Dubai - Mubasher: Dubai Multi Commodities Centre (DMCC), the world’s top Free Zone and global hub for commodities trade, on Wednesday announced it has signed a memorandum of understanding (MoU) with TradeAssets, the UAE’s first blockchain-powered e-marketplace for trade finance.
TradeAssets will collaborate with DMCC Tradeflow, a customised online platform for registering ownership of commodities in the UAE, to gain access to a larger client base of institutional investors seeking to reduce risks of online primary and secondary trade finance transactions, according to a press release.
Moreover, DMCC will help TradeAssets strategically with lead generation and business development to find out potential eligible financial partners, the release added.
The MoU was signed by Sanjeev Dutta, executive director of commodities and financial services at DMCC, and Lakshmanan Sankaran, founder chairman and CEO of TradeAssets, at the headquarter of DMCC in Almas Tower, Dubai.
Sanjeev Dutta said: “We look forward to supporting the growth of the TradeAssets innovative platform that ensures client’s online transactions are secure. Our Future of Trade report launched last year highlighted the 1.5 trillion trade finance gap currently facing the industry.”
“Advancements in technology have the potential to bridge this gap and usher in a new phase of economic growth. This is where solutions provided by fintech and blockchain are key, and why we have signed this agreement with TradeAssets,” Dutta added.
Furthermore, Lakshmanan Sankaran said: “The collaboration with DMCC will help us grow our client base and encourage other financiers to adopt advanced technology in their day-to-day processes. We are excited to join and interact with a diverse community of trade pioneers and tap into a dynamic market comprising some of the region’s most tech-savvy business leaders.”
