OpenPort, a digital logistics platform using blockchain technology to transform domestic distribution in emerging markets, today announced a partnership with Acudeen Technologies, the peer to peer platform enabling small and medium enterprises to access financing.
“High capital requirements, cash flow problems, and a lack of visibility are just some of the issues currently hindering the growth of the supply chain industry due to the reliance on paper-based solutions,” OpenPort founder and CEO Max Ward said. “This partnership is not only monumental for both parties involved but has the potential to bring the supply chain industry to modern day.
“OpenPort’s blockchain solutions provide Acudeen with greater visibility and accuracy which in turn allow them to greatly reduce the level of non-performing liabilities. While Acudeen provides faster order to cash cycles, solving cash flow issues that have been inherent in the industry. Together, we look forward to overcoming these significant challenges for SMEs and multinational corporations alike and adding tremendous value to all stakeholders in the supply chain.”
Acudeen Technologies connects sellers of receivables to buyers willing to invest in them, while tackling one of the most prominent problems facing SMEs, a lack of access to funding and capital. The company strives to alleviate these liquidity problems by utilizing movable assets like receivables. Today, Acudeen is present in the Philippines and Myanmar, assisting more than 3,000 SMEs. Acudeen is regarded as Founder Institute’s Best Global Fintech and one of IDC’s Top 10 fastest growing fintechs in the Philippines of 2017.
“This partnership strengthens our ecosystem to support small, logistics businesses, and aligns with our company’s mission to create an inclusive environment for SMEs in emerging markets,” Acudeen Technologies founder and CEO Mario Jordan Fettling III said. “Through OpenPort’s technology and utility of blockchain, we are able to leverage their capabilities to trace the delivery progress of goods and services as a means to help financial institutions come up with a more informed decision to provide cheaper and more accessible financing for small logistics businesses.
“In financing, credit risk mitigation is the most important component towards feasibility. More often than not, what hinders large financial institutions to provide financing access to small businesses is the high credit risk involved, which is why this partnership is a step in the right direction for both Acudeen and OpenPort.”
Asia’s only multinational digital logistics provider, OpenPort provides ERP-integrated shipment visibility from pick-up to delivery, and irrefutable proof of delivery from any road freight transporter for maximum security, trust and traceability.
This announcement comes as OpenPort recently launched the Open Enterprise Logistics (OEL) Foundation, a non-profit organization open to enterprises in the supply chain and logistics industry. The foundation is committed to providing governance, development, and open source collaboration for the OEL Protocol and is preparing for its token generation event (TGE) which is set to commence later this year.