A fintech startup in Singapore, INVICTUS, is leveraging IBM solutions for its Order, Logistic and Payment (OLP) platform to help businesses increase productivity.
The platform will help businesses reduce wastage, redundancy and cash-flow issues in their transaction processes by using blockchain smart contract technology.
The startup is also working with IBM Bluemix Garage to design a distributed ledger platform prototype on the Hyperledger Fabric. The prototype aims to help better manage transactions between small and medium-sized enterprises (SMEs), suppliers, banks and liquidity providers.
"INVICTUS offers more than an e-procurement platform. We focus on taking the chronic pain out of the last mile of a transaction by expanding access to financing from third party liquidity providers, in addition to banks. Through our blockchain smart contract technologies and working collaboratively with IBM, we hope to disrupt this last mile by enabling secure and cashless financing as early as the purchase order stage," said Lim Soon Hock, Chairman of INVICTUS.
"Being a start-up ourselves, we know running an enterprise with limited resources can be challenging. Working with the IBM Bluemix Garage team has been an eye-opening experience in showing us how companies can benefit from technologies such as blockchain, which has the capabilities to improve operational efficiency and reduce transaction risks. We are very excited to see how our offerings will help SMEs become more productive and competitive," said Jeffrey Lam, Chief Operating Officer & VicePresident of Sales of INVICTUS.
"Blockchain technology presents opportunities for disruptive innovation. It enables businesses to transact with less friction and more trust. Through IBM Blockchain, we are empowering businesses to digitise transaction workflow through a highly secure, shared and replicated ledger," said Alan Lim, Practice Lead, IBM Blockchain & Bluemix Garage, ASEAN.