The Auckland Savings Bank (ASB) in New Zealand, has made a substantial investment in TradeWindow, a local blockchain startup. With backing from a major bank, TradeWindow intends to accelerate the progress on its upcoming distributed ledger technology (DLT) platform. This isn’t the first time ASB is making blockchain moves as it recently supported meat exportation via Blockchain.
AJ Smith, the CEO of TradeWindow, has expressed enthusiasm at the new partnership, specifically saying that this is definitely one of the first times a technology company would receive financial support from a bank in the country. Smith further suggests that the platform would be great for financial institutions as well as the supply chain industry which it already services.
Smith has also spoken on the efficiency of the upcoming platform. According to him:
“Our platform allows all relevant documents – from certificates to invoices – to be exchanged digitally using one touchpoint.”
This means that all parties to any transactions being run on the platform would have direct and real-time access for their own monitoring purposes. The use of a single “touchpoint” would also significantly lessen the possibility of fraudulent activity because for any alterations to be made on the platform, there must be authorization from a good majority of the related parties. The platform will also remove the need for courier charges, making it a lot more cost-effective for all parties.
Smith has further said that the platform represents a “major market opportunity” for related businesses and institutions in the country. At the moment, there are at least 12,000 registered exporters in New Zealand who could potentially benefit from the platform.
The ASB Executive General Manager of Corporate Banking, Nigel Annett, has also iterated the advantage of supporting TradeWindow. According to Annett:
“TradeWindow has the potential to truly transform the way our customers experience the international trade process. They will be able to operate more efficiently with trust and security across the globe.”