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How Southeast Asian businesses can overcome employee training challenges

The fairly young population of Southeast Asian countries and their good level of education make them excellent members of the regional workforce. Add to this their reputation of hard work and adaptability.

Despite the perceived inherent advantages, employees are not going to magically appear at a company and start working just like everyone else does. They also need to undergo training, and the process is unlikely to proceed without some challenges along the way.

Discussed below are some of the leading concerns businesses that operate in Southeast Asia are likely to face when it comes to hiring and training employees. They may not be critical factors that will immediately drive away employers, but it pays to know them and the corresponding solutions to avoid problems.

Digital transformation

The challenge of bringing employees aboard the digital transformation ship is not exclusive to ASEAN economies. However, it may surprise some to know that most ASEAN firms admit to not being adaptable enough.

An SAP-commissioned Oxford Economics survey of 600 senior executives in key economies across ASEAN suggests that Southeast Asian companies know the ways towards digital transformation, but they are not as capable of adapting as they would have preferred.

The survey respondents were asked what hindered them from taking advantage of technology, digitalisation, and automation, in particular, to improve their operations and business outcomes.

Also Read: The right framework and training methods can minimise attrition rates among startup employees

Some of their top responses were as follows: lack of technology for analytics (43 per cent), lack of capable and motivated workforce (40 per cent), lack of adequate data (38 per cent), and difficulty scaling for growth (33 per cent).

These responses show how many organisations still struggle with the goal of becoming fully digital to become more agile and adaptable to market changes. These also infer how many still hesitate to invest in digital transformation and exert enough effort to expedite digitalisation.

Digital transformation is not as easy as it seems even for Southeast Asia’s relatively young working population. However, with the right employee training programs, adapting to the increasingly digitised modern economy is not too tall an order to take.

A thoughtfully designed training plan, together with tech-driven tools and systems, can easily address the challenges of training employees to work well with the ongoing digital transformation efforts of ASEAN companies.

Job-skill mismatch

One of the notable challenges in training employees is the apparent mismatch between jobs and skills. There are many potential employees across Southeast Asia, but their set of skills may not be best suited for the vacancies.

An International Labor Organization (ILO) report shows the extent of job mismatch in several Southeast Asian countries. In Cambodia, Indonesia, the Philippines, Thailand, and Vietnam, the qualification mismatch average at around 0.4.

Some 40 per cent of job applicants in these countries are reportedly underqualified or overqualified for the available job positions.

This job-skill mismatch is an employee training problem as it makes employees less enthusiastic about training. Consequently, they become less productive and less engaged in the workplace. As the ILO describes the impact of mismatches, “skills mismatch has negative consequences for productivity and competitiveness.”

It would be extremely challenging to motivate employees who consider themselves detached from their functions and incompatible with the positions they are occupying. To address skill mismatch and raise employee motivation, it may be necessary to do reassignments or provide more training to make it easier for employees to adjust to their functions.

Also Read: The right framework and training methods can minimise attrition rates among startup employees

Moreover, there’s difficulty in dealing with overqualified employees. They may not find the training useful, or they may regard it as cumbersome given that they are doing a job that they deem to be beneath their qualification and expected pay grade.

Hectic schedules

Working hours in many ASEAN countries are relatively long. According to numbers from Statista, Thailand has a 42.3-hour workweek. Employees in the Philippines work 41.7 hours per week on average.

Vietnam, on the other hand, has a 41.2-hour workweek. Indonesia’s 38.2 hours may be low compared to its ASEAN peers, but it is still higher than the global average for OECD countries at 33.5 hours.

With these long working hours, it would be difficult to squeeze training sessions in. It is challenging to encourage employees to learn more skills or prepare to advance their position within the company when they are already spending a lot of their time at work and are expected to complete a long list of tasks.

One way to deal with this challenge is to consider remote training whenever possible. The pandemic has shown that remote work works. There are no compelling reasons to deliberately avoid virtual training sessions. It can save time and the use of resources, plus the sessions can be recorded so anyone can go back to them if ever they forget something or they need clarifications.

