India first listed and famous E-commerce platform and digital payment entity, Infibeam Avenues Ltd and Pune based blockchain startup Prime chain Technologies are now collaborating to develop the cross border blockchain invoicing platform for the global trade finance. With this, Infibeam targets $12 trillion global trade finance market.
Global trades involves the exchange of all the goods, capital and service across some of the international borders, this the global trade finance needs to be much more protected against the unique risks of international trade, currency fluctuations, issues of the nonpayment, political instability and creditworthiness.
To address the growing demand of the real-time scenario of the cross border and domestic trade payments, Infibeam Avenues and Primechain Technologies have also collaborated. According to world trade organizations, the market for trade finance is also estimated to be of more than $12 Trillion.
The Primechain technology & API stack for the blockchain will exclusively run on the Infibeam state of the art integrated Data Center infrastructure along with the LinuxOne platform at the Gandhinagar International Financial Tech City. The platform will also support the multiple blockchain frameworks which include the hyper ledger, hyper ledger fabric and multichain.
“While Infibeam continues to invest in fintech future solution, the digitalization of the traditional financial sector especially the global trade finance sector has opened an opportunity for more secure and encrypted global fintech platform. This collaboration will enable Infibeam to target $ 12 trillion global trade finance market” said Vishal Mehta, Managing Director, Infibeam Avenues.
Prime chain technologies which are founded in 2016 is a global blockchain startup that also operates the BankChain community of Banks. Bankchain is an alliance of banks which is formed in February 2017 to build, explore and implement the blockchain based solutions.