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eCOM’s data-driven innovation steers global trade finance into new waters

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SINGAPORE and HONG KONG, Nov. 1, 2024 /PRNewswire/ — The fintech firm is leading a sea change in trade finance for SMEs by converting operational data into valuable assets to address the long-standing financing gap faced by asset-light businesses

eCOM Registry, a fintech firm powered by a combination of blockchain, artificial intelligence (AI), big data, and other cutting-edge digital innovations, is redefining trade finance for small and medium-sized enterprises (SMEs) by turning operational data into valuable assets that can be used as collateral for loans.

Despite their vital role in driving economic growth and trade, SMEs often face difficulties securing finance from traditional institutions due to limited assets, smaller scale and stringent collateral requirements coupled with lengthy application processes.

This global financing gap for SMEs has grown to trillions of US dollars, intensifying the demand for financial solutions that are simple, fast and flexible. eCOM’s platform is designed to address this gap by leveraging data to unlock new credit opportunities.

In fact, unsecured loans, which eliminate the need for traditional collateral and lengthy paperwork, are gaining traction among SMEs, providing them with faster, more flexible access to finance.

However, this approach hinges on sophisticated data-driven algorithms to deliver accurate credit assessments, robust risk management, and informed decision-making. As such, effective data collection, storage and analysis have become essential components of successful digital finance.

eCOM is leading this transformation, harnessing big data, artificial intelligence (AI) and blockchain to revolutionise trade finance in the shipping industry.

Headquartered in Singapore, the fintech company is backed by Kingful Ventures, chaired by Andy Tung, a non-executive director at Orient Overseas International Limited. Its operations span Hong Kong, Shanghai, Australia and the Philippines.

The company aims to bridge the massive financing gap for SMEs in the shipping sector – such as freight forwarders, logistics companies and cargo owners – by providing collateral-free loans through an innovative digital financial model. The growth potential of this model is vast.

Bridging an ocean’s deep financing gap

Traditional financial institutions face considerable uncertainty when extending credit to SMEs in the shipping industry, primarily due to a lack of collateral and time-consuming due diligence processes.

Shipping service providers, typically asset-light and dispersed across the supply chain, offer little security for lenders. Moreover, the complexity of service transactions – unlike traditional goods trade – makes it difficult for banks to verify the authenticity of the services.

Even when valid data is available, banks often face lengthy verification processes, resulting in inefficiencies.

“Against this backdrop, we need a new approach and technology to bridge the gap between SMEs and financial institutions. eCOM serves as the connector, allowing data to tell the story and enabling lenders to carry out credit evaluations more efficiently and accurately,” said Tung.

Navigating a complex ecosystem with knowledge and data mastery

eCOM’s model offers two distinct advantages. First and foremost, the company has a deep understanding of the entire shipping ecosystem.

“Numerous participants from various parts of the shipping supply chain, including freight forwarders, logistics companies, ports and customs authorities, contribute to a complex ecosystem, each with its own unique characteristics,” Horace Mak, founder and executive director of eCOM Registry Pte Ltd and eCOM DataFin Limited, explained.

“Understanding how to gather, interpret and integrate data from these sources is crucial to assessing creditworthiness and providing effective solutions,” said Horace. “Our team, alongside Tung, has deep expertise in this ecosystem, with 20 to 30 years of experience in data integration and exchange.”

Using advanced data recognition and processing technologies, including AI models and analytical algorithms, the team continuously optimises parameters for risk assessment and precise forecasting.

Furthermore, eCOM’s financial experts work closely with financial institutions to analyse historical data, expedite KYC (Know Your Customer) and KYB (Know Your Business) processes, pre-approve credit lines and help banks identify high-quality clients.

This collaboration, according to Horace, tremendously improves the efficiency of financial institutions’ credit services and risk management.

In 2021, eCOM introduced its data-driven financing solution in partnership with OnePort, a joint venture with Hong Kong’s leading port group.