Dispersed workforce

Many ASEAN businesses operate in multiple locations. As a result, training sessions can be quite a hassle. It does not only raise the challenge of distance or lack of physical interaction. It also creates opportunities for culture clashes,

Southeast Asian employees are as diverse as they can get when it comes to work attitude. From the sociable to the stubborn lone wolves, they vary greatly and form a colourful spectrum too vibrant to be tamed or put in a single category.

Also Read: In your journey to attain great CX, how much are you prioritising a great employee experience (EX)?

To address issues that may stem from diversity and geographical barriers, it helps to clearly lay down the training goals from the get-go. Doing this makes it easy for everyone to establish expectations and adjust themselves to the training and the instructor.

Additionally, it is advisable to use live online platforms or spaces to build a community where employees can interact and engage with other employees. Also, take advantage of social media.

Learning consultant Dan Steer shared how social media can be useful in employee training during a session at the Association for Talent Development International Conference & Exposition. Steer says that social media should be used before, during, and after the training sessions to achieve its best impact.

Nothing too hard to overcome

The Southeast Asian economy is still at its younger stages and was experiencing enviable healthy growth before the pandemic struck. However, COVID-19 disruption has made it amply clear that ASEAN countries have a lot of room for improvement.

They can become more resilient and adaptable particularly when it comes to the labour market by addressing the jobs-skills mismatch, giving the digital transformation a harder push, and addressing the effects of long working hours and workforce dispersion on employee training.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

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Leading Aichi into the future with collaborations and innovations

The dynamics of what’s essential and what’s not has shifted dramatically in the past two years with a global health pandemic unleashing instabilities and uncertainties across the globe. While many parts of the world still continue to fight this health crisis and businesses navigate through the new normal to survive and sustain, one thing is certain—digitalisation and innovation are not a choice anymore; tech-enabled solutions and systems are the future for every sector.

In the past few decades, Japan’s tech startup scene has been making some strides but there is still a lot of scope for growth and development. Japan has only managed to produce three unicorns so far while the US boasts 239 and China 121. For the nation to realise its full potential in the new normal, strategic planning is needed.

Along with Tokyo and Osaka, Aichi prefecture is one of the three major metropolitan areas in the country, a bustling manufacturing centre and has the potential to be a startup hub. However, for the startup scene in Aichi to mature, key stakeholders need to come together and innovate.

As such, the government of Aichi has developed “Aichi Vision 2030” to help set directions for the prefecture to focus on in the crucial post-pandemic years of the coming decade.

Building Aichi into the next global startup festival hub

Large corporations in Japan are supporting the burgeoning startup scene, with 25 of the 44 companies ranked in Forbes Top 500 engaging with tech startups in one way or another. This engagement is increasingly characterised by corporate venture capital invested into new enterprises, and to keep the momentum going, the Aichi government plans to foster collaborations and partnerships.

Also read: KoinWorks hits profitability, securing 100k SMEs as early adopters for its NEO product

The Aichi government envisions the realisation of a smart city with keen collaborations from all main stakeholders, such as entrepreneurs, startup founders, governments, corporates and citizens. Under the “Aichi Vision 2030” program, the government is keen on inviting collaborations from Japan, APAC and other parts of the world by leveraging digital connectivity.

Furthermore, the Aichi Prefectural Government in partnership with ICMG (Intellectual Capital Management Group), NUS Enterprise and e27, recently concluded the ‘Aichi Startup Festival 2021 with e27’ where startups and accelerators from across the region and beyond participated. Popular V-tuber “Kiminomiya” also participated in this three-day festival.

A one-of-its-kind startup festival to foster innovation

The ‘Aichi Startup Festival 2021 with e27’ is one-of-its-kind in that this is the only startup event that brings together the government, startup accelerators and digital content creators to co-create and collaborate for a more resilient and sustainable future.

This year’s festival had a team of experienced panelists, including the likes of Masaaki Shibayama, Director for Startup Promotion, Aichi Prefecture Department of Economy, Trade and Industry, NG Weiyi, Assistant Professor, Department of Strategy and Policy: NUS Business School: National University of Singapore, Thaddeus Jit Siong Koh, e27 Co-Founder & COO & CFO and Veerappan Swaminathan, Sustainable Living Lab Pte Ltd Founder & Director.

Also read: How can corporate executives, startups, and VCs stay ahead of the innovation curve?

