OPAL and DiMuto enter partnership to transform Agrifood FinTech
By Leandra Monteiro
DiMuto, a global agri-FinTech trade solutions company that provides end-to-end supply chain visibility for global agrifood trade, has partnered with OPAL, a Major Payment Institution (MPI) licensed by Monetary Authority of Singapore (MAS), to provide payment services on the blockchain-powered DiMuto Platform.
Working in collaboration, the two companies aim to combine their strengths and transform payments and financing in the agrifood trade space. Leveraging OPAL’s expertise in international payment, multi-currency wallets, FX management and financing solutions alongside DiMuto’s strong network of agrifood clientele, trade digitalisation technology and capability to collect asset-based data.
DiMuto and OPAL will develop a new payment module that will allow DiMuto’s agrifood customers to make payments directly tagged to the movement of goods on the DiMuto Platform, creating visibility of both the movement of goods and money for physical agrifood products tracked with DiMuto’s existing trade digitalization technology.
OPAL is able to facilitate safe and secure cross-border transactions in over 100 financial corridors with multi-currency accounts and competitive FX rates that are cheaper than conventional banking methods. With the new DiMuto Payment module, DiMuto’s agrifood customers will be able to conduct transactions that are in full compliance with Singapore regulations and international AML/CFT standards.
“We are excited to bring our experience in the financial, payments and technology industry to the collaboration with DiMuto. The partnership gives OPAL an opportunity to reach more small and medium businesses globally, particularly in the agrifood and perishables trade, that have not been serviced by traditional banking institutions. We look forward to helping them accelerate their growth with complex payments made easy,” said Lim Ming Wang, Co-founder and Chief Operating Officer of OPAL.
“At DiMuto, our vision is to power global agrifood trade with visibility. We have built a powerful platform that combines IoT, cloud, blockchain, and AI technology in our journey to bring visibility to global trade,” said Gary Loh, Founder and Chief Executive Officer of DiMuto. “By partnering OPAL to enable direct payments on our platform, we are moving closer to this goal as this creates a complete solution tying the movement of goods to the movement of money. With this, we can transform global trade by tackling the financing needs of the unbanked agrifood market.”
This partnership establishes the first step to DiMuto’s trade financing solution for the unbanked SMEs in the agri-perishables sector that have been unable to access financing from conventional banking institutions. By capturing and developing primary trade data through trade digitalisation, DiMuto effectively reduces the risks associated with trade financing.
IBSi Prime News
October 21, 2021
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