►
Description
Moderated by Roberto Mancone, we.trade
Blockchain is reshaping the supply chain ecosystem
This July, we.trade blockchain platform completed multiple real-time customer transactions, which are the first commercial trades completed on we.trade blockchain platform.
Join us for this insightful panel discussion, which brings together a FinTech, banking leaders, technology expert and shipping providers from across Europe, to discuss the challenges and more importantly the opportunities facing those involved in international trade.
Learn how blockchain is revolutionising the trade ecosystem.Distributed ledger technology can help gain efficiencies and provide greater transparency in live transactions and is a disruptive model that has the potential to reshape the future of global trade finance.
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
Webinars: https://www.hyperledger.org/learn/webinars
Events: https://www.hyperledger.org/events
Vendor Directory: https://www.hyperledger.org/use/vendor-directory
Subscribe to the Hyperledger Newsletter: https://www.hyperledger.org/newsletter
Follow-us on Twitter @Hyperledger
Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #Blockchain
A
B
C
Afternoon
my
name
is
Anne
Clair
Gorge,
so
I'm
from
sochi,
teeccino,
her
global
head
of
products
and
innovation
within
the
trade
finance
business
line,
and
I'm
also
a
board
member
of
we
trade,
and
it's
a
pleasure
to
be
here
so
just
before
we
start
I'm,
absolutely
not
an
IT
woman.
Nor
am
I
so.
We
both
have
a
business
background,
but
we'll
do
our
best
to
tell
you
the
reason
why
we
decided
to
launch
this
project.
C
A
So
we
will
try
to
tell
you
a
little
bit
our
story.
Why
we
did
this
and
where
we
stand
at
this
point
is
something
that
we
want
to
share
with
you
before
going
into
the
we
trade
in.
Obviously,
probably
we
don't
need
to
teach
you
anything
this
kind
of
audience.
If
it's
here,
because
ypur
ledger
I,
guess
you
know
everything
about
blockchain,
so
we
don't
have
to
spend
so
much
time
on
that.
A
A
Will
you
see
a
lot
of
collaboration
happening
around
in
banking
and
we
are
an
example
and
trade
finance,
but
you
can
see
also
in
several
the
fields,
industry,
sectors
and-
and
that
means
of
course
there
is
a
systematic
approach
towards
understanding.
Can
we
use
blockchain
in
order
radically
change
the
way
the
business
has
been
happening
after
today,
and
if
these
are
the
sectors,
then
we
just
give
you
here
some
examples
and
names.
Of
course
we
place
ourselves.
We
trade
with
a
trade
as
a
an
example
of
something
that
is
no
longer
proof
of
concept.
A
It's
not
something
that
may
or
may
not
happen,
but
something
that
was
developed
is
available
in
a
market
that
will
be
discussed
with
Chantal
and
Anne
clear
later
on,
but
for
us
was
Patil
import.
Also
to
underline
that
in
all
those
segments
and
sectors,
as
you
can
see,
there
are
important
names
right,
the
names
that,
of
course,
you
know
and
insurance
sector,
but
also
the
food
safety
in
a
logistics
supply
chain.
A
Many
of
these
names
and
many
of
these
projects,
probably
you're
already
aware
what
it
means
is
that
there
is
a
fundamental
pool
of
resources
and
is
a
fundamental
shift
in
investment
made
by
big
names.
This
is
not
only
more
somebody
in
the
garage
trying
to
develop
a
solution
or
startup
and
FinTech
and
see
if
it
works.
Here
we
have
the
big
players
in
each
single
industry
reporting
heavy
resources
in
this,
and
this
inevitably
will
change
the
business
models
that
these
companies
are
operating.
A
They
are
making
a
lot
of
money
I
think
now
a
developer
earns
almost
hundred
seventy-five
$20,000,
so
euros
depends
where
you
work,
which
is
pretty
appealing,
I
would
say,
but
this
creates
an
issue
because
the
demand
is
so
high
for,
because
of
all
the
projects
are
used
so
before
that
means
resources
as
scarce
as
only
few
projects
probably
are
able
to
go
fast.
So
in
this
respect
me
I
have
the
first
question
for
you:
how
comfortable
you
are
that
we
have
the
right
resources
in
developing
what
we
are
developing
I.
C
Would
say:
that's
the
reason
why
the
consortium
so
the
at
the
beginning,
seven
banks
and
then
nine
banks,
and
now
12
banks
decided
not
to
develop
the
solution
by
themselves,
but
to
go
to
an
external
provider
with
the
resources
and
skills
in
this
field.
