ConsolFreight Releases New Proof of Concept That Promises to Advance the Role of Logistics Providers in Trade Finance

"Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a very distinctive line between Logistics and Financial institutions, where the value of the assets is entirely disconnected from the process. Thus, leaving an untapped market of unfulfilled credit demand estimated at $1.6 trillion," says ConsolFreight's CEO, Ernesto Vila. "Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a...

"Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a very distinctive line between Logistics and Financial institutions, where the value of the assets is entirely disconnected from the process. Thus, leaving an untapped market of unfulfilled credit demand estimated at $1.6 trillion," says ConsolFreight's CEO, Ernesto Vila.

This revolutionary test was carried out by a dedicated team of experts in blockchain, logistics, supply chain management, and finance. Members of the ConsolFreight ecosystem are conducting pilots along with companies like Telefonica and Anova Marine. These partnerships are allowing smaller players to get access to larger organization solutions, generating technological inclusion.

The first TradeForward shipment was handled by freight forwarder Tech Cargo in the region of North America. The following shipments will be carried out by Freight and Transit Co. LTD to enable non-traditional trade finance in the African continent. Additional pilots in LATAM will be carried out by ADEKO Enterprises S.A., Globalog S.A., and Tree Logistics.

If you want to know more and become part of our Early Adopter Program, sign up here: https://www.tradeforward.org/

About ConsolFreight

ConsolFreight was founded in 2016. It is a collaborative platform that uses breakthrough technology such as blockchain and IoT to help improve the logistics and supply chain current processes. ConsolFreight works towards enhancing and better positioning the role of freight forwarders, helping them to grow their business and evolve with the current times. They achieve that by utilizing technology as an enabler in harnessing traditional freight forwarders with solutions that allow them to provide better customer experience, collaborate with others and compete against bigger players in the industry.

Contact:
Magda Torres
[email protected]
Phone: +34-622920343

Photo: https://mma.prnewswire.com/media/1020253/ConsolFreight_FinTech.jpg