Recent News

Singapore-based Trade Technology Service Startup DiMuto Raises Funding From SGInnovate

03/12/2019 – Singapore-based collaborative commerce solutions platform startup DiMuto announced recently that it had secured an undisclosed amount of funding from SGInnovate, an investment company that is wholly owned by the Singapore government. According to the trade tech service startup, the freshly acquired funds will be used to further fuel its global expansion plans and enable it to explore and penetrate new markets in the continents of Latin America and Europe in the following months to come. As for SGInnovate, the venture capital firm intends to provide crucial support and act as a staunch partner for DiMuto as the startup looks to overcome serious challenges that are being caused by inefficiencies in the supply chain of the agri-food industry such as food sustainability, food wastage and food safety with its end-to-end trade and commerce solutions platform.

Hsien Hui-Tong, head of venture investing at SGInnovate, said that the venture firm is enthusiastic about backing DiMuto’s commitment and drive to boost and sustain its global growth impetus as it seeks out new markets to present its blockchain-based collaborative commerce solutions for tackling the issues of food sustainability and food safety. Mr. Hsien added that the major issues facing the global agri-food industry today such as food safety, provenance and security are being directly addressed by DiMuto’s blockchain-powered solutions, which offer end-to-end supply chain visibility that enables the effective and efficient tracking and tracing of relevant data and information that are transacted on its platform, such as goods and services, and business documentation. This serves to prove that deep tech applications can have a lasting and meaningful impact on real-world issues and challenges, Mr. Hsien elaborated.

DiMuto employs various emerging tech in its proprietary DiMuto Digital Asset Creation (DAC) system such as blockchain, artificial intelligence and Internet of Things (IoT). The system along with its associated Digital Asset Creation devices utilize QR tags and digitized images to track the movement of any piece of fruit from its point of origin all the way to the end consumer, digitizing and recording any pertinent data and information such as trade documents onto its blockchain-powered platform. As all trade information are verified with immutable timestamps and unique identifiers that can only be accessed by permissioned trade partners, the system offers a level of security and traceability that far surpasses any legacy paper-based documentation system. Users are also able to execute trade smart contracts based on verifiable data gathered from its source.

Gary Loh, chairman and founder of DiMuto, said that the startup appreciates SGInnovate’s support and belief in their ability and potential to transform global trade through their blockchain-based solutions that enable collaborative commerce that also builds and fosters trust. All stakeholders and participants in the agri-food industry’s supply chain are able to utilize their platform and proprietary DAC system to effectively tackle and resolve the major issues of trade financing, food traceability and trade disputes.

Currently boasting a presence in seven countries including Australia, China, Mexico, the United States and Indonesia, DiMuto looks to leverage on its growth impetus and use the fresh capital and moral support provided by SGInnovate to further extend its reach over the following months into fresh markets like those of Latin America and Europe. Its innovative blockchain-based solutions can certainly make a positive impact on the agri-food industry in those new markets and help them overcome their food safety, food sustainability and food wastage problems.

Singapore Startup BondEvalue Partners with Northern Trust to Deliver Digital Solutions For Its Blockchain-Powered Bond Exchange Platform

15/11/2019 – Singapore-based tech startup BondEvalue has agreed to partner with Northern Trust, a Chicago-headquartered financial services company, for the American firm to support its nascent blockchain-powered bond exchange platform, BondbloX. Besides providing digital solutions for the tech startup, Northern Trust will also offer asset servicing solutions for its platform, which BondEvalue claims is the world’s first ever blockchain-based bond exchange where bonds can be traded digitally in denominations of US$1,000.

The tech startup’s innovative platform is the first in the bond space to be approved by the Monetary Authority of Singapore (MAS) to operate in its regulatory sandbox, Sandbox Express, which offers companies and organizations a quicker, streamlined option for trialing their groundbreaking financial services and products in a pre-defined market environment. According to Sopnendu Mohanty, who is chief fintech officer at MAS, Sandbox Express is able to help innovative companies collect data – which they need to calibrate and adapt their products or services to suit the market – from clients and customers in a timely manner by granting them access to a streamlined approval process that allows for faster testing in the market.

To BondEvalue, the present-day, prevalent method of trading over the counter for bonds via brokerages and securities firms is ripe for disruption. The current way of trading bonds does not encourage transparency and is not as efficient or cost-effective as it should be. Sensing an opportunity to transform the bond trading process for the better while opening the market to an even larger pool of potential investors, the Singapore-based startup proceeded with its revolutionary BondbloX bond exchange platform.

By pioneering a blockchain-based electronic bond exchange built on Hyperledger Sawtooth, BondbloX is able to achieve so much more than what the current bond trading market can do. For one, as trade settlements are now conducted electronically, it can shorten the conventional two-day trade settlement cycle to just a matter of seconds. Additionally, its blockchain feature enables bonds to be traded in much the same way as stocks, while transplanting the bond trading process to a digital exchange platform encourages price transparency and promotes fairness.

One of the most promising features of the blockchain-powered bond exchange, however, may be its “fractionalization” capability. Rahul Banerjee, BondEvalue’s founder, says that presently due to the US$200,000 investment requirement, only a miniscule number of people in Asia are actually able to purchase wholesale bonds. He believes that this should not be the case, and that the bond market should be made accessible to all people irrespective of their wealth. With “fractionalization”, BondbloX provides a unique feature whereby it can take any US$200,000 or equivalent bond in the secondary market and change it into more affordable denominated BondbloX (fractional bonds) of US$1,000. In fact, Rahul intends for his digital bond exchange to grow the number of bond market investors to over 25 million in just under half a decade.

In order to reach out to more potential users, BondbloX is connected to robo advisors, banking institutions and wealth managers around the globe, thus permitting their customers to trade BondbloX. Here, Northern Trust will be the blockchain-based bond exchange’s sole asset servicing provider.

According to Justin Chapman, Northern Trust’s global head of market advocacy and innovation research, the support the company provides for the Singapore tech startup has the capacity to open up the bond market to a much wider pool of investors, which hitherto is accessible only to large institutions. Rahul added that the startup is very pleased to have Northern Trust on board as a partner and is looking forward to their cooperation.

BondEvalue looks to disrupt the bond market with its blockchain-powered bond exchange BondbloX. With the support of Northern Trust and MAS, the future looks bright for the Singapore startup as it pursues its goal of making the bond market more accessible to the general populace with its innovative blockchain platform.