CryptoBLK Limited (CryptoBLK) is pleased to announce that it has signed a memorandum of understanding (MOU) with Eureka Holding Limited (FinMonster). This MOU establishes a strategic partnership to collaborate on building trade finance solutions and club finance solutions based on Distributed Ledger Technology (DLT, a.k.a Blockchain) and promote the FinMonster marketplace for bankers and corporates.
The global trade finance gap, which was last estimated at US$1.5 trillion in the World Trade Statistical Review 2018 by WTO, is presenting a considerable barrier to trade1. CryptoBLK, supported by FinMonster, is building a DLT-based open account and supply chain finance platform by combining its advanced technology capabilities, and FinMonster’s insights and expertise in trade finance, to improve trade efficiency, build better trust among trade participants, and greatly reduce financing risks and costs.
“FinMonster and CryptoBLK share the same mission to accelerate the pace of digital transformation for trade finance to overcome the finance gap,” said Dr. Duncan Wong, CEO of CryptoBLK. “Through our partnership with FinMonster, we hope to enable businesses of trade finance to gain access to DLT solutions and integrate the technologies into the processes of buyers, suppliers and financiers.”
FinMonster is a corporate banking fintech company aiming at building a corporate banking marketplace to facilitate the business banking operation. The team is excited to participate in the development of the DLT solution by contributing their knowledge and frontier experience in trade finance.
“We are committed to the modernization of corporate banking with emerging technology and are ecstatic to partner with CryptoBLK given their domain expertise in DLT,” said Jess Cheng, CEO of FinMonster. “In addition to trade finance, the club finance has been a focus of ours for quite some time now. With a DLT-based infrastructure, both small-medium enterprises, or even corporates, and financiers will be benefited from the relatively low financing risks and cost. This further strengthens our brand promise, which is to serve a better financing experience by offering price comparison and matching services.”
CryptoBLK and FinMonster will also work together on co-marketing efforts through launching educational seminars and workshops to speed up the development of DLT products and go-to-market plans.
About CryptoBLK Limited
CryptoBLK Limited is a technology company focusing on developing, deploying and operating Blockchain systems, aiming at making global impacts in the financial services industry by delivering software solutions and services based on Distributed Ledger Technology (DLT, a.k.a. Blockchain). Our mission is to unlock new possibilities, improve efficiency and productivity, and simplifying workflow and processes using DLT, that is secure, transparent and trustworthy.
As one of the most prominent world-leading DLT development teams, CryptoBLK has rich experience in developing industry-wide DLT platforms as well as custom-made DLT-based applications for the financial services industry and many other industries. Besides one-stop enterprise-grade Blockchain-based solutions, the team also provides consultancy service on digital asset management and DLT security assessment.
About Eureka Holding Limited (FinMonster)
FinMonster is a Corporate Banking focused Fintech allowing Corporate Customer to reach the right banker through our proprietary algorithm to obtain a lower cost financing with much shorter time. Founded by Corporate Bankers, the team of FinMonster understands that wherever they are, small and medium-sized enterprises (SMEs) may sometimes find the banking world hard to navigate and often confine their use of corporate banking services to account opening.
The existing practice of Corporate Banking frequently incurs various mismatching between Corporate and banks with low transparency of the offering price. Thus, a first-of-its-kind FinTech platform in Hong Kong was established by FinMonster to facilitate the matching and communication between business and banks in order to improve operation efficiency and information transparency. Corporate simply input their needs on FinMonster, selected banks will provide their response in 5 days.