Prudential, StarHub launch blockchain-based digital trade platform

The platform called Fasttrack Trade will be launched in 1Q18.

Prudential Singapore (Prudential) and StarHub partnered up to launch a blockchain-based digital trade platform called Fasttrack Trade (FTT).

According to a press release, the platform is targeted towards small and medium-sized enterprises (SME). It will allow them to find business distributors, buy and sell goods, track shipments, receive and make payments, and access finance products on a single platform.

It is being developed by fintech startup Cites Gestion with funding from Prudential.

Under the partnership, StarHub will offer its enterprise customers access to FTT’s services whilst Prudential will offer insurance to help them mitigate business risks.

The platform also provides alternative financing options to SMEs through Funding Societies, a peer-to-peer (P2P) lender.

StarHub and Prudential are expecting more service providers to join the FTT upon its commercial launch in 1Q2018.

FTT is run by distributed ledger technology, allowing the sharing of a common audit trail between counterparties on the platform.

FTT is also being set up to operate outside Singapore.