So
we
decided
to
launch
RFP
at
the
very
beginning
of
the
project
and
we
after
a
street
selection.
In
fact,
we
decided
to
go
with
the
IBM
and
to
ask
IBM
to
develop
the
solution.
A
C
A
Is
important
point
that
maybe
we
want
to
share
with
you,
we
don't
know
exactly
from
which
sector
you
come,
but
I
mean
but
and
Claire
mention
is
absolutely
important.
So
basically
we
have
the
domain
expert,
which
is
trade,
finance
experts
and
is
a
provider
of
course
better
12
banks
and
they
absolutely
key
valuable
assets.
A
So
we
know
how
three
finance
was
performed
in
the
past
and
we
know
what
are
the
pain
points
and
then
started
from
the
pain
points,
the
typical
process,
which
okay,
but
this
is
the
way
we
would
like
to
the
engineer
and
then
we
try
to
use,
of
course,
blockchain
in
order
to
to
change
the
model
originally
so
moving
forward.
Sorry
I
went
too
fast.
Maybe
I
have
a
pressure
for
Chantal.
So
if
this
is
true,
so
we
have
this
expertise
in
international
trade
and
trade
finance
the
banks.
So
why
do
we
do
this?
A
B
What's
happening,
okay,
the
starting
point
for
this:
we
trade
story
was
in
fact
customer
it's
it's
not
about
the
technology,
but
what
are
currently
customer
needs
and
let
me
share
you
story
how
it
all
started.
In
fact
it
was
an
idea
of
a
customer
share
with
us
that
one
of
his
needs
was
not
really
covered
in
the
current
way
that
banks
service
their
customers,
a
small
potato
grower
in
Belgium
who
wanted
to
export
his
potato
products
into
France,
and
he
said
well
basically,
normally
I.
B
As
an
exporter,
I
don't
want
to
take
the
risk
and
deliver
goods
sent
my
ship,
my
goods
to
anybody,
I
can't
I,
don't
do
not
know
so
he
doesn't
want
to
take
the
payment
a
default
risk
right.
So
he
said
if
you
could
build
me,
a
solution
where
I
can
send
my
truck
to
this
customer
in
Leon.
He
can
see
my
goods
he's,
ok
with
it,
and
then
he
can
push
on
a
button
on
his
smartphone
and
then
automatically
the
payment
is
sent
to
my
bank
account
and
I'm
perfectly
happy.
So
it's
the
same.
B
B
So
this
is
a
catch-22
position
and
potentially
the
business
could
be
turned
down,
but
as
a
bank,
we
do
have
solutions
today
to
cover
those
type
of
risks.
But
we
notice
that
in
the
European
context
in
the
European
Way
of
working
they're
not
being
used
by
companies
because
letters
of
credits,
documentary
collections,
they're
too
cumbersome
company,
expensive
and
too
slow,
because
they're
paper-based
the
documents
needs
to
physically
be
shipped
to
one
bank,
then
to
another
bank,
be
verified
and
then
go
to
the
finance
to
the
the
final
destination.
B
So
basically
in
Europe,
the
the
flow
of
the
documents
would
be
too
slow.
The
goods
would
arrive
sooner,
so
it
wouldn't
work.
And
that's
why
we
said:
okay
with
the
blockchain
technology.
We
have
lots
of
advantages.
Perhaps
we
can
share
the
next
slide.
We
had
a
very
nice
video,
but
the
sound
is
not
working,
so
we're
not
going
to
show
it.
A
You
were
talking
about
the
complexity
right,
you
say
it's
cumbersome
and
everything
there
couple
of
slides,
maybe
I
want
to
show
and
then
ask
you,
as
a
trade
expert
I
mean.
Maybe
we
can
explain
better
that
the
intricacy
on
purpose.
You
don't
need
to
to
read
each
single
name,
but
the
goal
is
just
to
show
that
a
normal
trading
co
systems,
as
you
can
see
there
are
lots
of
players.
A
It's
a
very
complicated
structure:
shippers,
importers,
exporters,
insurers,
forwarders,
customs,
poor
authorities,
banks,
you
name
it
right
and
then,
when
you
have
so
many
players,
this
is
what
happens
right
discharged
even
worst
at
a
previous
one,
but
it's
on
purpose
and
good
luck
for
you.
If
you
can
read
all
the
all
the
points
there,
but
it
shows
exactly,
we
can
explain
sound
on
top.
You
have
all
the
players,
the
one
that
we
mentioned
before
importer
is
poor
and
so
forth.
Then
you
have
the
documents
and
any
of
the
data
so
and
Claire.
