[ICO][ANN] 🌐 ENVOY - a decentralised trade finance marketplace 🌐

[trathanh9562]

One of the major risks in international trade finance is the creation of duplicate invoices

As most financiers maintain independent ledgers, fraudsters can present invoices to various creditors and secure multiple loans on the same goods without the banks finding out.

[phamthithutrang]

The effects of duplicate invoicing fraud are far reaching: banks have to write off millions of dollars leading to conservative future investment; buyers, unlikely to receive goods, have their commitments affected

[littlemark]

The effects of duplicate invoicing fraud are far reaching: banks have to write off millions of dollars leading to conservative future investment; buyers, unlikely to receive goods, have their commitments affected

Suppliers are faced with higher interest rates as financiers have to recoup losses; insurers may have to cover the cost of claims, leading to higher premiums.

[trathanh9562]

JP Morgan claims that Fortune 500 companies spend no less than $81 billion* annually on unnecessary working capital and supply chain costs due to trade finance activities, requiring about 36 original documents, 240 copies and the involvement of 27 entities.

[littlemark]

As the industry grows, and as regulatory demands increase, the costs to strengthen compliance and set in place provisions for effective risk management are expected to follow suit

[T85083598]

The subversive trading space built for better global trade is equipped with a block chain. Good luck, guys!!!!

[phamthithutrang]

As the industry grows, and as regulatory demands increase, the costs to strengthen compliance and set in place provisions for effective risk management are expected to follow suit

In turn, this will make it harder and more expensive for businesses to access finance, in particular affecting SMEs who constitute 20% of US and 40% of EU exports**, and who have more than 50% of their trade finance requests rejected.

[daviszayn]

Current trade finance platforms are not interoperable, with most parties keeping private and paper-heavy ledgers.

[thedarknight789]

Current trade finance platforms are not interoperable, with most parties keeping private and paper-heavy ledgers.

This leads not only to invoice fraud, as outlined above, but also obfuscates much of the supply chains that feed from trade finance.

[liamclark]

Sharing data between warehouses, manufacturers, shippers, buyers, sellers and financiers is often incredibly time-consuming, if not impossible

[trathanh9562]

Sharing data between warehouses, manufacturers, shippers, buyers, sellers and financiers is often incredibly time-consuming, if not impossible

Disputes, then, inherently arise causing companies to engage in costly and time-consuming resolution procedures.

[liamclark]

Moreover, it is difficult to discover and investigate possible illegal supply chain connected activities such as counterfeiting, forced labour, poor conditions in factories, or revenues used to fund war crimes and criminal groups.

[Envoy_Team]

7 trade finance terms you need to know!
Click here to read all about it!

[luksbit]

In ICO will the value of the token be fixed as reported on the webiste, or according to the quotation of the ethereum at the time of the purchase of tokens?

[bakst2]

First project I have seen focused on trade finance. The team seems capable and experienced both from a dev and industry point of view. 

[HarrisPay]

Moreover, it is difficult to discover and investigate possible illegal supply chain connected activities such as counterfeiting, forced labour, poor conditions in factories, or revenues used to fund war crimes and criminal groups.

Trade finance is haunted by analogue operations. Most processes are still manually programmed and, where digitalisation has managed to penetrate the industry, market uptake has been slow, mostly down to issues with scalability and flexibility which current platforms have not managed to deal with

[liamclark]

Moreover, it is difficult to discover and investigate possible illegal supply chain connected activities such as counterfeiting, forced labour, poor conditions in factories, or revenues used to fund war crimes and criminal groups.

Trade finance is haunted by analogue operations. Most processes are still manually programmed and, where digitalisation has managed to penetrate the industry, market uptake has been slow, mostly down to issues with scalability and flexibility which current platforms have not managed to deal with

Typically, this means that time is wasted on unnecessary hand-holding, due diligence and compliance.

[thedarknight789]

Money is being left on the table due to slow moving and heavily laden legacy systems. A survey from the Asian Development Bank estimates that the trade finance gap is an astounding $1.6 trillion, whilst International Finance Corporation suggests that MSMEs face a finance gap of between $2.1 to $2.6 trillion*

[daviszayn]

It is these smaller businesses that are facing the greatest obstacles of accessing affordable finance. This is the case in both developed and developing nations, though the impact is far more substantial in lower income countries

[phamthithutrang]

Money is being left on the table due to slow moving and heavily laden legacy systems. A survey from the Asian Development Bank estimates that the trade finance gap is an astounding $1.6 trillion, whilst International Finance Corporation suggests that MSMEs face a finance gap of between $2.1 to $2.6 trillion*

There, small national banking sectors and a lack of interest from global institutions are hampering not only business development but economic growth.