Trade Finance Market Introduces Invoice NFTs to Boost Global SME Finance
Blockchain technology will be used to close funding gap of $5.2 trillion enabling millions of small businesses globally to access finance and rebound from the effects of COVID-19.
Singapore, Singapore, September 29, 2021 --(PR.com)-- Trade Finance Market (TFM) has announced the launch of InvoiceNFT, its groundbreaking blockchain application enabling businesses to create NFTs (non fungible tokens) from invoices to access a global pool of funders.
Small and Medium Enterprises (SMEs) play a major role in economies and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. The International Finance Corporation (IFC) estimates that 65 million firms making up 40% of formal micro, small and medium enterprises (MSMEs) in developing countries have an unmet annual financing need of $5.2 trillion. East Asia And Pacific accounts for the largest share (46%) of the total global finance gap and is followed by Latin America and the Caribbean (23%) and Europe and Central Asia (15%).
InvoiceNFT empowers any SME to seamlessly use TFM’s best-in-class software to create digital assets from receivables. Fraud detection is carried out at source using TFM’s Invoice Check, increasing transparency and security.
Once a NFT is created, a financier can request verification from all parties in the transaction, which is then embedded in a self liquidating smart contract.
Executive Director of Trade Finance Market, Raj Uttamchandani, sees InvoiceNFT as a demonstration of how fintechs are taking the lead in making it easier for businesses to access liquidity – even in emerging markets.
“Our focus has always been on serving SMEs and InvoiceNFT provides a solution which utilises blockchain in a way that has never been done before - providing funders with security and ensuring finance reaches the many small businesses which really need it, thereby protecting countless jobs and livelihoods,” he said.
At launch, over 300 funders will be accessible, many in emerging markets and TFM aims to open the factoring market to institutional crypto investors.
Any business looking for invoice and receivables funding can sign up now: www.tradefinancemarket.com/invoice-nft.html
About Trade Finance Market
Trade Finance Market (TFM) is a fintech leader in developing decentralized ledger technology applications and providing alternative trade finance solutions – especially in emerging markets. Trade Finance Market is backed by GTR Ventures and the executive team consists of experts in trade finance and technology - including Brad Lucas, TFM’s CTO and a recognized thought leader in blockchain and COO Margrith Lutschg Emmenegger previously President of FIMBank.
Small and Medium Enterprises (SMEs) play a major role in economies and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. The International Finance Corporation (IFC) estimates that 65 million firms making up 40% of formal micro, small and medium enterprises (MSMEs) in developing countries have an unmet annual financing need of $5.2 trillion. East Asia And Pacific accounts for the largest share (46%) of the total global finance gap and is followed by Latin America and the Caribbean (23%) and Europe and Central Asia (15%).
InvoiceNFT empowers any SME to seamlessly use TFM’s best-in-class software to create digital assets from receivables. Fraud detection is carried out at source using TFM’s Invoice Check, increasing transparency and security.
Once a NFT is created, a financier can request verification from all parties in the transaction, which is then embedded in a self liquidating smart contract.
Executive Director of Trade Finance Market, Raj Uttamchandani, sees InvoiceNFT as a demonstration of how fintechs are taking the lead in making it easier for businesses to access liquidity – even in emerging markets.
“Our focus has always been on serving SMEs and InvoiceNFT provides a solution which utilises blockchain in a way that has never been done before - providing funders with security and ensuring finance reaches the many small businesses which really need it, thereby protecting countless jobs and livelihoods,” he said.
At launch, over 300 funders will be accessible, many in emerging markets and TFM aims to open the factoring market to institutional crypto investors.
Any business looking for invoice and receivables funding can sign up now: www.tradefinancemarket.com/invoice-nft.html
About Trade Finance Market
Trade Finance Market (TFM) is a fintech leader in developing decentralized ledger technology applications and providing alternative trade finance solutions – especially in emerging markets. Trade Finance Market is backed by GTR Ventures and the executive team consists of experts in trade finance and technology - including Brad Lucas, TFM’s CTO and a recognized thought leader in blockchain and COO Margrith Lutschg Emmenegger previously President of FIMBank.
Contact
Trade Finance Market
Rob Mattis
6581478677
Www.tradefinancemarket.com
Rob Mattis
6581478677
Www.tradefinancemarket.com
Contact
Categories