Sessions exploring the latest technologies like AI as well as discussions on topics like innovation and sustainability were held over a period of three days. The festival saw pitch submissions from 26 startups from Japan, Asia and other parts of the world. The festival provided all participating startups with a platform to connect with potential target consumers, venture capitalists and other interested parties.

The pitches were based on five core themes, including the following:

  • Resilience and sustainability
  • Creating a community where everyone can play an active role
  • Strengthening industries through new innovations
  • Creating an attractive region gathering from the world
  • Education for global leaders who will lead the future and be active in the world and local communities

Based on the submissions, participating startups were evaluated by a panel of judges and winners were announced. The Aichi award winner list consisted of Arm, GINKAN, Qlue, Hishab and WFrontier whereas the startups that bagged the e27 award were Axelr8, AgreeBit, ELXR, Qlue and RevComm.

Sustainability as a central feature

With the right support from the government and keen participation of entrepreneurs, VCs and other stakeholders, Aichi has the potential to take Japan’s startup ecosystem to an altogether different level.

As businesses try to survive and sustain in what seems like a long-prevailing normal now, digital transformation and innovation for a sustainable future is not only mindful and good business but also what the future of the world depends on.

The Aichi Prefecture understands this at their heart and thus, hand-in-hand with their key partners, are working towards enabling tech startups in the region to come forward and collaborate to help create a sustainable future.

Learn more at https://e27.co/aichiglobalap/en/ or email ICMG JP at adachi@icmg.co.jp

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This article is produced by the e27 team, sponsored by 
ICMG

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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How this Taiwan-based company adds purpose to your purchase

What started as a social enterprise focused on providing specialty coffee called IMPCT Coffee, Taiwan-based startup IMPCT has transformed itself into an impact investing platform where consumers get to choose which causes they would like to invest in through their purchases. By allowing small and large brands the opportunity to allocate a specific margin to be invested for a cause, and then letting consumers choose exactly which cause they would like to advocate, IMPCT is encouraging its stakeholders to be mindful about how they vote with their dollar.

IMPCT’s story began in 2014 when it was founded by five MBA classmates from Taiwan’s National Chengchi University as an entry into the prestigious Hult Prize Challenge. The initial award-winning idea formed by co-founders Jessi Fu, An-Nung Chen, Taylor Scobbie, Juan Diego Prudot, and Andres Escobar was to reinvest funds from impact trade coffee sales to develop a series of IMPCT Playcares; early childhood education centers located in urban slums across Latin America and Africa. They have since built ten Playcares in El Salvador, Guatemala, Honduras, and South Africa using profits that they reinvested into microloans for female entrepreneurs living in the slums.

While this old model has achieved success in the Americas, relying solely on B2B coffee sales during the pandemic put severe constraints on the company’s ability to scale. “I do feel like the old company of Impct Coffee has been extended to its [fullest] potential,” stated Jessi Fu, Head of Brand Management, during an interview with e27.

“We’re still running [the old business] in Taiwan. Taiwan has one store and then we are also doing a lot of B2B sales and events because currently, Taiwan is the only place you can do all of that.”

Adding purpose to your every purchase

With the success of IMPCT and as a result of the recent global health crisis that has exposed so many societal problems and deficiencies, co-founders Jessi Fu and Taylor Scobbie realised there is so much more work to be done. As such, the duo founded +Purpose, an impact investing platform where consumers get to decide what causes they can support with the simple act of purchasing products from e-commerce platforms like Shopify. +Purpose was founded with the idea that we should be able to add our purpose to everything we buy.

Also read: How fintech startups can fast forward their growth

With the recent pandemic and all the pressing social issues that were exacerbated because of it, they created +Purpose, enabling a larger scale approach to the impact investing framework of IMPCT’s original coffee idea.

With this new project, consumers can decide to add purpose to their purchase not only in buying coffee but when it comes to the multitudes of e-commerce products as well.

Freedom of choice as a feature of the future

During her interview with e27, Fu lamented the general lack of concern East Asian consumers have for the social impact of a brand, commenting that IMPCT was comparatively performing better in the Americas before the pandemic.

“The customers here don’t really care about how you have a cause. [They think that] ‘Yes, it’s good for you to have a cause, to think that the product should do good, but what’s that relative to my life?’ I feel that deeply and I’m kind of disappointed through my experiences here in Taiwan and also in Korea.”

