RootAnt and R3 Launch the First Corda Blockchain-Based Multi-Tier Finance Platform
Singapore, 26 October 2020 — RootAnt, a digital and open banking fintech firm that provides embedded supply chain finance solutions in Asia, today announced its partnership with R3, an enterprise software firm working with a global ecosystem of more than 350 participants across multiple industries from both the private and public sectors to develop on its blockchain platform, Corda. As a result of this partnership, the first-ever Corda blockchain-based multi-tier finance platform was launched at R3 CordaCon 2020.
The platform empowers financial institutions and anchor corporates (large buyers) to launch a financing platform that covers their ecosystems from suppliers, distributors and external vendors. By leveraging on the anchor corporate’s financial strength and credibility, the multi-tier finance platform provides a multi-tier reverse factoring facility down the upstream of a supply chain — improving the working capital position of SMEs (as suppliers) with lower costs, better accessibility and faster processing.
In addition, the platform enables anchor corporates to create a more stable and sustainable value chain ecosystem. RootAnt’s digital and open banking capabilities will also allow financial institutions to expand their services to include green finance and Islamic finance on the multi-tier finance platform.
Meanwhile, Corda seamlessly manages data exchange, data privacy, data security and validation to create a transparent and traceable network via blockchain technology. Through Corda, enterprises can benefit from faster data exchange, lower costs and world-class fraud protection, creating an inclusive environment with financing support for a more sustainable economy.
R3 Head of Venture Development in APAC, Mr. Marc Liew said: “We are ecstatic to partner with RootAnt and provide businesses with a revolutionary platform that offers security, efficiency and transparency to the entire ecosystem. As the world heads into the new normal, blockchain technology enables organizations not only to survive in the current economic climate but thrive in the years ahead. With Corda forming the foundation of the Multi-tier finance platform, businesses will reap the benefits of blockchain for business, addressing issues of cost, expediency, efficiency, and profitability.”
CEO and Founder of RootAnt, Mr. Lincoln Yin, added, “We look forward to collaborating with R3 as this partnership was formed to not only address the financial challenges faced by businesses caused by the new normal but also to create safe and robust avenues of transacting that are trustworthy, traceable and future-forward. In this unique business climate, a steady cash flow is critical to the sustainability of any business. This is especially true for SMEs currently fighting to beat the odds. By introducing new technologies like blockchain and multi-tier financing capabilities, we aim to work together with our new partner to continue supporting businesses with their financing demands as they recover from the impact of COVID-19.”
RootAnt and R3’s joint solution will first launch in Singapore and will be launched in the rest of the region, including South East Asia, Japan, and China by 2021.
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About RootAnt
RootAnt is a technology enabler of digital and open banking, specializing in Embedded Supply Chain Finance for enterprises, connecting enterprises and financial institutions with new digital financial products for easier, cheaper and faster financing services in various contexts. To find out more, please visit https://www.rootant.com/.
About R3
R3 is an enterprise software firm that is pioneering digital industry transformation. We deliver purpose-built blockchain technology for all types of businesses in all industries. Developed in collaboration with our ecosystem, our enterprise blockchain platform Corda is transforming entire industries by digitalizing the processes and systems that firms rely on to connect and transact with each other. Our blockchain ecosystem is the largest in the world with more than 350 institutions deploying and building on Corda and Corda Enterprise. Our customers and partners have access to a network of leading systems integrators, cloud providers, technology firms, software vendors, corporates and banks. To ensure our customers derive the greatest value from their investment, we provide services and support to shorten time-to-market, as well as guidance on implementation, integration and building ecosystems based on a blockchain platform. To find out more, please visit https://www.r3.com/.
