Tradeteq has partnered with Singapore-based eXchange inFinite (XinFin) to offer tokenised trade finance products to institutional investors and has completed its first transaction.
The collaboration marks the first complete end-to-end transaction following a fresh set of regulatory guidelines and trade finance standards.
Billy Sebell, XinFin’s Head of Ecosystem, commented: “We are excited by the future potential of this ground-breaking partnership with Tradeteq. Decentralised finance represents the future and industry-wide participation relies on the development of robust, enterprise-grade infrastructure.
“By working with multiple institutions and stakeholders operating in the global trade ecosystem, we are laying the groundwork for the distribution of tokenised bank-owned assets in a standardised and secure manner through the XDC Network’s hybrid blockchain ecosystem. Tradeteq’s technology will be crucial to achieving this goal.”
The offering utilises XDC Network’s enterprise-grade blockchain technology to boost trade finance assets, which are re-packaged and distributed by Tradeteq, into non-fungible tokens.
Christoph Gugelmann, Co-Founder and CEO of Tradeteq, emphasised on the deal: “The partnership aligns with Tradeteq’s mission to speed up the distribution of trade finance assets to a broad range of investors in the new digital age.
“Trade finance is undergoing a revolution and decentralised finance will have a key role to play in future. This project showcases some of the innovative work Tradeteq and its partners are undergoing in order to stay at the forefront of this rapidly-changing industry.”
The first transaction was conducted on 20 September 2021, with invoice finance company Accelerated Payments as the asset originator.
“The collaboration between XinFin, Tradeteq and Accelerated Payments completes the chain from investor right through to the recipient of funding with complete transparency, accountability and liquidity,” added Ian Duffy, Founder and CEO of Accelerated Payments.
“This important step demonstrates the ability to disaggregate the Invoice Discounting industry and paves the way to providing access to a much wider range of funders and beneficiaries, providing a platform that can truly scale globally.”