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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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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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Minister Wilkinson Welcomes the Indigenous Council’s ‘Kinship and Prosperity’ Report to Power More Indigenous, Rural and Remote Communities with Clean Energy

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OTTAWA, ON, Nov. 21, 2024 /CNW/ – Indigenous Peoples have traditional knowledge and expertise to help address climate change and protect the environment. 

Today, the Honourable Jonathan Wilkinson welcomed the release of Kinship and Prosperity: Proven Solutions for a Clean Energy Landscape, the Wah-ila-toos Indigenous Council’s Report. The report provides recommendations to power more Indigenous, rural and remote communities with clean energy while recognizing the various challenges these communities face. It affirms that Indigenous Peoples are leaders and knowledge keepers, and that they have the skills and experiences needed to establish a thriving economy while living in reciprocity with the environment.

The recommendations outlined in the report will help inform the development of future climate strategies and policies, providing a framework for integrating Indigenous voices into this work. The Government of Canada will continue to work with Indigenous Peoples and other energy partners to identify opportunities to advance joint priorities including in response to the Council’s advice, which will also be reflected in Canada’s upcoming Clean Electricity Strategy.

We thank the Council for the significant and important work it has done over the past two years, including on this report. These recommendations will play a key role in guiding action to reduce the use of expensive and polluting fossil fuels for heat and power in Indigenous, rural and remote communities and instead advance clean energy solutions that have the potential to save people money on energy and create economic opportunities and jobs in First Nations, Inuit and Métis communities.

Quotes

“I thank the Council members for their work and recommendations, which speak to the power and contribution of Indigenous leadership in advancing clean energy in Indigenous, rural and remote communities. They will contribute to creating economic prosperity and security now and into the future as well as build strong, healthy and more resilient communities and make life affordable, especially in the North. Seizing the opportunity that clean energy presents continues to be important for Indigenous communities and the Government of Canada as we work together toward reconciliation. I look forward to continuing work on shared priorities guided by the Council’s advice.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“It is only through the collective efforts of Indigenous communities, industry, government and local leaders that we will see results in our fight against climate change. I am deeply heartened by and appreciative of the hard work of the Wah-ila-toos Indigenous Council, who have offered important guidance for further advancing Indigenous clean energy leadership. I look forward to seeing these principles and recommendations woven into Canada’s path to a cleaner energy future.”

The Honourable Dan Vandal
Minister of Northern Affairs

“We are grateful for the expertise and leadership of the Wah-ila-toos Indigenous Council in advancing energy transition efforts within Indigenous communities and across the country. Our government continues to work in partnership with Indigenous communities to support reconciliation and self-determination. Together with Indigenous partners, we are building a low-emission, cost-effective energy future, which will in turn improve health and resilience within Indigenous communities and across Canada.”

The Honourable Patty Hajdu
Minister of Indigenous Services

Quick Facts

The members of the Wah-ila-toos Indigenous Council, launched in December 2022, were selected on the basis of their knowledge and leadership in supporting community-driven clean energy projects within Indigenous communities.The Council is distinctions-based, with First Nation, Inuit and Métis representation, and reflects diverse communities, languages, geographic regions, skills and genders.

Associated links

Indigenous CouncilWah-ila-toosClean Energy for Rural and Remote CommunitiesIndigenous Off-Diesel InitiativeNorthern REACHE ProgramCanada Infrastructure Bank’s financingStrategic Partnerships Initiative2030 Emissions Reduction Plan: Clean Air, Strong Economy

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SOURCE Natural Resources Canada

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Insights About Today’s Clothing Shoppers

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SEOUL, South Korea, Nov. 22, 2024 /PRNewswire/ — On November 15, 2024, Cotton Incorporated presented and shared marketing data and analyses about consumer attitudes and habits relating to apparel shopping with the professionals from the textile apparel industry at the media sharing session in Seoul, South Korea.

Melissa Bastos, Director of Corporate Strategy and Insights for Cotton Incorporated, oversees research on consumer attitudes and behaviors and retail assessments conducted in the United States, Latin America, South Korea, Thailand and other Asian countries. Cotton Incorporated keeps providing valuable market insights to support decision-makers throughout the global cotton supply chain.

“In recent years, the proportion of consumers choosing to shop online has continued to rise, with convenience, lower prices, and a wider variety of options being key factors for this choice,” stated Bastos.

Bastos also noted that nearly three-fifths of consumers experienced quality issues when purchasing apparel online. Globally, consumers often associate cotton products with fashion, comfort, and trusted quality, with 55% noting they would pay more for clothes made from cotton.

Bastos highlighted that jeans were a significant cotton product, with 80% South Korea consumers expressing a preference for wearing them. As sustainability in apparel becomes increasingly important to consumers, factors like the use of natural fibres, and sustainable production may influence their decisions to purchase jeans. She indicated that the industry was actively promoting traceability strategies, with cotton being one of the most commonly traced materials, which enhanced the value of cotton products.

As a non-for-profit organization dedicated to promote cotton products, Cotton Incorporated’s mission is to increase the demand for and profitability of cotton. Cotton Incorporated is also dedicated to raising awareness of cotton’s sustainability. Their Blue Jeans Go Green™ denim recycling program has collected over two million pieces of denim, repurposing them into UltraTouch™ denim insulation materials for construction use. Additionally, Cotton Incorporated actively researches cotton cultivation and product technology, offering a range of sustainable solutions for the textile sector that strengthen the market position of cotton products.

For more information about cotton, you can visit the Cotton Incorporated website (www.cottoninc.com) to access a wealth of industry information, including market data, monthly economic updates, cotton production information, production resources, and performance technologies related to cotton.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/insights-about-todays-clothing-shoppers-302313092.html

SOURCE Cotton Incorporated

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