GeTS wins 2021 Global Finance – The Innovators Award for Outstanding Innovation in Trade Finance

SINGAPORE
– Media OutReach – 2 June
2021 – Global eTrade Services (GeTS) is proud to be recognised as
one of the Outstanding Innovators in Trade Finance category for “Global Finance
The Innovators 2021” annual selection program.

In its
ninth year, this unique program by Global Finance recognises organisations that
consistently identify and innovate new ways and tools in finance.  Award categories include Outstanding
Innovations in Cash Management, Corporate Finance, Islamic Finance, Payments
and Trade Finance.

Importantly,
GeTS’ CALISTA Finance (part of CALISTA – a global supply chain orchestration
platform) won this recognition due to the innovative process design and AI technology
that enables trade financing to be more accessible, predictable and easier to
fulfil for traders.

CALISTA
brings together key trade activities such as logistics, regulatory compliance
and trade finance on a digital eco-system that serves the shippers and
logistics stakeholders.  Through CALISTA,
shippers can book and track their freight, fulfil regulatory requirements, and
secure financing for their trades. 
CALISTA also supports Logistics Service Providers (LSPs) by helping them
to digitalise their sales process and allowing them to collaborate seamlessly
and efficiently.

Trade
financing is traditionally a complex and timely process with many documents and
interactions between the borrowers and financiers.  To maintain economic
growth and ensure smooth cross-border trade, businesses need access to adequate
funds.  For example, in Southeast Asia,
around 39 million[1] small and medium-sized companies contribute
40 %[2] of the region’s gross domestic product
(GDP), but these SMEs typically do not have access to financial support.  During the COVID-19 crisis, global supply
chains were severely disrupted, which further compounded the woes of SMEs.

Plugging
the gaps in trade finance between the different trade parties – CALISTA Finance
digitalises the entire trade financing application process through the use of
optical character recognition (OCR) technology and an Artificial
Intelligence/machine learning (AI/ML) credit engine. This enables CALISTA
finance to offer fast and fuss-free financing with a turnaround time of within
72 hours from application to securing of loans, a process which generally takes
approximately 2 weeks for the banks.

In
addition, CALISTA Finance has an outstanding performance in risk management and
mitigation.  As a result, it offers
lenders a viable channel to access the potential borrowers in the global trade
segment.

“We are
very honoured to receive this recognition from Global Finance,” said Chong Kok
Keong, CEO of GeTS.

“We will
continue to revolutionise the way trade is financed through a one-stop solution
that provides financing options where businesses can strengthen their
liquidity, get easier access to improve their cash flows and ultimately
increase their competitiveness in their trade activities.”