The Covantis blockchain platform for post-trade processes has moved into full production, two years after being created by a group of major agribusinesses to digitalise agricultural shipping transactions.
It was announced last week that the platform had gone live with more than 30 entities, including its six founding members – Archer Daniels Midland (ADM), Bunge, Cargill, Cofco, Louis Dreyfus Company and Viterra.
The platform will initially cover bulk shipments of commodities such as corn and soybeans from Brazil to destinations globally, and will seek to connect shippers, traders and charterers involved in these trade flows.
In this initial market, the platform – which seeks to do away with paper-based post-trade processes, in a bid to boost efficiency and cut operational risks for bulk shipments of agricultural goods – will focus on digitalising core processes.
NMS Infrastructure has appointed Gareth Sinnett as head of trade finance, a newly created position for the UK-based engineering, procurement and construction (EPC) project developer. He is responsible for all trade finance activities at NMS, reporting to Nick Oliver, head of business development.
Sinnett’s career includes 24 years spent across various senior roles within international development company Crown Agents and a number of its subsidiaries, winning and delivering multi-disciplinary projects, globally but with a focus on Africa and funded by a wide variety of sources.
His most recent position there was leading trade finance activities as head of business development, responsible for originating and developing a range of projects, working in close partnership with Crown Agents Bank.
Greensill to avoid insolvency through sale of SCF business, sources say gtreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gtreview.com Daily Mail and Mail on Sunday newspapers.
The sudden downfall of supply chain finance (SCF) heavyweight Greensill was triggered after US$4.6bn in insurance cover fell away overnight, court documents reveal. Problems with Greensill’s trade credit insurance cover first arose in July 2020, when Australia’s Bond and Credit Company (BCC) said it did not intend to renew or extend policies due to expire .
Supply chain finance (SCF) provider Greensill could be at risk of insolvency within days, after Credit Suisse suspended two investment funds relied on by the London-based fintech. Credit Suisse issued a notice to investors on Monday saying it was immediately suspending its SCF high income and investment grade funds, which provide as much as US$10bn .