C
This
is
the
reason,
but
I'll
try
to
explain
why.
In
fact,
the
question
I
wanted
to
ask
to
show
our
previously
is.
Okay,
your
client
has
a
need.
You
want
to
fulfill
this
need,
but
why
don't
you
find
a
solution
on
your
own?
So
the
answer
is
the
previous
slide.
In
fact,
we
can't
in
trade
finance
we
want
to
finance
trade
transactions,
meaning
that
we
are
now
alone.
Our
client
is
not
alone
doing
trade
transactions,
so
we
need
to
connect
the
dots.
C
We
need
to
find
a
solution
to
to
go
through
those
different
key
players
and
for
the
moment
the
solution
is
to
use
paper,
because
paper
is
universal.
Okay,
so
everybody
can
understand
a
sheet
of
paper.
Sometimes
you
may
face
a
question
with
the
language,
but
you
can
read
it
in
any
case,
you
can
read
it.
C
So
the
question
is:
if
you
want
to
build
a
solution
to
digitize
this,
you
can't
do
it
alone.
You
need
to
create
a
network,
and
when
we
start
speaking
about
networks,
then
we
can.
We
start
understanding
the
reason
why
we
look
at
blockchain
technology.
The
second
reason
why
we
need-
or
we
thought
it
was
a
good
idea
to
look
at
deities-
was
that
you
can
see
that
they
are
very
different
kind
of
players
here,
and
why
would
one
category
of
players
here
trust
the
other
category?
C
Why
should
I,
as
a
shipping
line,
trust
a
bank
to
to
manage
the
documents?
I
need
to
issue
or
I
need
to
receive
to
operate
my
trade,
the
trade
transaction
of
my
clients?
Why,
as
a
bank,
should
I
trust
another
bank
or
a
FinTech
as
it's
a
strategic
activity
for
me?
So
there
is
a
question
around
the
question
of
trusted
third
party,
so
we
can't
afford
putting
all
those
data
in
the
hands
of
one
single
party.
A
So,
basically,
if
I
go
to
some
town
that
works,
so
basically
is
saying
and
clear
that
from
this
situation,
where
at
the
bottom,
you
see
all
the
data
which
can
be
documents,
invoices
packing
list
builder
lading
as
correctly
as
and
Clair,
was
mentioning.
There
is
a
lot
of
replication
in
these
documents.
Sometimes
forgeries,
sometimes
our
operating
risk.
Obviously,
behind
that-
and
there
is
always
a
one-to-many
transfer
all
this
data
so
moving
towards
the
DLT.
What
is
the
difference.
B
Have
these
accessibility
to
this
information
and
have
access
to
the
same
information
so
on
the
platform
a
trades
is
recorded
on
the
blockchain
and
where
the
buyer
and
seller
have
access
to
the
same
information,
and
only
the
related
banks
in
that
transaction,
the
buyers
banks
to
execute.
Finally,
the
transaction
and
a
seller
bank
when
he
gives
a
financial
service,
they
also
have
accessibility
to
those
data.
So
it's
all
about
efficiency,
transparency,
digitizing,
a
trade,
but
not
only
about
replicating
the
current
way
of
working
and
I.
B
Think
that
is
really
crucial
that,
because
another
advantage
is
not
only
the
shared
database,
it's
also
the
use
of
smart
contracts,
and
perhaps
we
can
explain
it
with
this
slide.
So
for
the
people
that
know
a
little
bit
rate
finance
as
banks.
Our
service
is
to
guarantee
a
payment
when
documents
are
compliant
with
terms
stipulated
in
a
swift
message.
In
the
letter
of
credit,
it's
kultur,
so
we
check
documents
and
the
documents
when
they're
compliant.
They
are
the
key
to
the
money
to
the
money
transfer
by
using
the
smartphone
contract.
B
We
will
now
step
away
from
the
dock,
checking
the
paper
we
go
to
event
based
payment
triggers,
so
events
will
trigger
the
payments
and
the
events
we
now
include
it
in
in
the
smart
contract
and
the
current
platform
version,
they
have
two
blocks:
it's
around
the
invoice,
a
transaction
and
the
invoice
sent
by
the
or
accepted
by
the
buyer
and
optionally.
You
can
combine
it
with
the
goods
delivery,
the
goods
delivery,
which
can
be
confirmed
by
a
third
neutral
party,
which
is
a
transporter.
B
We
build
an
API
and
interface
with
the
transporter
courier
companies
or
it
could
be
done
by
the
buyer,
for
example,
or
the
seller
that
the
good
several
ships
so
remember
coming
back
to
the
story
of
the
potato
grower.
