By James A. Loyola
Filipino-owned start-up Acudeen Technologies, together with Hong Kong-based digital logistics provider Openport, has facilitated the financing of the first ever movable asset from a small logistics firm through blockchain in the Philippines.
In a statement, Acudeen Technologies founder and Chief Executive Mario Jordan Fetalino III said the first ever blockchain-powered invoice in the Philippines was sold through the company’s AssetChain Ecosystem.
The platform allows users to place non-invoice based movable assets such as inventory, trademark, warehouse receipts, physical products and the like on their market place.
Fetalino said the partnership of Acudeen and OpenPort breeds a good business environment for both SMEs and big corporations.
“The combination of the two businesses and the way they both adopted blockchain have proven with this transaction that inclusivity is possible given openness of stakeholders to new ideas and new technology,” he added.
After the partnership, one of OpenPort’s users uploaded a blockchain-enabled invoice amounting to P377,384 on the Acudeen platform and was purchased at a highly competitive price within two hours.
Fetalino explained the invoice was successfully verified without the need to interact with the sellers’s payor, showing the potential for ways to provide financing to various SMEs much faster than most solutions now available in the market.
“It usually takes 21 hours on average to validate an invoice and verify a transaction and much longer for invoices with big amounts such as the one with an OpenPort client,” he said.
Fetalino noted that, “with Blockchain as the catalyst, within two hours, the invoice was sold and the seller was successfully funded. This proves that there is a pressing need for transparency and visibility in order for both financial institutions and individuals to provide more flexible financing options for SMEs.”