OpenPort is a digital logistics platform that wants to change domestic distribution in various markets with the use of blockchain. However, they recently made an announcement on May 8, 2018 that they would partner up with Acudeen Technologies to help small and medium businesses gain more financial support in their endeavors.
The new partnership comes as a solution for the supply chain industry, according to OpenPort Founder and CEO Max Ward. The goal is to make the industry more modern, which will solve issues like high capital requirements, cash flow, and lack of visibility. With better accuracy and visibility, there will be a major change in “non-performing liabilities.” There are a lot of challenges expected in the partnership, but the gradual changes will keep the problems from resurfacing.
Acudeen Technologies’ role in the industry is to sellers with an audience that is willing to purchase their products. However, by addressing many of the common problems faced with SMEs, the lack of funding and capital will not be a problem. Acudeen is already available in the Philippines and Myanmar, offering support to 3000 SMEs. According to their performance, Acudeen has earned accolades as the Founder Institute’s Best Global Fintech. It also is one of the Top 10 fastest growing fintechs in 2017 for their performance in the Philippines.
The partnership allows OpenPort to grow and strengthen the Acudeen Technologies ecosystem, allowing them to support smaller logistics businesses in an inclusive environment. Through the way that OpenPort utilizes blockchain, Acudeen is capable of tracing progress for delivery of goods and services. This information will help to create cheaper and more efficient means for small businesses that want to run smoother.
Mario Jordan “Magellan” Fetalino III, the founder and CEO of Acudeen Technologies, says that the biggest roadblock that financial industries face is credit risk mitigation. Smaller and newer companies pose a major credit risk, making it hard for them to get the financing that they need to make their goals into a reality. This partnership provides better security, making the new businesses less of a risk to investors as they start up.
OpenPort often works with bigger companies, and has a reputation for investing in larger companies, making it a reputable brand to trust with new investments. They are presently the only multinational provider in Asia, and their complete visibility in delivery proves their reliability in the industry.
Along with this partnership, OpenPort recently announced the publication of the Open Enterprise Logistics Foundation. This foundation is a non-profit option for business in the supply and logistics industry. There will be a token generation event later in 2018 to get funds for the OpenPort foundation.