Open Trade Blockchain (OTB), which allows stakeholders to store and share trade documents securely.
Meanwhile, Shuttle One has developed a blockchain-based cross-border remittance platform. It offers reduced transfer fees of 3% with near-instant settlement. It claims to have 1.2 million ecommerce merchants and 11,000 SMEs using its platform. Based in Singapore, it has a significant user base in Indonesia.
GeTS is integrating this solution with its CALISTA Finance offering.
“We are happy to have Shuttle One onboard CALISTA, to integrate the digital and physical aspects of trade financing on a single platform. This partnership will facilitate our customers to have more convenient access to trade financing,” said Chong Kok Keong, CEO of GeTS.
In trade finance, SMEs struggle to receive financing because of the challenge of assessing their credit risk profile. Using Shuttle One, users of the CALISTA platform need to furnish invoices and records of previous transactions to show credit history. Data analytics tools will then be used for credit assessment based on real-time trade and market insights.
The solution will then automatically draft a loan agreement, and the applicant can receive the money within 24 hours. Shuttle One and GeTS have already onboarded financiers on the platform and have funded about 30 transactions in the commodities and agri-food sector.
Founded in 2016, GeTS is a CrimsonLogic subsidiary, which in turn is 55% owned by government agency Enterprise Singapore and 45% by PSA, which runs the Singapore Port. PSA is a partner of GeTS for developing CALISTA.
Meanwhile, Contour is another Singapore-based trade finance platform that was launched earlier this year.