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| Friday, 30 April 2021, 15:30 HKT/SGT | |
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Source: DiMuto / OPAL | |
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SINGAPORE, Apr 30, 2021 - (ACN Newswire) - DiMuto, a global agri-fintech trade solutions company that provides end-to-end supply chain visibility for global agrifood trade, has partnered with OPAL, a Major Payment Institution (MPI) licensed by Monetary Authority of Singapore (MAS), to provide payment services on the blockchain-powered DiMuto Platform.
 | | Lim Ming Wang, Co-Founder and COO of OPAL, with Gary Loh, Founder and CEO of DiMuto at the MoU Signing Ceremony |
The two companies are collaborating to bring together the strengths of both companies to innovate and transform the future of payments and financing in the agrifood trade space. Working together provides an exciting opportunity to leverage OPAL's expertise in international payment, multi-currency wallets, FX management and financing solutions alongside DiMuto's strong network of agrifood clientele, robust trade digitalization technology and capability to collect asset-based data.
DiMuto and OPAL will develop a new first-of-its-kind payment module that will allow DiMuto's agrifood customers to make payments directly tagged to the movement of goods on the DiMuto Platform, creating visibility of both the movement of goods and money for physical agrifood products tracked with DiMuto's existing trade digitalization technology.
The DiMuto Payment module taps on OPAL's expertise in servicing SMEs with payment and financing solutions. OPAL aims to be One Account for Payments and Loans (OPAL) for SMEs, by simplifying payment processes, lowering fees and providing easier access to financing. OPAL is able to facilitate safe and secure cross-border transactions in over 100 financial corridors with multi-currency accounts and competitive FX rates that are cheaper than conventional banking methods. With the new DiMuto Payment module, DiMuto's agrifood customers will be able to conduct transactions that are in full compliance with Singapore regulations and international AML/CFT standards.
"We are excited to bring our experience in the financial, payments and technology industry to the collaboration with DiMuto. The partnership gives OPAL an opportunity to reach more small and medium businesses globally, particularly in the agrifood and perishables trade, that have not been serviced by traditional banking institutions. We look forward to helping them accelerate their growth with complex payments made easy," said Lim Ming Wang, Co-founder and Chief Operating Officer of OPAL.
The digital payments collaboration establishes the first step to DiMuto's trade financing solution for the unbanked SMEs in the agri-perishables sector that have traditionally been unable to access financing from conventional banking institutions. Despite being the largest contributors to employment and economic development, SMEs have struggled to obtain formal financing, due to factors including creditworthiness, collateral requirements, short-term liquidity, and political or currency risks. Asian Development Bank (ADB) found that over 40% of trade finance applications by SMEs are rejected and the global trade finance gap is a staggering US$1.5 trillion in 2019 and is projected by the International Chamber of Commerce (ICC) to increase to US$3.4 trillion due to Covid-19. The exponential trade finance gap impedes the effort to reduce poverty and minimize inequality, two of the United Nation's Sustainable Development Goals (SDG).
By capturing and developing primary trade data through trade digitalization, DiMuto effectively reduces the risks associated with trade financing. With both visibility of movement of physical goods and movement of money on the DiMuto Platform, DiMuto can now further develop data-driven agrifood asset financing.
"At DiMuto, our vision is to power global agrifood trade with visibility. We have built a powerful platform that combines IoT, cloud, blockchain, and AI technology in our journey to bring visibility to global trade," said Gary Loh, Founder and Chief Executive Officer of DiMuto. "By partnering OPAL to enable direct payments on our platform, we are moving closer to this goal as this creates a complete solution tying the movement of goods to the movement of money. With this, we can transform global trade by tackling the financing needs of the unbanked agrifood market."
The partnership between DiMuto and OPAL will enable trade that traditional trade finance cannot effectively support. DiMuto is implementing AI, machine learning capabilities and new predictive analytic algorithms for valuable insights into the trade health and credit score of agrifood companies to develop alternative financing and insurance services for the global agrifood market.
About OPAL
OPAL is a leading provider of end-to-end, regulated payment solutions based on a robust, proven platform and proprietary technology. Founded by a team of seasoned professionals with significant experience in financial solutions, banking, regulatory issues, cross-border payments and money management, OPAL offers a broad set of financial solutions to help clients meet their diverse needs in today's ever-changing financial and business environment. OPAL is licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore. For more information, please visit www.opalpayment.com.
About DiMuto
DiMuto provides agrifood companies with data they can see and trust, down to every single product of every trade, where they can easily see all that is happening for every trade transaction in an organized manner, on one single platform.
DiMuto simplifies every step of global trade - from produce, trade to market. DiMuto provides sales, marketing, operations, financing and insurance tools so businesses can trade better. Equipped with a data-backed growth roadmap, companies can now navigate the complex global trade landscape with ease and focus on what matters - growing a thriving international business. With Visible Trade, DiMuto powers companies and the world forward with confidence.
Since 2019, DiMuto has successfully tracked and traced over millions of pieces in produce and millions in dollars of trade value on our platform, working with a global portfolio of clients in over ten countries and five continents. DiMuto is founded by Chief Executive Officer Mr Gary Loh, who is also the Executive Chairman of First Alverstone Group. For more information, please visit www.dimuto.io.
Topic: Press release summary
Source: DiMuto / OPAL
Sectors: Agritech, Food & Beverage
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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