VERIDAPT, a digitised commodity monitoring management company, joined forces with Singapore Trade Data Exchange (SGTraDex) to provide banks, traders, and terminal operators with a new trade flow platform.
SGTraDex, a public-private partnership launched in June 2022, was created to enable information flows across a fragmented global supply chain ecosystem through a common data highway.
More than 70 participants––from multinational corporations and large local enterprises to small and medium-sized enterprises (SMEs)––have signed up for SGTraDex’s digital utility, which seeks to tackle supply chain inefficiencies.
Analysts expect SGTraDex to unlock more than S$200 million annually when it has fully developed its three initial use cases.
This will come through expected cost savings from improved efficiency and productivity, optimal use of assets, faster financing access, and other value-creating benefits.
VERIDAPT is an internet of things (IoT) and fintech company developing digitised monitoring and management solutions to mitigate theft and fraud, improve efficiencies, and track carbon emissions in the commodities sector.
The company’s experience providing transparency in commodity management will complement SGTraDex’s digital infrastructure to enable trade flow participants to securely navigate the shift in both physical and digital trade flows occurring worldwide.
VERIDAPT CEO David Thambiratnam, “Veridapt and SGTraDex share a common vision to digitise trade flows and create total transparency for all parties.
“This includes 24/7 physical inventory monitoring, utilising our state-of-the-art DealFlow application.”
Antoine Cadoux, CEO of SGTraDex Services, added, “Digitalisation has transformed many sectors, but its promise has yet to materialise in the global supply chain and trade sector.
“The physical exchange of paper remains the norm, and I believe this partnership between VERIDAPT’s DealFlow and SGTraDex’s platform will eventually reduce the reliance on paper exchanges.”
DealFlow digitises trade finance transactions for counterparties such as banks, traders, and terminals as a collaborative tool that ensures trade flow information is secure and accurate.
Thambiratnam added, “By integrating with SGTraDex and leveraging additional platform services and industry ecosystems, such as access to the Singapore Trade Finance Registry and TradeTrust, DealFlow mitigates double-financing risk. It also provides real-time visibility of inventories to reduce operational risk.”
Cadoux said, “SGTraDex provides the infrastructure that allows all counterparties to operate more securely and efficiently.
“Partnerships with technology providers, such as VERIDAPT, are key to achieving that operational efficiency.”