GUUD’s RYTE Trade Finance Application Portal (TFAP) clinches 3rd Place in SPD Bank Global Innovation Jam and In+hub Accelerator Selection Day 2023, held in Shanghai on 7th December. The event was hosted by the Shanghai Pudong Development Bank guided by the Shanghai Municipal Commission of Economy and Information Technology.

A convergence of leading technological solutions that accelerate the development of the fintech ecosystem through digital transformation enabled by artificial intelligence, blockchain and big data, the SPD innovation jam received a total of 258 solutions from hundreds of companies in 6 countries and regions. GUUD’s RYTE TFAP electronic Bill of Lading (eBL) solution is one of the outstanding proposals from 28 companies that was shortlisted for the ” In+hub Accelerator Selection Day” final roadshow, covering three tracks: financial services, cross-border overseas expansion, and intelligent manufacturing, to provide financial technology empowerment for key industries.

Leading the charge in digital transformation, the innovative RYTE TFAP’s eBL solution addresses the inefficiencies of traditional international trade processes in the face of global supply chain challenges. GUUD recognizes the manual and traditional hindrances prevalent in the industry and developed the RYTE TFAP eBL solution to address these challenges via leveraging blockchain technology and the TradeTrust framework. The TradeTrust framework is spearheaded by Singapore’s Infocomm Media Development Authority (IMDA) and aligns with international standards and frameworks, including the United Nations Commission on International Trade Law (UNCITRAL) and the Model Law on Electronic Transferable Records (MLETR), to facilitate cross-border document and title exchanges, ensuring the legality of title transfers.

The RYTE TFAP winning eBL solution addresses critical challenges in cross-border trade finance and document verification. Utilizing TradeTrust and blockchain technology, RYTE TFAP eBL solution ensures the authenticity and security of electronic trade documents, particularly eBLs. It streamlines workflows electronically, eradicates traditional processes disadvantages, resulting in a faster, more efficient, accurate, and secure system. It has shown proven functionality demonstrated through a successful Proof of Concept with Shenzhen, reducing turnaround time from 7 to 10 days to 5 minutes and fully interoperable with other platforms and systems.

“We are honored to be invited to participate and shortlisted for the 7th SPD Bank Global Innovation Jam 2023. Our participation in this event underscores our dedication in promoting digital transformation, fostering partnerships, and contributing to the trade facilitation across the globe,” said Allen Chan, CIO and Co-Founder of GUUD Pte Ltd

In its 7th edition, the Shanghai Pudong Development Bank International Financial Technology Innovation Competition has received more than 900 participating solutions from more than 700 participating companies in 15 countries, of which more than 30 outstanding results have been implemented in Shanghai Pudong Development Bank. Currently, the “In+hub Innovation Community” has more than 900 members, helping more than 300 technology companies accelerate their development and the digital transformation of more than 60 leading companies in more than 10 industries.

This competition is supported by the Shanghai Intelligent Manufacturing Industry Association, with members like Xinghuan Technology, DaoCloud, CLOUDERA (Kenrui China), Amazon Cloud Technology, China Electronics Jinxin, SAS (Saix Software), Yisaiqi, Plug and Play China, the Yangtze River Delta Financial Technology Innovation and Application Global Competition, and New Energy Nexus.

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GUUD Pte Ltd
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