Two Singapore-based fintechs join ITFA

We are delighted to welcome two Singapore-based technology providers to ITFA and to our Fintech Committee: #dltledgers and 360tf.

“Cross-border trade and trade finance is a large, complex industry, with many stakeholders. The disruptions across supply chains in the last 18 to 24 months have resulted in an increased collective effort, globally, to push toward a digital economy with the aim of reducing or removing inefficiencies and creating more transparency. Corporates and Banks of all sizes are starting to deploy next-generation digital platforms to automate their trade processes and digitize their document flow.”, says Farooq Siddiqi, CEO of #dltledgers. He adds: “Connecting the trading ecosystem through a single user-interface, #dltledgers offers an intuitive plug-and-play platform that supports both Corporates and Banks in executing cross-border trade, trade finance, supply chain digitization, and fraud prevention. We are excited to be part of the ITFA community and look forward exchanging ideas and best practices as we progress through this digital era.”

Vikram Lodha, Co-founder and CEO of Nimai Trade / 360TF explains the membership decision: “At 360tf, we strongly believe that when Trade is Global, so should Trade Finance be! Designed and built ground up by seasoned bankers and ex-treasurers, 360tf is a new-age Trade Finance Fintech incorporated in Singapore with Regional office in UAE and Back office in India. 360tf is focused on connecting importers and exporters with banks across the globe digitally, for fulfilling their Letter of Credit confirmation & discounting requirements and make the best deals happen for all participants. We are delighted to be part of ITFA and as a member look forward to connecting with other member institutions to explore synergies, contribute to ITFA’s goals of member education, transparency of business practices within the trade fraternity and promoting inclusive trade finance across the globe.”

The ITFA Fintech Committee now regroups a total of 40 players which are listed on our web site. Our Fintech Initiatives aim to address two market-level ambitions: digitising negotiable instruments in the corporate-to-bank space (DNI Initiative), and digitising distribution flows whilst attracting institutional funding to the trade asset class (TFD Initiative). Our regulatory advocacy task force (TERA) aims to promote the integration of digital options such as use of cloud computing, e-signatures, e-originals, DLT, tokenisation and digital assets into existing regulations.

We look forward to welcoming our new members during our frequent webinars and our upcoming in-person events.