Triterras Inc., a leading fintech company for trade and trade finance, announced the launch of a new logistics module on Kratos, its blockchain-enabled, commodity trading and trade finance platform. To build the logistics module, Triterras collaborated with Seven Oceans, a Singapore-based company that creates maritime and shipping software for commercial shipping and fleet management.
Through an API connection of Seven Oceans’ data sets to Kratos, the logistics module digitizes key information to enable shipbrokers, operators, and shipowners to do business together—further with their commodity trading partners—within the Triterras marketplace. The module eliminates the redundancies of paper-and-email-based legacy systems, expedites the freight-contracting process, reduces transaction times for shipments, and helps the counterparties to better manage their assets and maximize decision-making. The company does not currently plan to charge an additional fee for users that source logistics services on Kratos but believe that the availability of logistics on Kratos will drive increased Transaction Volume and user growth.
“With our new logistics module, Triterras takes another significant leap forward in the development of our digital marketplace for commodity trading, trade finance, and delivery,” said Triterras Chairman and CEO Srinivas Koneru. “In partnership with Seven Oceans, we have expanded our Kratos platform to enable shipbrokers, operators and shipowners to arrange cross-border shipments in the same place where our commodity traders transact, secure financing and, with the logistics module, now manage their deliveries.”
“Our data-enablement partnership with Triterras will bring significant efficiency to, and simplify the sharing of key information among, a marketplace of shipping counterparties and their commodity trading partners. We’re excited to team with Triterras and together bring greater transparency and informational integrity to shipping logistics for all parties on the Kratos platform,” said Seven Oceans CEO Captain Himanshu Joshi.
As described, the new logistics module advances the Kratos user experience by adding the delivery leg of a global commodities business alongside the platform’s existing trading and finance modules. Earlier, Triterras also launched an Insurance Module in a partnership with Marsh, one of the world’s largest insurance broker, which allowed borrowers to seek and secure trade credit insurance on the platform.
The impact, practicality, interoperability, and uniqueness of the Kratos platform were recently recognized when the platform won the Singapore Founder category of the FinTech Awards issued by the Monetary Authority of Singapore.