Research supports Fu’s observations of relative apathy among East Asian buyers regarding the ethics of a given brand compared to consumers in the Americas. Findings from a 2019 study by two researchers at Sichuan University indicated that corporate-level ethical identification was a trivial matter to the 328 participants involved in the study.

Also read: Sendbird reaches unicorn status amidst growing need for mobile communications

However, freedom of choice may be the key to rousing sentiment, as the level of care each consumer holds for a given ethical issue is relative to both the individual and the cause. Consumer A could be willing to donate to support marine conservation, whereas Consumer B could care more about women’s reproductive rights. This variability is precisely why the freedom of choice built into +Purpose’s new business model is crucial to encourage mindful consumer behaviour.

In her interview with e27, Fu compared the impact trade model against the way certain brands use charity as an advertising strategy, pointing out the inherent ineffectuality in companies that give out free shoes to hungry children in developing nations as if it affects any meaningful change.

“Why would you care if you buy shoes and [the seller donates] another pair, but you don’t know where it goes? Maybe you care about another cause.”

“We want consumers to decide for themselves and not have the brands decide where their impact will go.”

Everyone can be an impact investor through +Purpose

While impact investing and ethical consumerism are not new concepts, the +Purpose trade model allows consumers and small brands to put their money where their values lie by allowing their purchases to speak for them. 5% of each purchase on the +Purpose e-commerce platform earns a buyer “impact credits” in a similar way to a cashback reward program, which they can then reinvest in causes like education, environmental conservation, or social movements. Brands get to decide how much to invest in a given cause, while consumers get to decide to which cause they would like to advocate.

Also read: KoinWorks hits profitability, securing 100k SMEs as early adopters for its NEO product

Compared to traditional CSR methods like reducing carbon footprint, volunteerism, and philanthropy, many of which are only accessible to larger corporations, +Purpose provides an e-commerce platform where even small businesses can make direct financial contributions to the advancement of a cause.

“Nowadays all of the big companies have to do CSR — but the issue is that they are big brands, so they actually have room to do those kinds of things,” noted Fu. “But what about small brands? Small brands also want to do good.”

Future plans

IMPCT currently has several team members spread across the Americas and Asia, and their e-commerce platform is slated to launch within the second quarter of 2021. While the platform’s main target market remains the United States, it will be accepting orders worldwide. In addition to winning the $1,000,000 Hult Prize Challenge in 2014, IMPCT has also previously participated in the UC Berkeley Skydeck Accelerator and Pear VC Summer Program in 2019 and onboarded Uber, Salesforce, Adobe, and Cisco as enterprise clients.

Meanwhile, +Purpose is looking to expand their operations by exploring potential partnerships with more e-commerce platforms.

For more information, contact +Purpose through this link. You can also check out IMPCT’s website here.

One day barista @ impctcoffee – YouTube Founder Steve Chen

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This article is produced by the e27 team, sponsored by 
+Purpose

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Sprint or marathon? How to determine the balance in consistency vs intensity during COVID-19

These are unprecedented times – you have seen this on almost every industry bulletin paper and internal memo. Indeed, this pandemic has upended the lives and livelihoods of many. It has even shuttered companies we thought were mainstays in our economy.

A year on and industry leaders are still asking: how long till things go back to business (and bottom-line) as usual?

We do not yet know the answer and it could be years before we see a return to normal, if ever. Without a finish line in sight, companies are running in short, even dramatic, sprints to sidestep business hurdles as they come.

The more uncertain the situation, the more drastic the company’s actions are – sustained over a course of time, this knee-jerk ‘intensity’ can lead to poor business outcomes. However, building consistency around your organisation can see you through the recession and into recovery.

As Ted Talk sensation Simon Sinek says: While intensity is good for quick results, working consistently yields long-term results. And a good balance of both will set you up for greater success.

Intensity: To sprint or not to sprint?

Running a business is challenging under the best of circumstances. When faced with a crisis of uncertainty, it gets much harder. It is a widely held assumption that the only way to counteract a slump is by taking the ‘intensity’ approach. It is an unspoken axiom in business, but power move it is not. It refers to any type of corporate action that involves concentrated effort over a short period of time, much like sprints.

