Acudeen seals tie-up with OpenPort
Local start-up Acudeen Technologies has teamed up with OpenPort, the digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets.
Acudeen is SEA’s leading peer-topeer invoice marketplace enabling small and medium enterprises to access financing using their platform for mobility and faster growth which leads to economic improvement on a larger scale.
“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,” said Acudeen Founder and Chief Executive Mario Jordan Fetalino III.
He added that, “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,” noted Fetalino.
OpenPort Founder and CEO 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 of paperbased solutions.”
“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. Acudeen provides faster order to cash cycles, solving cash flow issues that have been inherent in the industry,” said Ward.
He added that, “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.”
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 utilizing movable assets like receivables. Today, Acudeen is present in the Philippines and Myanmar, assisting over 3000 SMEs. (JAL)