By December 2023, eCOM DataFin Limited, the company’s Hong Kong subsidiary, secured a lending licence to fund its eSPIN Cash (revolving loan) and Easy Ship Easy Pay (post-shipment payment) products, specifically designed for the port sector.

Robust risk management and data governance

When asked about risk management, Horace explained that all data gathered by eCOM is sourced from trusted entities, including ports, customs authorities and shipping companies.

Harnessing blockchain and cloud computing technologies, eCOM guarantees both the authenticity and traceability of this data, he said.

Philip Ho, CEO of OnePort, added: “Data privacy is paramount. We ensure all data is collected with customer consent and is rigorously managed in line with local privacy regulations.”

eCOM also continuously tracks multiple data points across the trade chain in real-time, allowing lenders to monitor borrowers’ performance and conduct dynamic cross-checks to make timely adjustments.

The company has established internal committees for information security, risk control and digital finance to oversee all process management, ensuring that both data handling and lending practices adhere to stringent regulatory standards.

After nearly a year of trial operations at the Hong Kong port service platform, eCOM has successfully validated its core technology, business model and profitability. Building on this success, the company is now actively exploring new global partnerships in digital financial services.

In 2022, eCOM launched a data finance platform in Shanghai’s Free Trade Zone, offering data-driven financial services to local clients. The company has also made rapid progress in China’s Greater Bay Area and at Australian ports.

Looking ahead, eCOM plans to develop additional financing products for cargo owners and freight forwarders, including freight financing, purchase order financing and supply chain financing.

“We set sights on building strategic partnerships with financial institutions, leveraging our data-driven model to offer joint loan solutions. Our goal is to bring more financial institutions and investors on board, ensuring that more SMEs can access efficient, high-quality loan services,” Tung concluded.

 

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SOURCE eCOM Registry Pte Ltd

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Connecticut-Based Operational Solutions Software Provider Lands a Technology Contract for the Texas Department of Information Resources

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Veoci, a national leader in digitizing and optimizing government procedures, brings its substantial expertise to the Lone Star State.

NEW HAVEN, Conn., Nov. 21, 2024 /PRNewswire-PRWeb/ — This week, Connecticut-based company Veoci announced that it has been awarded a contract by the Texas Department of Information Resources (DIR) to offer technology to state and local governments through DIR’s Cooperative Contracts Program.

Adding our tools to DIR’s arsenal isn’t just a win for Veoci, but for government workers across Texas, one of America’s busiest states.

In receiving DIR contract #DIR-CPO-5533, Veoci, will make its services available to Texas’ state and local government bodies. As a result, community leaders there will have access to a no-code, cloud-based software platform empowering them to streamline emergency response, gain continuity in operations planning, manage critical events across multiple locations with agility, centralize inspection and incident reporting, and more.

“Adding our tools to DIR’s arsenal isn’t just a win for Veoci, but for government workers across Texas, one of America’s busiest states,” said Chris Ford, VP of Sales & Partnerships at Veoci. “Nationwide, we are a proven provider for cities, counties, state agencies, school systems, and healthcare institutions thanks to our always-on, customizable tools. Thanks to our DIR contract, even more organizations across the Lone Star State can easily access the operational benefits we provide.

With our ability to stand up centralized reporting and databases, improve situational awareness through real-time communications, and refine operations through after-action reporting and evaluations, we are one of the best tools DIR customers can adopt to enhance their emergency response capabilities.”

To learn more about Veoci’s partnership with DIR and how its operational software can improve your community, contact Mark Demski or visit www.veoci.com.

About Veoci

Veoci is a no-code, cloud platform for Crisis, Incident, and Emergency Management, Business Continuity and Resilience, Continuity of Operations Planning, Team Collaboration, and Daily Operations, designed to meet the decision-making and communication requirements of multiple teams at many locations. With stringent security, highest availability, and quickly scalable performance, Veoci is designed for institutions and organizations of every size and complexity.

