Just weeks after opening an office in Singapore, the Blockchain in Transport Alliance (BiTA) has engaged with industry on the benefits and potential of blockchain technology. These discussions have led to NR Capital joining the Alliance.
NR Capital, an alternative trade finance partner, joins a fast growing, and successful global alliance of companies across the transport and supply chain aiming to improve trade processes through the application of blockchain technology.
Tom James CEO & CIO of NR Capital commented, “NR Capital, as an innovative Alternative Trade Finance provider, is committed to the Digitization of all elements of the Global Physical Commodity supply chain and as part of this initiative we are pleased to be part of such a strong global alliance like BiTA.”
BiTA members include some of the biggest names in the transport and logistics sector, including DHL, FedEx, Koch, SAP and JD.com.
The goal of BiTA is for members to participate, discuss, create, and adopt industry standards that would act as the bedrock for developing blockchain applications. This will be accomplished through workgroups staffed by members who work in various disciplines such as smart contracts, freight payments, freight forwarding, insurance, banking, asset management, transparency and numerous other ideas continuously under development.
Soeren Nielsen, managing director of BiTA in Asia, said: “NR Capital represents the future of trade finance and is a leader in adaption of new processes and technologies including blockchain and we are proud to have them as a member of BiTA. It is great to see NR Capital recognizing the value that BiTA brings to the supply chain.”
About NR Capital
NR CAPITAL PTE LTD, is made up of a team of very experienced professionals from the Commodity Investment & Trading, Risk Management, Maritime, Legal and I.T. profession. It was established in 2016 for the specific purpose of building out the infrastructure, business model, and investment strategy for a new trade finance solution to better support the physical commodity trading and supply chain community. The solution includes a fund which opens up the exciting new asset class of commodity trade finance to accredited investors.
The fund, “NR Capital Trade Flow Fund SP” which was launched in April 2018, and committed capital to its first investments in May 2018, increases access to supply chain trade finance with a particular focus on Small and Medium size enterprises (SME) who in recent years have become increasingly underserved by the traditional bank financiers.
Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards. Members include truckload, LTL, and parcel carriers, as well as shippers, tech startups and incumbents, insurance companies, law firms, and other industry participants who have an interest in integrating blockchain technology into their organizations. The Alliance has offices in Chattanooga, TN, and Singapore. For more information, please visit the BiTA website at www.bita.studio/.