Blockchain in Transport Alliance (BiTA) newly opened its Asia office in Singapore, operated by the Dane Soeren Duvier and Jana Lee. With many global supply chain members its primary intent to grow members in the Asian market has already gained results, with BiTA announcing NR Capital as new member in the Alliance.
NR Capital is an alternative trade finance partner. Its CEO & CIO Tom James commented: “NR Capital as an innovative Alternative Trade Finance provider is committed to the Digitization of all elements of the Global Physical Commodity supply chain and as part of this initiative we are pleased to be part of such a strong global alliance like BiTA.”
BiTA describes itself as a “fast growing, and successful global alliance of companies across the transport and supply chain aiming to improve trade processes through the application of blockchain technology”. Members include some of the biggest names in the transport and logistics sector, including DHL, FedEx, Koch, SAP and JD.com.
“NR Capital represents the future of trade finance and is a leader in adaption of new processes and technologies including blockchain and we are proud to have them as a member” said Soeren Duvier, managing director of BiTA in Asia, expression appreciation for the trade finance company seeing the value the alliance brings to the supply chain.
NR Captial is made up of a team of very experienced professionals from the Commodity Investment & Trading, Risk Management, Maritime, Legal and I.T. profession. It was established for the specific purpose of building out the infrastructure, business model, and investment strategy for a new trade finance solution to better support the physical commodity trading and supply chain community.
Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards.
For example shippers, tech start-ups and incumbents, insurance companies, law firms, and other industry participants who have an interest in integrating blockchain technology into their organizations can join the alliance.
The goal is for members to participate, discuss, create, and adopt industry standards that would act as the bedrock for developing blockchain applications. This will be accomplished through workgroups staffed by members who work in various disciplines such as smart contracts, freight payments, freight forwarding, insurance, banking, asset management, transparency and numerous other ideas continuously under development.
Soeren has an extensive career in container shipping with Maersk and with ICAP, Sumitomo and Nordea in the oil and energy trading industries.
He stated:”It is a fantastic opportunity to join this forward looking organization to develop blockchain across transport and supply chain industry at this exciting juncture.”