Here
we
have
the
fact
that
if
you
as
a
supplier,
you
upload
your
invoice,
you
send
to
your
invoice
and
your
customer
for
the
first
transaction
is
happy
to
see
that
the
goods
and
then
says
ok
I,
receive
the
goods.
That
means
the
we
treat
contract
will
send
the
instruction
to
the
buyers
bank
to
execute
the
payments.
B
A
Payments
are,
for
the
moment
at
least
made
by
the
banks.
We
have
the
benefit,
of
course,
to
have
shareholders
and
users,
which
are
banks,
so
at
the
beginning,
didn't
make
any
sense
to
build
a
p2p
payment
in
the
platform.
After
we
have
this
kind
of
very
high-level
view
in
everything.
Do
you
want
to
guide
quickly
maybe
to
show
how
the
user
experience
user
interface
is
this
momentum
build?
C
Currently,
if
you
want
to
issue
a
letter
of
credit
or
to
be
the
beneficiary
of
the
of
a
letter
of
credit,
you
need
to
start
with
the
training
session
and
a
long
training
session
here
you
can
see
that
it
seems,
and
it
is
in
fact
plug
and
play.
In
fact
it's
very
easy.
So
what
does
we
trade?
Also?
This
is
the
customer
dashboard.
We
will
we'll
river
to
other
screens
after
after
after
this.
So
what
does
the
platform
currently
offer?
So
again,
Roberto
mentioned
the
fact
that
we
it's
not
a
proof-of-concept.
C
C
The
first
level
of
service
is
purely
a
service
between
the
buyer
and
the
seller,
so
meaning
that,
in
fact,
this
platform
is
basically
mainly
a
trade
platform
and
not
only
a
trade
finance
platform.
What
does
it
offer
a
simple
way
for
the
buyer
and
the
seller
to
agree
on
the
terms
of
kind
of
proaches
order?
In
fact,
the
terms
of
a
trade
transaction
and
the
conditions
upon
which
the
payment
will
be
triggered.
So
the
events
Chantal
was
referring
to
what
does
it
bring
to
the
buyer
and
the
seller
transparency?
C
Where
do
we
stand
on
the
trend,
trade,
transaction,
follow-up
and
auto
settlements
of
the
payment,
so
conditional
payments?
So
this
is
the
very
first
service
where
previously
you
couldn't
see
any
Bank
on
the
chart.
Okay,
only
the
buy
on
the
seller,
then
in
case
the
exporter
is
not
comfortable
with
the
credit
risk
of
the
buyer.
C
The
bank
of
the
importer
of
the
buyer
can
add
its
guarantee
to
the
payments,
meaning
that
the
payment
will
be
will
be
made
whatever
the
situation
of
the
buyer
is
at
maturity
date
of
the
payments,
so
the
bank
may
add
the
guarantee,
the
payment
guarantee
and
the
third
service.
The
platform
currently
offers
is
access
to
finance,
meaning
that
the
bank
of
the
exporter
may
finance
the
different
payments
if
the
buyer
and
the
seller
agreed
on
different
payments,
so
this
is
operational.
I
am
available
to
clients.
Currently,
yes,.
B
Correct-
and
this
is
only
the
starting
point-
so
this
is
the
starting
version
and
our
intention
is
to
add
more
types
of
services,
Bank
services,
but
also
other
services.
Perhaps
we
can
have
a
look
at
some
other
screenshots,
so
the
first
one
was
a
dashboard,
so
you
can
see
a
company
logs
on
gets
access
to
the
we
trade
platform
through
one
of
the
member
banks.
You
will
then
see
the
life
cycle
of
his
transactions.
B
You
start
with
the
input
of
the
purchase
order
and
then
the
next
step
will
be
when
the
goods
are
delivered
all
ready
for
shipment.
The
seller
we
made
the
invoice
and
all
the
steps
until
the
payment
of
the
invoice
are
reflected
on
the
platform.
Here
is
a
screenshot
where,
when
the
seller
clicks
wants
to
register
transaction,
he
will
click
on
the
green
button,
create
a
trade
and
then
first
he
will
select
this
counterparty
and
then
the
next
step
you
see
here
is
the
transaction
details.
He
will
start
in
different
scheme
screens
to
fill
out.
B
You
can
see
here
the
currency.
He
is
the
amount
of
course
and
then
there's
also
an
upload
functionality.
Our
customers
told
us
it
would
be
really
nice.
Even
not.
Everything
is
digital
yet
or
integrated
in
this
flow.
