Singapore-headquartered RootAnt has launched a multitier finance platform powered by distributed ledger technology as the fintech company makes its move to tap the Halal and ethical financing markets.
The new platform is based on R3’s Corda blockchain, launched at R3 CordaCon2020, the first multitier finance platform on the Corda blockchain.
“With the integration with the R3 Corda platform, it will allow for more secured data exchange among multiple parties, privacy and validation of financing and trade transactions throughout our platform,” RootAnt explained in a public statement.
This launch is part of RootAnt’s strategy to tap the Halal and ethical finance market. In an interview with IFN Fintech, RootAnt CEO Lincoln Yin shared that the company is developing Shariah compliant fintech solutions including a multitier finance platform to meet the immense opportunities the Halal finance market — which is lagging behind its conventional peers in terms of digitalization — presents.
“A review of [the] end-to-end trade finance process by Boston Consulting Group reveals that a single transaction can involve approximately 5,000 data filed interactions and multiple parties’ involvement,” the company explained. “Digitalization of trade finance would streamline 90% of data field interactions, creating a process that is not just faster [but also] less vulnerable to error and fraud.”
RootAnt plans to introduce its R3-powered solution in Singapore first before bringing it to the rest of Southeast Asia, Japan and China next year.