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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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Yokogawa Marks 50 Years in Singapore with the launch of Sustainability Incubation Hub

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SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Yokogawa Engineering Asia announces the launch of the Sustainability Incubation Hub (SIH) today, a first-of-its-kind corporate Research and Development (R&D) hub dedicated to driving environmentally sustainable innovations in process manufacturing.

This year, Yokogawa celebrates its 50th anniversary in Singapore and the 20th year of its Singapore Development Centre (SGDC) operations. Growing together with Singapore and customers globally, SGDC has expanded its operations to over 100 Yokogawa innovators exploring co-innovation, digital transformation, and AI solutions.

Co-located with the SGDC, the SIH is established in partnership with the Singapore Economic Development Board (EDB), and provides a crucial platform for Yokogawa to collaborate with customers and partners in the region and beyond to develop and deploy frontier technologies to accelerate their energy transition to net-zero future.

“We recognise the need to raise the level of climate change action in the region. To support this move, we will invest over S$6 million in establishing SIH. Through the new hub, we will apply our expertise to drive sustainable innovations across industries to close the gap between ideation and application,” said Chay Kin Wah, President and CEO of Yokogawa Engineering Asia. “As we integrate sustainability throughout our operations and business model, we are ramping up efforts to develop new solutions and collaborate with like-minded partners and agencies including the EDB to catalyse positive sustainability impact.”

“Congratulations to Yokogawa on its 50th anniversary in Singapore. The launch of the Sustainability Incubation Hub builds on this longstanding partnership, and is a good example of how Singapore can serve as an innovation hub for green and sustainability solutions. We look forward to the collaborations this Hub will foster with our ecosystem, as well as the impactful solutions this Hub will develop for the region,” said Lim Tse Yong, Senior Vice President and Head, Mobility and Industrial Solutions, EDB.

Creating Sustainable Solutions
By capitalising on Yokogawa’s expertise in automation and technology, the SIH aims to serve as a sustainability growth engine to bridge the gap between the present and future solution needs in creating cutting-edge climate technology for the process manufacturing industry. This enables the industry to define, plan, and meet their sustainability goals, addressing global challenges.

As a regional hub for innovation, SIH fosters collaboration and co-creation across Southeast Asia, Oceania, and Taiwan. The SIH leverages Yokogawa’s network to identify, evaluate, and acquire sustainable manufacturing technologies and cultivates strategic partnerships with public agencies, regulatory bodies, and technology suppliers at all stages of development – from research institutions to startups and SMEs – creating new ecosystems and enhancing existing ones.

“We need to be close to our customers to help them succeed. This means knowing the challenges they are facing intimately so that we can better address their unique needs on the ground. Our strategic location enables us to gather critical insights and talents in the region for rapid creation and deployment of innovations at scale for our global customers,” said Saurabh Bhandari, lead of SIH.

The establishment of SIH reinforces Yokogawa’s commitment towards growth for sustainability, focusing on net zero emissions, circular economy, and well-being, to support the industry transition to a low-carbon economy.

About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.

Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 126 companies spanning 60 countries.

For more information, visit www.yokogawa.com

The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.

 

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SOURCE Yokogawa

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Agoda Finds Asian Markets Flocking to U.S. for a Thanksgiving Feast

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SINGAPORE, Nov. 22, 2024 /PRNewswire/ — More Asian travelers are eyeing a U.S. trip for Thanksgiving this year. Digital travel platform Agoda reports a 15% Year-on-Year increase in accommodation searches for the United States by travelers from Asian markets this Thanksgiving. The increase in searches suggests a growing enthusiasm among Asian travelers to experience the Thanksgiving holiday in the U.S.

South Korea leads the list of Asian markets showing interest in U.S. Thanksgiving travel, followed by Japan, Taiwan, the Philippines, and Singapore. The ranking differs from 2023, when Japan was the top origin, followed by South Korea, Taiwan, India, and the Philippines.

Tarik Fadil, Vice President, Supply at Agoda said: “Thanksgiving in the U.S. is a unique cultural experience, and it’s fantastic to see more travelers from Asia eager to partake in it this year. At Agoda, we’re thrilled to be the bridge that connects these curious explorers with their holiday adventures, ensuring they have everything they need for a memorable Thanksgiving feast stateside.”

Agoda provides travelers from Asian markets with access to over 4.5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, making it easy to seamlessly plan a trip, for Thanksgiving or any other reason. These options can be combined in the same booking, allowing travelers to tailor their holiday experience. Explore the latest deals in the Agoda app or via Agoda.com/deals.

ABOUT THE DATA

Agoda looked at accommodation searches on its platform made between 16 October – 15 November 2024, with 28 November 2024 (Thanksgiving Day) as the check-in date. The corresponding dates in 2023 were 11 October – 10 November 2023 for the search window and 23 November 2023 as the check-in date.

ABOUT AGODA

Agoda, a digital travel platform, helps anyone see the world for less with its great value deals on a global network of more than 4.5M hotels and holiday properties worldwide, plus flights, activities, and more. Discover the perfect accommodation and travel options for your Asian festival adventure. Agoda.com and the Agoda mobile app are available in 39 languages and supported by 24/7 customer support.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 7,000 staff in 27 markets, dedicated to leveraging best-in-class technology to make travel even easier.

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SOURCE Agoda

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Gilbane Building Company President & CEO Adam R. Jelen Joins ACE Mentor Program Board of Directors and Executive Committee

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Jelen, a long-time partner of ACE to offer leadership, vision, and strategy to benefit the Program

PROVIDENCE, R.I., Nov. 21, 2024 /PRNewswire-PRWeb/ — Gilbane Building Company announced the appointment of President & CEO Adam R. Jelen to the ACE Mentor Program of America Board of Directors. Jelen will serve in this prestigious leadership role for a renewable three-year term.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company. “The Program empowers and inspires the next generation by enabling young people to see what’s possible in our industry. It plays a crucial role in developing new talent to enter our workforce, fostering diversity, and supporting career pathways. I look forward to contributing to the impactful work ACE Mentor continues to do in building a brighter, more inclusive future for our field.”

Jelen’s appointment bolsters an already esteemed board committed to steering ACE’s goal of inspiring the next generation of architects, engineers, and construction leaders. The board plays a crucial role in shaping ACE’s initiatives and supporting the development of young talent in the field. Jelen has long championed ACE, including serving as a founding member and emeritus board member of the ACE Mentor Program of Wisconsin.

The mission of the ACE Mentor Program is to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.

For additional details about the ACE Mentor Program and board members, please click here.

About Gilbane Building Company

Gilbane Building Company is a global leader in construction management, delivering high-quality projects for clients across various markets. Gilbane provides a full slate of construction and facilities-related services – from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870, Gilbane is still a privately held, family-owned company. With more than 45 office locations worldwide, Gilbane brings world-class experience to local communities.

For more information, visit http://www.gilbaneco.com.

Media Contact

Lynn Rasic, Gilbane Building Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com

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SOURCE Gilbane Building Company

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