But
if
we
could
add
like
a
digital
archive
or
packing
list
or
invoice
or
transport
documents,
that
would
be
very
useful
for
us,
knowing
that
and
hopefully
that
in
the
later
stage
we
will
have
more
actors
on
the
platform
and
more
documents
and
here's
the
step
where
you
can
see
that
the
seller
confirms
that
the
invoice
is
sent.
B
A
One
thing
is
important
before
we
move
forward
and
probably
is
connected
to
the
next
slide,
but
rather
be
clear
that
whatever
the
steps
that
we
mentioned
before
so
the
to
traders
meeting
each
other
and
the
platform's,
the
two
traders
either
requiring
a
guarantee
of
financing
of
the
invoices
in
the
fourth
getting
a
payment.
All
this
happens
in
the
platform.
All
this
automatically
generates
a
smart
contract.
A
So
the
front
end
you
see
here,
any
click
automatically
creates
an
automatic
code
in
the
smart
contract
records,
the
transactions,
which
is
particular
three
six,
it's
immutable,
distributed,
auditable
and
so
forth
in
any
standard
for
all
the
banks.
So
all
the
banks
that
are
nine
right
now
are
licensed
in
this
platform,
which
are
14
banks,
they
will
use
the
same,
which
means
also
the
clients,
no
matter
which
bank
to
deal
with.
They
will
have
always
the
same
customer
experience
and
I.
A
Think
probably
this
we
can
go
for
in
the
cooperation
is
the
fundamental
kind
of
revolution.
If
we
want
right
did
the
fact
that
banks
are
willing
to
share
the
same
platform,
the
same
customer
experience,
so
it
becomes
more
I
would
say
a
client
centric
view
from
the
fact
that
a
client
doesn't
matter
which
banks
deal
with
as
long
as
the
we
treat
clients
has
the
same
experience.
Do
you
want
to
share
a
little
bit
the
partnership
model?
What
are
the
reasons
they
brought
us
there
and
what
are
the
plus
and
minuses
yeah.
C
B
We're
also
looking
at
solutions
in
the
trade
finance
space
and
then
all
of
a
sudden
we
said
well,
why
not
bring
all
the
banks
together
for
a
meeting
in
Brussels
and
then
on
an
October
day.
We
all
met
and
we
all
had
the
same
idea.
Ok,
let's
go
for
it.
Let's
do
it
together
did
the
intention
to
start
with
the
collaboration,
and
then
it
grew
from
a
collaboration
that
we
did
in
RF,
I
RFP.
B
We
make
the
assessment
of
a
technology
selected,
our
IT
partner,
I
said
we
built
on
a
hyper
ledger
fabric
with
IBM
and
then
grew
from
a
call
raishin
into
a
formal
establishment
of
a
joint
venture
company.
In
ireland
and
that's
where
roberto
is
active
as
our
CEO
of
today,
so
that's
really
I
think
a
nice
accomplishment.
It's.
A
Also,
a
fundamental
difference
if
I
may
not
to
sound
aggressive,
but
I
mean
you
probably
ever
heard,
and
you
hear
about
a
lot
of
consortiums
right.
People
still
call
us
a
consortium,
but
reality
be
a
legal
entity
right
there
is
the
fundamental
difference.
Consortium
is
a
lot
of
people
gathering
together
trying
to
achieve
something.
I
think
we
are
beyond
a
stage,
so
we
started
as
a
consortium
and
the
banks
now
are
real
shareholders
with
vested
interests
in
the
company
that
we
represent
with
the
proper
organizational
model,
we'll
probably
report
inline
governance
board
of
directors.
A
So
they
are
clear
definition
and
investments
made
by
these
shareholders,
which
of
course
implies
the
fact
that
we
trade
at
this
point
which
is
live
in
the
market,
has
to
work.
The
clients
have
to
be
satisfied.
So
it's
not
only
more
like
you
said
before:
it's
not
more
approval,
consulates
see
if
it
happens,
but
now
there
is
a
fiduciary
responsibility
of
a
company
that
is.
Lunch
is
something
in
the
market
through
the
banks
which
have,
of
course,
reputational
issue
and
ultimately,
the
clients
that
have
to
be
satisfied.
A
C
And
to
elaborate
a
bit
more
on
that,
so
obviously
we
created
the
company,
so
we
will
have
an
established
company
which
is
responsible
for
the
service
delivered
to
banks.
