Manufacturing News 07/05/2024, 03:30

FPT IS cooperates with New Zealand’s leading trade platform on cross-border transactions

With the orientation of expanding new business cooperation models and promoting cooperation projects to connect cross-border commercial transaction processing, FPT IS has joined hands with TradeWindow, New Zealand’s leading platform for the digitalization of trade processes. The collaboration aims to accelerate the cross-border trade process between Vietnam and New Zealand, as well as globally.

FPT IS cooperates with New Zealand’s leading trade platform on cross-border transactions

Accordingly, the two parties signed an MoU in which the two companies explore the integration of digital trade ecosystem TradeFlat (made by FPT IS) and global trade platform CUBE (made by TradeWindow), developing a comprehensive model of digitization of international trade activities, accompanying the Government and enterprises of the two countries in expanding opportunities and connecting cross-border business effectively and reliably. The cooperation was witnessed by Ms. Ginny Chapman, New Zealand’s Deputy Ambassador to Vietnam and representatives from the Asia New Zealand Foundation.

Specifically, TradeFlat and TradeWindow intend to collaborate to integrate two platforms based on API linkage - connecting trade and trade finance-related services to handle the transaction flows and cross-border financing; market research, and strategy planning; and promote cooperation with commercial platforms in Australasia and other regions. The goal shortly is to successfully implement a test transaction (Proof of Concept - PoC), creating favorable conditions for stakeholders in trade activities in New Zealand and Vietnam to experience and apply a comprehensive digitization process, towards the goal of promoting rapid growth of two-way trade turnover over the years.

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TradeFlat integrated with TradeWindow marks the first time a Make in Vietnam technology solution cooperates with the New Zealand international platform in trade activities of the two countries.

Founded in 2018, TradeWindow is a New Zealand publicly listed company taking the lead in the digitalization of activities, information, and processes related to trade.

On the TradeFlat side, this is the first Letter-of-Credit (L/C) Blockchain platform in Vietnam to help handle unified and end-to-end L/C operations. In addition to being effective in handling the L/C transaction process, TradeFlat also solves the overall problem of capital financing in commercial transactions for businesses in Vietnam including Supply Chain Financing, Electronic Guarantee, and Business Financial Health Monitor.

The support solution reduces the transfer time of documents by 90% compared to the flow of commercial financing transactions and traditional supply chain financing, reduces the processing time of bank employees by 50%, and triples productivity and work efficiency. The model of companion research and development is led by many leading commercial banks in Vietnam.

FPT/ TRANSLATOR: NGỌC ÁNH
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