ASB Bank Invests In Blockchain Trade Startup
Summary
Reports in Scoop.co.nz said Monday (Aug. 12) that ASB Bank has invested in TradeWindow with funds that will support the startup’s ongoing development of a distributed ledger technology-powered trade platform. “What began as collaboration through ASB’s innovation program to solve a customer problem is now a fully-fledged business ready to launch,” Annett said in a statement. By digitizing the trade process, businesses will be able to operate more efficiently with trust and security across the globe.” According to reports, the investment follows ASB’s piloting of the TradeWindow solution to facilitate trade between a South Korea-based importer and a New Zealand-based meat importer. According to TradeWindow Founder and CEO AJ Smith, the platform is designed to address the growing risk of cyberattacks in global trade and supply chains, as well as to address the friction associated with sharing documentation and data across trading partners. Smith also said that the funding from ASB Bank represents a “vote of confidence” in the technology “and recognizes the potential our product has to streamline trading between Kiwi exporters and the rest of the world.”