We
have
a
business
model,
so
we
recently
on
bodied
the
euro
bank
in
Greece,
so
who,
which
joined
as
a
client
of
the
platform
without
being
a
shareholder,
which
is
the
future
of
the
platform,
in
fact,
to
to
have
more
and
more
clients
using
the
platform
without
necessarily
having
to
invest
in
the
in
the
capital
of
the
company.
C
But
we
also
have
this
can
seem
obvious,
but
it's
a
very
important
SS
asset.
Sorry,
we
have
a
real
book,
meaning
that
we
have
a
clear
legal
framework
to
to
manage
those
services.
So
again,
it's
not
only
slides,
it's
a
real
product
and
perhaps
a
quick
word
on
hyper
ledger,
because
we
mentioned
the
fact
that
we
cooperate
on
this
platform.
Obviously
we
we
put
resources
together
to
build
this
in
a
very
short
period
of
time,
because
we
started
in
in
January
2017
and
we
were,
we
went,
live
in
in
June
or
July
this
year.
C
So
believe
me
for
banks,
it's
just
amazing.
It
never
happens,
and
but
but
we
cooperate.
But
we
are.
We
are
competitors
on
the
markets
and
we
have
sometimes
several
banks
per
country
and
every
single
bank
in
this
on
this
map
intends
to
develop
the
service
in
other
countries.
So
we
will
definitely
be
competitors
offering
which
way'd
to
the
same
clients
in
the
same
countries,
so
just
coming
by
to
hyper
ledger.
A
So
if
we
look
backward
one
year
right,
I
mean
we
were
almost
one
year
ago
in
Toronto,
the
company
did
not
exist
yet,
so
we
were
all
line
up
with
the
current
directors
and
many
new
and
we
just
made
a
promise.
We
showed
his
lines,
you
probably
were
there
right.
We
mean
Toronto
if
I
remember
correctly,
so
we
were
showing
this
live,
which
was
pretty
bold
statement
to
say
we're
going
to
do
this
and
we
didn't
change
this
light.
This
is
after
this.
A
Fortunately
I
can
say
we
did
it
because,
as
you
said,
we
said
we're
going
to
build
a
company
in
February.
We
did
it,
we
say
we're
going
to
in
production
in
July.
We
did
it.
We
say
we're
going
to
expand
a
bridge
scale
and
from
seven
banks
now
we're
12
shareholders
and
14
licensing
banks,
and
then
we
say
that
we're
going
also
to
spend
beyond
and
something
happened
right
it's
this
year.
Do
you
want
to
elaborate
on
that?
Yes,.
B
B
There
are
today
a
very
important
trade
corridors
with
Asia
and
that's
why
a
lot
of
our
customers
are
very
interested
to
have
connections
who
have
access
to
agent
suppliers
and
offer
do
business
via
a
platform
and
use
trade
finance
services,
and
instead
of
adding
more
banks
there
locally,
and
we
thought
it
would
be
more
interesting
to
set
up
a
collaboration
and
that
has
been
established
a
couple
of
months
ago.
Let's
say
you
were
there
Roberto?
You
can
see
him
on
the
picture,
so
there
has
been
an
MoU
assigned
for
collaboration
with
an
existing
platform.
A
C
In
19,
the
very
there
are
different
aspects,
so
we
need
to
unboard
more
banks
as
we
need
to
to
to
make
we
trade
a
common
product
in
Europe.
In
fact,
we
won't,
you
know
any
exporter
and
importer
in
Europe
being
able
to
tell
their
trade
partner.
Well,
how
do
you
do
you
want
to
pay
me?
How
do
you
want
to
get
paid
and
the
answer
could
be
through
we
trade,
we
want
to
use.
We
trade
and
everybody
would
know
what
we
trade
is
as
a
common
product
as
a
common
solution.
C
So
we
need
to
for
that.
We
need
to
involve
more
banks
to
have
a
minimum
reach
in
the
different
countries
where
we
already
have
and
to
add
new
countries,
especially
in
Central
Europe.
So
we
are,
we
are
working
on
that
and
and
new
banks
will
onboard
which
red
in
2019
that's
the
first
aspect,
then
we
are
currently
working
and
adding
new
features,
and
and
for
this,
the
collaboration
with
our
current
clients
using
the
platform
is
key.
I
mean
we
are.
C
We
started
with
a
MVP
Minimum
Viable
Product,
which
is
quite
nice
for
a
Minimum
Viable
Product,
but
still
it
is
not
complete.
We
still
need
to
add
new
features
and
we
do
this
in
close
collaboration
with
our
clients.
So
we
will.
We
will
pursue
this
effort
and,
what's
at
the
very
center
of
this
slide,
is
the
cooperation
with
the
physical
supply
chain
world.
