OpenPort, a digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets, has announced a partnership with Acudeen Technologies, a peer-to-peer platform enabling small and medium enterprises to access financing.
Founder and CEO of OpenPort, Max Ward said: “High capital requirements, cash flow problems, and a lack of visibility are just some of the issues currently hindering the growth of the supply chain industry due to the reliance on paper-based solutions. This partnership is not only monumental for both parties involved but has the potential to bring the supply chain industry to modern day.”
Acudeen Technologies connects sellers of receivables to buyers willing to invest in them, while tackling one of the most prominent problems facing SMEs, being a lack of access to funding and capital. The company strives to alleviate these liquidity problems by utilising movable assets like receivables. Today, Acudeen is present in the Philippines and Myanmar, assisting over 3000 SMEs. Acudeen is regarded as Founder Institute’s Best Global Fintech and one of IDC’s Top 10 fastest growing fintechs in the Philippines of 2017.
Ward added: “OpenPort’s blockchain solutions provide Acudeen with greater visibility and accuracy which in turn allow them to greatly reduce the level of non-performing liabilities. While Acudeen provides faster order to cash cycles, solving cash flow issues that have been inherent in the industry. Together, we look forward to overcoming these significant challenges for SMEs and multinational corporations alike and adding tremendous value to all stakeholders in the supply chain,”.
Mario Jordan “Magellan” Fetalino III, Founder and CEO of Acudeen Technologies said, “This partnership strengthens our ecosystem to support small, logistics businesses, and aligns with our company’s mission to create an inclusive environment for SMEs in emerging markets. Through OpenPort’s technology and utility of blockchain, we are able to leverage their capabilities to trace the delivery progress of goods and services as a means to help financial institutions come up with a more informed decision to provide cheaper and more accessible financing for small logistics businesses. In financing, credit risk mitigation is the most important component towards feasibility. More often than not, what hinders large financial institutions to provide financing access to small businesses is the high credit risk involved, which is why this partnership is a step in the right direction for both Acudeen and OpenPort,”
OpenPort’s blockchain logistics solutions deliver supply chain transparency for the world’s largest companies. It provides ERP-integrated shipment visibility from pick-up to delivery, and irrefutable proof of delivery from any road freight transporter for maximum security, trust and traceability.
Ward noted: “Forming exciting partnerships like this one showcases our ambition to extend the reach of the blockchain-powered logistics movement to operators worldwide, irrespective of their size. Partnering with Acudeen Technologies is a ringing endorsement from one of the fastest growing and highly coveted peer to peer platforms in the world, we look forward to a lasting relationship,”
This announcement comes on the heels of OpenPort launching the Open Enterprise Logistics (OEL) Foundation, a non-profit organization open to enterprises in the supply chain and logistics industry. The Foundation is committed to providing governance, development, and open source collaboration for the OEL Protocol and is preparing for its token generation event which is set to commence later this year.