Triterras Inc. (Nasdaq: TRIT,
TRITW) (“Triterras” or the “Company”), a leading fintech
company for trade and trade finance, today announced a
collaboration with essDOCS, a paperless global trade management
company, to accelerate the use of digital trade documents for
Triterras’ global community of commodity traders.
Designed to make bulk cargo trading paperless and more
efficient, essDOCS enables traders of any cargo-type to entirely or
partially digitize trade operations and finance processes. The
collaboration is the latest move for Triterras, which is building
out end-to-end services for its online marketplace that connects
and enables SME businesses, corporates, multinationals, and their
lenders to trade online and digitally finance their commodity
trading, logistics operations and supply chains.
Under the arrangement, effective immediately, Triterras will
integrate essDOCS’ CargoDocs electronic document capabilities onto
Kratos, enabling Triterras’ customers to create, review and approve
paper or electronic bills of lading (eB/L) with their supply
chain.
“The digitization of trade is a must-have as we look for ways to
innovate across the trade lifecycle by shortening it and making it
more transparent,” said Srinivas Koneru, founder, and CEO,
Triterras. “We’re thrilled to welcome essDOCS to provide digital
eB/L solutions for bulk cargo trades. We very much look forward to
this collaboration and the value that essDOCS can bring to our
community.”
Shipping costs and delays have been exacerbated by the global
pandemic, bringing heightened awareness to the advantages of fully
digitized trading operations. With the world’s largest electronic
Bill of Lading network, trade stakeholders using essDOCS’ CargoDocs
solution can transfer the eB/L through the trade chain—between
carrier, exporter, financing parties and importer—in as little as
three minutes.
“Commodities traders are increasingly seeking digital solutions
to complex paper problems in trade,” said Alexander Goulandris,
Co-CEO, essDOCS. “Our best-in-class technology accelerates
documentation processes to help the trading industry drive
efficiencies, reduce the risk of fraud and eliminate errors. We’re
confident that syncing with Triterras will deliver transformative
benefits to the Kratos marketplace and its customers.”
Singapore, where Triterras is headquartered, is at the forefront
of digital trade advancements as part of the government’s strategy
to deepen its footprint as a global tech and e-commerce hub and
strengthen the country’s extensive free trade agreement (FTA)
network. The country has recently signed digital trade agreements
with Australia, Chile, and New Zealand, among other trading
partners. In February 2021, the Singapore Parliament also passed
the Electronic Transactions Act (Amendment) Bill, granting title
documents such as electronic bills of lading the same legal status
as their paper equivalents. In December, Triterras won the
Singapore Founder category of the FinTech Awards issued by the
Monetary Authority of Singapore.
In May, Triterras entered into a strategic investment and
partnership with Singapore headquartered Electronic Cash and
Payment Solutions (S) Pte Ltd., (“ECAPS”), an open banking platform
for India’s emerging Micro and SME marketplace (MSME). The
partnership expanded Triterras’ global footprint and presence in
the Indian MSME marketplace. Triterras also recently closed its
acquisition of Invoice Bazaar, a leading supply chain finance
platform in the Middle East, and announced a partnership with
Western Union Business Solutions.
About essDOCSessDOCS enables paperless global
trade management. Its CargoDocs platform digitizes, automates, and
accelerates trade operations, finance, logistics, compliance, and
visibility. Its essCert platform digitizes the certification of
preferential and non-preferential certificates of origin and other
export/import-related documents issued by Chambers of Commerce or
other authorities. 58,000+ companies, ranging from 31% of the
Fortune Global 100 to innovative SMEs, use essDOCS solutions
globally in warehouses as well as bulker, tanker, container, and
barge movements. Customers are supported from offices in London,
Athens, Galway, New York, Shanghai, Kolkata, Adelaide, and
Singapore. To find out more, visit essdocs.com.
Media Contacts:Nicholas DemetriouCMO,
essDOCSOffice: +30 210 724 5960Email:
nicholas.demetriou@essdocs.com
About TriterrasTriterras is a leading fintech
company focused on trade and trade finance. It launched and
operates Kratos™—one of the world’s largest commodity trading and
trade finance platforms that connects and enables commodity traders
to trade and source capital from lenders directly online. For more
information, please visit triterras.com or email us at
contact@triterras.com.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Triterras’ actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believe,” “hope,” “predict,”
“potential,” “continue,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include Triterras’ expectations with respect to future
performance. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. Most of these factors
are outside Triterras’ control and are difficult to predict.
Factors that may cause such differences include but are not limited
to risks and uncertainties related to the risks set forth under
“Risk Factors” in Triterras’ Form 20-F (SEC File No.: 001-39693)
filed with the SEC on November 16, 2020, and in Triterras’ other
filings with the SEC. Triterras cautions that the foregoing list of
factors is not exclusive. Triterras cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Triterras does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Investor Relations Contacts:Jim Groh, Triterras
Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com
Gateway Investor RelationsCody Slach and Matt
GloverOffice: +1 (949) 574-3860Email: TRIT@gatewayir.com
Media Contacts:Gregory Papajohn, Office of
Corporate Communications, Triterras, Inc.Mobile: +1 (917)
287-3626Email: press@triterras.com
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