C
A
And
maybe
moving
forward
to
this
light
connecting
will
you
said
I
mean
we
announced
yesterday
that
we
trade,
we
also
became
an
avid
Leger
member,
and
we
think
we
owe
that
we
have
used,
allow
me
to
say
I
per
ledge
or
fabric
or
IBM,
but
busy
we
built
our
platform
and
I
applaud
your
fabric.
So
after
using
it,
then
we
say
we
thought
already
after
one
year's
time
to
give
back.
A
So
we
became
also
a
member
together
with
more
than
250
members
and
it's
important,
because
if,
at
the
beginning
of
the
story,
we
showed
all
those
investment
that
many
banks
companies
sectors
industry
doing,
then
we
strongly
believe
in
this
council
network
network
on
the
right.
You
have
we
trade
and
like
and
clear.
A
We
have
a
clear
commitment
to
increase
the
network
of
banks
and
the
clients
and,
of
course,
usability
of
the
platform,
but
the
more
we
do
that
we
constantly
look
at
the
market
and
see
what
else
is
happening
because
stick
a
solution
of
course,
can
be
connected
to
our
manufacturing
provenance
insurances.
We
always
look
carefully
and,
of
course,
any
kind
of
platform,
a
solution
that
is
develop.
An
IP
ledger
inevitably
will
simplify
the
connection
and
discussion
dialogues
and
before
creating
the
real
concert
of
ecosystem.
A
So
this
is
the
picture
that
we
am
presented
many
times,
I
think
moving
to
a
village
as
a
member
is
one
step.
How
fast
you
believe,
just
to
conclude
how
fast
we
believe
it
is
a
visionary
thinking
or
considering
how
fast
the
investments
are
happening.
Lately
is
not
something
that
will
take
decades
to
happen
from
your
point.
That's.
B
A
difficult
question
of
Westar-
and
it's
not
only
depending
on
us,
it
depends
on
how
fast
the
other
is
evolved
right.
So
now,
I
think
we
all
heard
today
that
there
is
a
lot
going
on,
but
lots
of
projects
are
still
in
the
proof-of-concept.
Not
all
are
really
in
production
phase.
Yet
we
also
need
market
adoption.
It's
not
only
that
you're
in
production
that
you
have
already
a
huge
market
adoption
so
I
think
that
will
still
take
time
and
we've
seen
more
studies
that
I
think
we're
at
the
beginning.
B
A
A
D
You
mentioned
that
you
already
built
a
platform,
instant
production.
Are
you
following
any
standards
like
gs1
or
any
kind
of
data
standard,
because
you're
also
talking
about
inter
operating
or
signing
an
MoU
with
Asian
Network,
and
also,
of
course,
you
short
another
slide
which
showed
a
possible
link
ups
with
other
networks,
which
means
network
of
network.
So
what
kind
of
standards
are
you
following?
That
would
allow
this
to
happen
without
too
much
trouble.
A
It's
more
of
a
technical
question,
but
I
tried
to
answer
anyway.
I
think
what
we've
seen
today
is
that,
of
course,
inevitably,
there
are
a
lot
of
initiatives
that
are
following
their
own
structure,
even
the
one
that
we
did
with
the
memorandum
understanding
with
Hong
Kong,
just
a
good
idea.
First
was
not
even
the
same
vendor
that
is
pinyin
the
Chinese
IT
conglomerate
in
our
cases
at
the
N,
but
deliberately
we're
thinking
that
each
initiatives
need
to
grow
at
their
own
speed
and
then
the
most
important
issue
is:
do
we
have
a
standard?
A
If
not,
how
can
we
create
that
I
can
tell
you
right
now
we
already
in
sprint
2
of
this,
this
analysis
with
with
Asia,
we
don't
come
and
the
first
goal
I
think
we
always
look
at
what
are
the
products
that
we
have
in
common
and
because
inevitably,
some
platforms
will
help.
First
of
all,
some
products
live
in
common,
and
then
we
try
to
build
the
connection
among
those
products
that
we
both
have.
Instead
of
trying
to
realign
the
old
line,
then,
once
we
have
that,
do
we
analyze
do
we
have
the
same
standard?
A
If
not,
what
can
we
do
in
order
to
create
the
communication
and
flow
of
data,
and
sometimes
you
have
to
accept
compromise
building
some
sort
of
API
infrastructure
instead
of
necessarily
trying
to
talk
about
interoperability,
because
that
could
make
your
platform
extremely
complicated?
If
you
try
to
go
down
right,
yeah.
C
I
wanted
to
add
something
in
that.
