18 Sep Novamondo and CryptoBLK Announcing Collaborations on APAC Trade Finance Blockchain
Novamondo Finance Limited (Novamondo) and CryptoBLK Limited (CryptoBLK) has signed a memorandum of understanding (MOU), in the presence of Hong Kong Science & Technology Parks Corporation (HKSTP), to provide digitalized trade finance solutions for Novamondo’s customers in Asia Pacific region (APAC).
“We recognized early on when setting up Novamondo Finance that we had to be early adopters of cryptography, Blockchain and Distributed Ledger Technology (DLT) to underwrite risk and scale up the business,” said Cobe Tsang, President and COO of Novamondo Finance. “We want to be at the forefront of the structural changes happening in the trade finance sector because of these new technologies. We have been impressed with Duncan and his team, especially given their excellent track record in working with banks and regulators in Asia as well as their efforts to go beyond proof-of-concept to develop a working product that can be adopted for commercial use.”
“CryptoBLK is proud and honored to take part in this synergistic FinTech collaboration, where an enthusiastic financial institution (Novamondo) meets a competent technology company (CryptoBLK),” shared by Dr Duncan Wong, CEO of CryptoBLK. “Novamondo and CryptoBLK are sharing the same mission of transforming the trade finance industry with the DLT. With the valuable domain input from Novamondo, we are confident to jointly develop cutting-edge trade finance solutions that promote digital transformation and workflow optimization for the trade finance industry.”
Upon the signing of the MOU, CryptoBLK will provide technical support in Novamondo’s early adoption of DLT to underwrite risk and scale up the business. DLT knowhow and trade finance insights will also be exchanged for development of DLT solutions that provide simplified, transparent and secure trade finance workflow and processes.
As one of the facilitators of the disruptive Financial Technology, Mr George Tee, CTO of HKSTP, shared, “HKSTP is glad to see the collaboration between our Incu-Tech Programme company CryptoBLK and industry pioneer Novamondo in the early adoption of DLT and solutions development. As a global financial center, there’s a great opportunity for FinTech to thrive in Hong Kong. HKSTP will continue its support in new technologies development to creating a more financially inclusive world.”
Mr George Tee, Chief Technology Officer of Hong Kong Science & Technology Parks Corporation (Middle), Mr Cobe Tsang, President and Chief Operation Officer of Novamondo Finance (2nd from right), Mr Alan Chan, Senior Finance Manager (1st from right), Dr Duncan Wong, Chief Executive Officer of CryptoBLK Limited (2nd from left), and Mr Andrew Hon, Chief Technology Officer of CryptoBLK LImited (1st from left) at the APAC Trade Finance Blockchain MoU signing ceremony.
Mr George Tee, Chief Technology Officer of Hong Kong Science & Technology Parks Corporation (Middle), congratulates Mr Cobe Tsang, President and Chief Operation Officer of Novamondo Finance (right) and Dr Duncan Wong, Chief Executive Officer of CryptoBLK Limited (left) for the synergic FinTech collaboration.