Media Contact

Mark Demski, Veoci, 1 475-244-9629, mark.demski@veoci.com, www.veoci.com

View original content:https://www.prweb.com/releases/connecticut-based-operational-solutions-software-provider-lands-a-technology-contract-for-the-texas-department-of-information-resources-302313140.html

SOURCE Veoci

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Draper to Develop an Advanced, Multi-Organ, Microphysiological System Architecture

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Draper’s ETHOS program will create a scalable microphysiological system (MPS) architecture consisting of interacting advanced immune-competent micro-organ (liver, lung, kidney) models, which will be used to predict disease/injury response in the body and medical countermeasure response.

CAMBRIDGE, Mass., Nov. 21, 2024 /PRNewswire-PRWeb/ — The field of microphysiological systems has continued to evolve during the past 20 years, doing so in response to the tremendous challenges facing pharmaceutical development and national biodefense initiatives. This includes the high cost, lack of availability and limited human clinical relevance of animal models.

Draper looks forward to advancing these MPS-based capabilities for DTRA and their U.S. government partners in order to protect the warfighter against high-priority threats and accelerate our response to future threats.

Draper is responding to these national security challenges and announces the $34.1 million award of the Evaluation of Treatments using High-throughput Multi-Organ Systems (ETHOS) program.

The Defense Threat Reduction Agency (DTRA), Joint Science and Technology Office (JSTO), Vaccines/Therapeutics Division (CBM) is the government sponsor for this program.

DTRA’s Research and Development Directorate provides science, technology and capability development investments that maintain the U.S. military’s technological superiority in countering weapons of mass destruction and emerging threats, mitigate the risks of technical surprise and respond to the warfighters’ urgent technical requirements. (Sources: https://www.dtra.mil/About/Mission/Research-and-Development/, https://www.dtra.mil/Portals/125/Documents/CB/DTRA-JSTO_E-book_PDF.pdf)

The overall objectives of the ETHOS program are to create a scalable microphysiological system architecture that consists of interacting immune-competent micro-organ (lung, liver, kidney) models to predict the body’s disease response and test medical countermeasure (MCM) responses.

Draper’s advanced models will include parenchymal, vascular and innate immune components to capture a broad range of biological responses. The technical approach will be to create a new multi-organ platform to understand disease progression of high-priority BSL-3 agents and determine the safety and efficacy of MCM treatments.

“Draper looks forward to advancing these MPS-based capabilities for DTRA and their U.S. government partners in order to protect the warfighter against high-priority threats and accelerate our response to future threats,” said Roger Odegard, the Draper ETHOS program manager.

DTRA has recognized that significant research and development in the MPS technology area will improve the state-of-the-art capability to analyze the pathogenesis of disease and injuries that result from exposure to high-priority pathogens and toxins.

Additionally, next-generation MPS technologies and systems will be critical in the evaluation of efficacious and safe medical countermeasures (MCM) to combat these threats and allow the military to be equipped to meet its mission. This will include investigating and characterizing the mechanisms of infection/inflammation/tissue damage across relevant population demographics (e.g., military age, sex, co-morbidities and previous exposure) and under varying conditions (e.g., exposure levels, drug doses and time scales) for a variety of threats. These technology innovations represent a state-of-the-art tool for pharmaceutical solutions that has the potential to significantly accelerate the process of evaluating effective and safe MCMs for emerging, naturally or engineered threats.

This project has been funded in whole or in part with federal funds from the Department of Defense (DoD); The Defense Threat Reduction Agency (DTRA); Joint Science and Technology Office (JSTO), Vaccines/Therapeutics Division (CBM) through the Medical CBRN Defense Consortium (MCDC) Agreement No. MCDC2201-003.

Draper

Draper is an independent, nonprofit research and development company headquartered in Cambridge, Mass. with campuses located across the United States. The 2,300 employees of Draper tackle important national challenges with a promise of delivering successful and usable solutions. From military defense and space exploration to biotechnology, lives often depend on the solutions we provide. Our multidisciplinary teams of engineers and scientists work in a collaborative environment that inspires the cross fertilization of ideas necessary for true innovation. For more information about Draper, visit www.draper.com.

