Triterras Announces Collaboration with essDOCS to Digitize Bulk Cargo Trade Operations
Introduces digital trade processes for SME commodity traders; enhances one-stop-shop marketplace for trade finance, operations and logistics
Singapore and Swieqi, Malta, July 22, 2021 – Triterras Inc. (Nasdaq: TRIT, TRITW)(“Triterras” or the “Company”), a leading fintech company for trade and trade finance, today announced a collaboration with essDOCS, a paperless global trade management company, to accelerate the use of digital trade documents for Triterras’ global community of commodity traders.
Designed to make bulk cargo trading paperless and more efficient, essDOCS enables traders of any cargo-type to entirely or partially digitize trade operations and finance processes. The collaboration is the latest move for Triterras, which is building out end-to-end services for its online marketplace that connects and enables SME businesses, corporates, multinationals, and their lenders to trade online and digitally finance their commodity trading, logistics operations and supply chains.
Under the arrangement, effective immediately, Triterras will integrate essDOCS’ CargoDocs electronic document capabilities onto Kratos, enabling Triterras’ customers to create, review and approve paper or electronic bills of lading (eB/L) with their supply chain.
“The digitization of trade is a must-have as we look for ways to innovate across the trade lifecycle by shortening it and making it more transparent,” said Srinivas Koneru, founder, and CEO, Triterras. “We’re thrilled to welcome essDOCS to provide digital eB/L solutions for bulk cargo trades. We very much look forward to this collaboration and the value that essDOCS can bring to our community.”
Shipping costs and delays have been exacerbated by the global pandemic, bringing heightened awareness to the advantages of fully digitized trading operations. With the world’s largest electronic Bill of Lading network, trade stakeholders using essDOCS’ CargoDocs solution can transfer the eB/L through the trade chain—between carrier, exporter, financing parties and importer—in as little as three minutes.
“Commodities traders are increasingly seeking digital solutions to complex paper problems in trade,” said Alexander Goulandris, Co-CEO, essDOCS. “Our best-in-class technology accelerates documentation processes to help the trading industry drive efficiencies, reduce the risk of fraud and eliminate errors. We’re confident that syncing with Triterras will deliver transformative benefits to the Kratos marketplace and its customers.”
Singapore, where Triterras is headquartered, is at the forefront of digital trade advancements as part of the government’s strategy to deepen its footprint as a global tech and e-commerce hub and strengthen the country’s extensive free trade agreement (FTA) network. The country has recently signed digital trade agreements with Australia, Chile, and New Zealand, among other trading partners. In February 2021, the Singapore Parliament also passed the Electronic Transactions Act (Amendment) Bill, granting title documents such as electronic bills of lading the same legal status as their paper equivalents. In December, Triterras won the Singapore Founder category of the FinTech Awards issued by the Monetary Authority of Singapore.
In May, Triterras entered into a strategic investment and partnership with Singapore headquartered Electronic Cash and Payment Solutions (S) Pte Ltd., (“ECAPS”), an open banking platform for India’s emerging Micro and SME marketplace (MSME). The partnership expanded Triterras’ global footprint and presence in the Indian MSME marketplace. Triterras also recently closed its acquisition of Invoice Bazaar, a leading supply chain finance platform in the Middle East, and announced a partnership with Western Union Business Solutions.