Acudeen, a Filipino blockchain and fintech startup just sold its first blockchain-enabled invoice after an OpenPort user uploaded it in just two hours. OpenPort is a Hong Kong-based digital logistics provider with a partnership with Acudeen.
An invoice worth Php 377,384 was purchased at a competitive price in just two hours versus the average 21 hours using Acudeen’s platform. The reason for this is the platform’s ability to successfully verify the invoice without needing the interaction from the sellers’ payor. This opens a new way for SMEs to secure faster financing than most solutions in the market.
According to Mr. Mario Jordan Fetalino III, CEO and Founder of Acudeen Technologies, invoices with big amounts usually take 21 hours to validate. Since the company’s using the blockchain, they were able to sell the invoice and fund the seller within two hours.
“This proves that there is a pressing need for transparency and visibility in order for both financial institutions and individuals to provide more flexible financing options for SMEs,” – Mr. Mario Jordan Fetalino III, CEO and Founder of Acudeen Technologies
Acudeen’s AssetChain uses hyperledger fabric which provides transaction confidentiality. With the platform, it allows users to upload their movable assets like inventory, trademark, receipts, etc on the marketplace. Using this system, SMEs can liquefy their receivables at a faster rate. SMEs and entrepreneurs posting on the system accept discounts of between 2%-5% in order to get them sold.
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