At the first sign of cashflow trouble on the 60th-floor boardroom, the CEO puts into effect a string of undertakings: Below-cost pricing, retrenchment, branch closures and organisational restructure. The law is laid down faster than you can say ‘new normal’. The emphasis is often on the fiscal outcome of the decision and less on the impact it has on others. 

Also Read: Road from crisis to recovery: What is fuelling the resurgence of startups post-COVID-19

Though excessively dire, the short-term gains are looked upon as somehow superior. Why? Intensity is measurable, controllable, and there is a sense of relief in having come to a resolution.

Besides, it sounds good on paper. Under financial duress, these measures can be a positive course of action. But it is a short-term path with poor long-term results including weak employee relations and bad customer experiences, by extension.

Consistency: Business is like a marathon

The consistency approach is not that much different from a marathon. You put one foot in front of the other, keep a constant pace, take controlled breaths, and finish strong. Consistency means replicating positive behaviour day after day till you see desired results. Picture the CEO again, now think consistency.

Did you envision a tedious pattern of a usual day’s work: meetings, conference calls and endless emails? Right, you are. Contrary to what you may believe, it is the daily grind we are all too familiar with that will have the largest payoffs.

Granted, it will not make headlines but in totality, these actions account for much of a company’s success. Instead of whittling down your headcount, consider work reassignments in their place.

Instead of retaliatory discounts, consider value-adding to keep customers buying. It is far from instantaneous and takes a lot more effort than reflexive first measures, but you will see the outcomes you want.

The long and short of it

Now that you have weighed the merits of both approaches, here is the takeaway: It is not always black and white. From multinational corporations to small and medium-sized businesses, enterprises can benefit from the greys. After all, most companies are already forward-thinking but under pressure to see immediate results.

Also Read: Future of workspaces: What will the post-pandemic office look like?

One sustainable way to bridge this gap is to balance intensity and consistency, the long and short term. This means utilising intensity spikes at intervals and integrating corporate strategies for the long-haul. But to truly ensure these methods coalesce, you need compassion. As leaders we have a responsibility to balance costs and care. Take it from us at The Little Black Book, surviving this economic fallout does not have to lead to layoffs or paycuts.

In our case, a hiring freeze was instituted at the onset, notwithstanding the plans we had for company expansion, and we took stock of our resources and reserves. What we did not immediately need, we let go. Unnecessary subscriptions? Out. Subcontracted crew? Out. Non-essential benefits? Out. Even though the initial decision to downsize our workspace was met with a collective gasp, it meant that we were able to keep staff on payroll. All while leveraging on government-driven financial aid, employee attrition and staff reassignments.

On the consistency-front, we have worked day-in day-out to grow our sphere of contacts, reconnect with leads and diversify income streams. In the grand scheme of things, we have fared reasonably well. 

Instead of holding cards tight to our chests, good leaders acknowledge when a situation is bad, and that it may get worse before it gets better. By acting decisively in the absence of certainty, for the long and short term, your company will stand a greater chance of seeing itself through to precedented times.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

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How to create a new normal for trade finance with blockchain

blockchain trade finance

Things are starting to look up for global trade in 2021. After supply chain disruptions caused world merchandise trade volumes to fall to 5.3 per cent in 2020, the World Trade Organisation expects volumes to grow by 8.0 per cent in 2021 — a promising sign of rapid recovery in global trade.

In Asia-Pacific, China’s growth has spurred exports from Southeast Asia, with the non-oil domestic exports of Singapore growing 12.1 per cent in March 2021 and total exports of Indonesia growing 30.5 per cent y-o-y in March. 

While this recovery means many businesses can look forward to things returning to normal, this perspective begs the question — should “returning to normal” really be desired? 

Out with the old habits, in with the new norms

Throughout the COVID-19 pandemic, many have realised that the new norms of work-from-home arrangements, food deliveries, and virtual yoga are more practical ways of living than our old routines.

Similarly, businesses and industries recognise that in a post-COVID-19 world, there are outdated industry practices that need to end—as organisations must reimagine their backend systems and architecture to fit within the new world.