Media Contact

Scott Deitz, Draper, 1 336-908-7759, scott@sevenletter.com, Draper.com

View original content to download multimedia:https://www.prweb.com/releases/draper-to-develop-an-advanced-multi-organ-microphysiological-system-architecture-302313153.html

SOURCE Draper

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OhWaiter and Stellar Menus Announce a Strategic Merger to Form MilesCX, Revolutionizing Hospitality with AI-Driven Solutions

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OhWaiter and Stellar Menus have joined forces to create MilesCX, a groundbreaking company redefining hospitality with AI-driven solutions that enhance guest experiences, optimize operations, and boost revenue. With cutting-edge tools like AI-powered guest communications and dynamic menus, MilesCX is empowering prestigious properties to deliver seamless, personalized service and stay ahead in a competitive market.

LOS ANGELES, Nov. 21, 2024 /PRNewswire-PRWeb/ — OhWaiter and Stellar Menus, leading innovators in hospitality technology, have merged to form Miles Customer Experience (MilesCX), a company dedicated to transforming the hospitality industry through AI-driven solutions. By uniting Stellar Menus’ product expertise with OhWaiter’s strategic growth initiatives, MilesCX is poised to meet the evolving needs of hotels, private clubs, and golf courses.

“This merger unites innovation and expertise to deliver AI-driven solutions that transform guest experiences and drive growth,” said Steven Latasa-Nicks, CEO of MilesCX. “In today’s labor market, we help businesses exceed guest expectations, boost efficiency, and ease the burden on staff.”

MilesCX will deliver intelligent guest communications, business intelligence tools, dynamic menus, and AI-powered upselling, enabling hospitality leaders to enhance guest experiences, increase sales, and streamline operations.

“This merger allows us to combine our strengths and deliver a truly unique product that will redefine guest experiences in the hospitality industry,” said Steven Latasa-Nicks, CEO of MilesCX and Stellar Menus. “Our AI-driven platform will empower hotels and clubs to offer seamless, personalized service while optimizing their operations and reducing costs.”

Notable early adopters of the MilesCX platform include prestigious properties such as the Los Angeles Athletic Club (managed by Crescent Hotels & Resorts), The Chamberlain (operated by Springboard Hospitality), and Hotel Indigo (under StepStone Hospitality). These clients are leveraging AI-driven guest communications and personalized service to enhance satisfaction and streamline operations.

“With this merger, we’re not just expanding our product portfolio—we’re expanding the possibilities for our clients,” said Jonathan Chu, CEO of OhWaiter. “Our AI-powered solutions, combined with dynamic customer engagement tools, will help hospitality businesses increase revenue, reduce the cost of service delivery, and stay ahead of the competition.”

MilesCX will focus on proving market fit over the coming months, aiming to grow its client base and Annual Recurring Revenue (ARR). Leveraging the strengths of both companies, MilesCX is confident in its ability to capture new opportunities in the hospitality sector.

About MilesCX:

Miles Customer Experience (MilesCX) is a pioneering company at the forefront of AI-driven hospitality solutions. Formed through the merger of Stellar Menus and OhWaiter, MilesCX offers advanced tools that enhance guest communication, streamline operations, and boost sales through personalized, AI-powered recommendations. MilesCX is dedicated to empowering hospitality businesses, including hotels, clubs, and restaurants, to deliver exceptional service while optimizing efficiency and driving growth.

Media Contact

AJ Vernet, MilesCX, 1 213-898-2730, aj@milescx.com, https://milescx.com

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View original content:https://www.prweb.com/releases/ohwaiter-and-stellar-menus-announce-a-strategic-merger-to-form-milescx-revolutionizing-hospitality-with-ai-driven-solutions-302313129.html

SOURCE MilesCX

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