As per the latest news, an association with TradeLens, a blockchain-enabled digital platform has been declared by Drip Capital with an agenda to provide a simpler credit facility for small & medium-sized businesses (SMBs) globally.
Global trade is crucial to strengthen a country’s economy. However, in the present times, it continues to operate with time-consuming & inefficient paper-based processes. Even most of the cross-border documents take place physically, leading to a delayed transaction by weeks. This absence or lack of digitization in maintaining records causes limited access to formal finance for SMBs, prohibiting their development possibilities.
Drip Capital is encouraging the SMEs engaged in cross-border trade to survive in the market by offering them collateral-free financing. The company ties up with operators across the global supply chain to simplify the access to finance for SMBs and focuses on creating a trade facilitation platform to assist them to ease their problem areas.
This association with TradeLens will help Drip Capital in its goal to ease global trade. TradeLens, with the help of its network of carriers, issues an electronic Bill of Lading (eBL) that eliminates the requirements of paper-based BLs that are essential for all international trade transactions. Drip Capital seeks to use these blockchain-enabled documents to facilitate SMBs with funding faster and in a more secure manner.
Pushkar Mukewar, Co-Founder and CEO of Drip Capital, explained in a statement, “We strive to ease global trade and make it simply accessible for small businesses. TradeLens' blockchain-enabled solutions will help us to offer improved customer experience through digital, safe, and efficient processes.”
For TradeLens, this partnership brings new opportunities to measure their business and connect with several stakeholders to digitally transform the global supply chain. Daniel Wilson, Head of Strategy and Operations, GTD Solutions and TradeLens platform explained in a statement, “Easing trade finance solutions for SMBs is a shared agenda for TradeLens and Drip Capital. The TradeLens EBL can assist Drip Capital to bring improved efficiency in trade finance for all involved parties.”
“Drip Capital has its successful contribution towards improving the export, import finance business for the SMBs. Associating with TradeLens as a network partner invites new opportunities for the shippers as well as Drip Capital for digitally transforming documentation and ownership of Cargo. With more associates joining the TradeLens network, we are consistently moving towards reinforcing the organization that will help more partners and quickly digitize the global supply chains. ” A statement made by Bimal Kanal, Director of Network for South Asia, GTD Solution, and the TradeLens platform.
Source Url: Ngulminthang Lhanghal