Instead of reverting to old processes, businesses can treat the disruption from COVID-19 as the perfect springboard to acquiring competitive advantage, and create a permanent new normal of how business is done leveraging technology. Nowhere is this opportunity riper than in the trade finance industry. 

In trade finance, importers and exporters struggle to navigate the opaque and fragmented nature of an ecosystem heavily dominated by paper processing and slow transactions involving multiple parties. These outdated systems are proving a challenge for all who are involved—banks, importers and exporters, insurers, export credit agencies, and various service providers.

Also Read: Sprint or marathon? How to determine the balance in consistency vs intensity during COVID-19

According to the International Finance Corporation (IFC), the trade finance gap has never been bigger and is expected to expand, especially in emerging markets.

As a result, players within the trade finance sector have been scouring for ways to simplify how trade is managed. The answer? Blockchain technology.

Post-COVID-19 recovery: A golden opportunity for blockchain in trade finance

Blockchain technology is fast being adopted across the trade finance ecosystems. For example, Contour, a digital trade network of the world’s leading trade banks, including HSBC, BNP Paribas, ING, Standard Chartered, and Singapore’s DBS Bank, is harnessing Corda Enterprise to bring more efficiency to documentary trade.

The platform unites buyers, suppliers, and banks on a decentralised digital trade finance platform to simplify management of the Letter of Credit (LC) process, drastically cutting the cost and time needed to issue LCs by up to 90 per cent.

A similar instance is in the case of Bangkok Bank in Thailand, which recently announced that it is deepening its integration of blockchain technology into its trade, payments, and supply-chain business.

This comes after it facilitated an LC transaction between a subsidiary of Thailand-based PTT Group and a Vietnam-based trading partner in September 2020, reducing LC issuance time by over 95 per cent.

While these examples demonstrate immense progress of blockchain innovation in the sector, the speed at which these technologies are being adopted in trade finance creates a new problem — interoperability. 

Keep calm and stay interoperable

With the introduction of any new technology, organisations face preliminary hurdles when it comes to stacking solutions and enabling integration with existing systems and standards.

However, in the case of trade finance, many players have already started implementing blockchain solutions, each wooed by different networks, consortia, and platforms that offer ways to integrate into their legacy back-office systems.

Also Read: Blockchain will eliminate frauds and malpractices in trade finance

Each is rightfully chosen for specific strengths and areas of focus, but this inevitably creates multiple blockchain ecosystems which are siloed from each other.

As the technology improves, the challenge for these enterprises becomes finding ways to build bridges between different blockchain systems to ensure data can be shared between one ledger and another. This is especially critical as the pandemic has made it clear that supply chain infrastructures need to communicate with each other, or risk running into the same inefficiencies that traditional processes already present. 

For example, a surgical mask manufacturer whose bank runs on Hyperledger Fabric must be able to provide a letter of credit to a fabric supplier’s bank operating on Corda implementation. There needs to be an interoperable way to facilitate such transactions, information sharing, and execution of smart contracts across different supply chain networks for blockchain to bring real value.

An example of this is the collaboration between MineHub, a mining and metals trading platform on Hyperledger Fabric, and Contour which runs on Corda – allowing mining corporates to have access to financing via this interoperability.

A critical way to build interoperability is by creating shared industry standards that cut across trade tools and allow fragmented supply chain management platforms to link up and operate together. This is a challenge that the Bankers Association for Finance and Trade (BAFT), a leading international transaction banking association, solved as members came together to develop a framework for a digital ledger payment commitment (DLPC). 

The BAFT DLPC standardises the payment commitment—an instrument that functions as a legally enforceable obligation to pay a sum of money, and the most critical aspect of a trade finance transaction. The BAFT DLPC gave birth to DLPC CorDapp, a Skuchain application that enables interoperability in permissioned blockchain networks, so for instance, transactions between enterprises on Hyperledger Fabric and their bank partners on the Corda Network can take place without any party having to onboard onto another platform. 

In the new world order, the hallmark of successful business will be efficiency, expediency, and flexibility. In this world, the implementation of blockchain will no longer be an option for the trade industry.

With more frameworks and technological collaboration in the trade finance sector, players in the ecosystem have an enormous opportunity to define the new normal for the industry with blockchain, and ensure economic recovery stays within reach.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image credit: Clint Adair on Unsplash

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