MESCBN platform to fast-track CP Group's Supply Chain Digitisation across the world
SINGAPORE, Nov. 3, 2022 /PRNewswire/ -- Ascend Bit Company, a blockchain company of the CP Group, today announced a strategic partnership #dltledgers, a Multi-Party Extended Supply Chain business (MESCBN) platform at Singapore Fintech Festival. This partnership aims to bring this platform to all group companies of CP, specifically in Retail, International Trade, Automotive, Manufacturing, Financial Services, and distribution and logistics.
#dltledgers' platform enables multi-party transactions across enterprises by activating, formulating, collaborating, reconciling, resolving, and validating transactions using smart contracts. The digitalization of multi-party transactions provides authenticity and enables a large part of sustainability and financing initiatives with suppliers and distributors. It is industry agnostic and can be subscribed to and run by any enterprise with an external network of suppliers, distributors, banks, and logistics.
"It is an absolute delight to partner with Ascend Bit company as they drive the blockchain adoption for the CP Group. We are proud to make the vision of K. Suphachai (chairman of CP Group) a reality to extend the power of Enterprise Blockchain to all actors in the extended supply chain, both on the procurement and the distribution side. The CP Group companies could benefit from a MESCBN platform like ours, which can extend collaboration across entities, starting from a supplier or distributor framework and can deliver authentication, sustainability, and financing in its trust model," explained Farooq Siddiqi, the CEO of #dltledgers.
"We provide a technology that allows enterprises to collaborate with their partners dynamically and in real-time, accelerating mission-critical supply chain processes multi-folds. Our low code metaverse platform will enable enterprises to build their private network and seamlessly invite their partners to work together easily," said Farooq.
"I am extremely bullish about this Partnership, and I expect a lot out of both of our teams," added Farooq Siddiqi of #dltledgers, who joined the company after a 30-year stint as a banker.
"Ascend Bit is CP Group's blockchain company and center of excellence, and we are consistently looking at relevant partners that may bring complementary capabilities relevant to our group. We identified #dltledgers as an interesting player with world-class expertise and relevant credentials in the supply chain space, and we are proud to be their strategic partner for Thailand. We will integrate #dltledgers in our offerings to the CP Group and other companies in Thailand and accelerate the CP Group CEO vision to leverage blockchain to improve process efficiency, cost efficiency, and financial inclusion of all the ecosystem members of CP Group. We are excited to announce this strategic partnership with #dltledgers and look forward to a successful collaboration," said Michael Gryseels, President of Ascend Bit Company.
#dltledgers is a leading global blockchain-based multi-enterprise supply-chain business network (MESCBN) platform headquartered in Singapore. The platform helps corporates and banks to authenticate their commercial documents, contracts, and bank interactions, enabling them to automate multi-party transactions, streamline processes, and reduce costs. The net result is faster, more cost-effective trade execution, more robust, auditable collaboration between enterprises, and often improved capacity to obtain financing.
Network participants include buyers, sellers, trading companies, banks, alternative lenders, carriers, logistics partners, insurers, ports, and various certifying bodies and government agencies. #dltledgers was the first platform of its kind globally to go into total production, and it has processed several billion dollars worth of live transactions.
About Ascend Bit Company:
Ascend Bit Company is the central blockchain company solution for CP Group. Ascend Bit has the mandate to enable the group's companies to take full advantage of blockchain technologies and digital assets to innovate their customer experiences and business models and drive operational efficiencies. Ascend Bit is building a world-class product and engineering team to develop blockchain infrastructure, platforms, and services to support all blockchain-related innovation for CP Group operating companies and other companies in Thailand and Asia.
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