DEVELOPMENT AUTHORITY BLOCKCHAIN CHALLENGE
We participated in IMDA's Blockchain Challenge under our project name of GENIE.
Many growing businesses face a challenge of obtaining funds to finance their expansion. Lenders are concerned about financing such entities due to their perceived credit risks. One of the key credit mitigation taken by lenders is to provide Receivables Financing. However, such financing requires a large amount of transaction documents for verification. The processes and interactions are manual and voluminous, relying heavily on physical paperwork and documentation.
To this end, we embarked on a project to streamline the process and reduce the financing risks for the lenders through the use of Blockchain technology to provide integrity and transparency of the transactions for all transacting parties involved. Blockchain Solutions is the technology partner developing the prototype (using Guardtime Keyless Signature Infrastructure (KSI) to address TradeBChain’s business requirements.
We will also be building a blockchain enabled centralised invoice repository to mitigate the risk of double financing for lenders.
We partnered Finaqe Group to bring various lenders and businesses to transact on its platform. Finaqe Group is an established specialist in connecting growing businesses to a wide range of lenders to raise funding.
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