It's
a
very
interesting
question,
because
this
project
and
all
the
projects
in
this
field
intend,
at
the
end
to
connect
the
physical
supply
chain
with
the
financial
supply
chain
in
a
seamless
way,
which
again
was
previously
don't
through
the
use
of
paper.
So
now
we
need
digital
standards,
so
we
need
we
need
standards
and
they
are
standards
of
the
market
on
the
market,
but
previously
or
as
of
now,
we
have
standards.
C
You
know
for
corporates
to
communicate
together
in
certain
fields,
so,
for
example,
in
certain
industries,
you've
got
some
standards
to
each
exchange.
Invoices
purchase
order
in
certain
industries.
You've
got
standards
regarding
the
transport
in
in
banking,
you've
got
other
standards
and
they
don't
communicate
to
each
other
and
just
to
this
trade
this
when
I,
when
I
joined
when
I
started
in
my
position.
C
In
fact,
four
years
ago,
we
only
we
were
only
focusing
on
standards
between
banks
and
corporates,
and
now
we
are
looking
at
that
and
during
the
last
two
days,
two
people
from
my
team
spent
two
days
in
a
pure
supply
chain,
even
without
any
bank.
In
the
event
just
to
try
to
better
understand
this
world
because
in
fact
it's
a
question
of
connecting
different
worlds
which
didn't
use
to
talk
to
each
other.
D
Thanks
guru
Dittmann
with
IBM
research,
I'm
curious
about
the
business
model
to
your
the
the
owning
banks
that
who
own
we
trade.
Are
they
actually
interested
in
you
turning
a
profit
or
is
their
main
motivation
to
provide
the
service
that
they
founded
the
company
for?
What's
the
and
actually
also,
how
do
you
charge
participants
on
your
platform?
May.
A
Give
you
an
answer,
CEO
and
then
I,
let
them
as
investor
eventually
given
different
view.
So
as
a
CEO,
the
business
model
is
very
simple
right.
It's
a
licensing
model,
so
the
shareholders
are
also
licensing
bank,
which
means
the
ownership
of
the
IP
in
intellectual
property.
The
owner
to
the
platform
sits
with
we
trade,
the
legal
entity
which
is
created,
and
then
we
trade
license
the
solution
to
all
the
banks,
including
the
shareholders
and
also
the
non
shareholders
and
the
four
you
can
imagine
the
license
model.
A
Okay,
Soviet
Russia,
so
basically
so
this
is
a
very
typical
model.
The
idea
here,
maybe
I,
let
the
board
representative.
The
talk
is
more
to
create
the
massive
distribution.
The
for
the
goal
is
not
a
steady
to
have
return
on
investment
on
the
profitability
and
the
shore
sharing
dividends,
but
to
reinvest
in
a
company,
but
in.
C
Fact
the
business
model
is
clearly
on
the
bank
side.
I
mean
on
we
trade.
The
point
is
to
create
in
a
free
the
new
to
be
able
to
to
to
maintain
the
platform
and
to
enhance
the
platform,
but
that's
it
so
the
profit
is
on
the
bank
side
and
the
idea
is
in
fact
to
reinter
mediate
business.
While
we
aren't
for
the
moment
so
currently
the
clients
we
are
targeting,
they
pay
via
a
simple,
simple
transfer,
so
a
sip,
a
credit
transfer
as
it
is
called
costs
less
than
1
euro.
Ok,
a
few
cents.
C
B
I
may
add
yes
for
us
as
banks,
it's
a
it's
a
new
distribution
channel,
because
I
said
today
the
open
account
rates,
which
is
huge
in
numbers
in
volume.
We
don't
have
access
to
it.
We
don't
have
any
visibility
and
with
this
platform
the
trades
are
initiated
are
recorded
on
the
platform
from
the
beginning
of
a
purchase
order
and
we
are
able
to
offer
our
digital
services
to
it.
So
that's
a
revenue
model
for
the
bank's
new
business
dreams.
It's
not
replacing
our
own
business,
it's
new
opportunities.
There.
A
Is
a
clear
distinction
to
your
question
in
terms
of
almost
Chinese
walls,
so
our
business
model
legal
entity
is
totally
segregated
from
the
business
model
that
each
single
bank,
so
some
banks,
maybe
decide
or
not
to
increase
market
share
some
other
banks
have
profitability
behind
this.
That
is
the
decision.
Of
course,
the
banks
like
Anne
Claire
before
said
they
are
competitors,
so
each
of
them
can
never
share
with
each
other
how
they
intend
to
present
the
platform.
Thank
you.