The XinFin network, otherwise known as a hybrid blockchain platform, has joined up with the International Trade and Forfaiting Association (ITFA), which provides it with a wider audience to offer its services.
According to a press release from the group, the ITFA is a “worldwide trade association that represents the rights and interests of banks, financial institutions, and service providers involved in trade risk and asset origination and distribution.”
XinFin will be the 28th member of the Fintech Committee at the ITFA, and their blockchain is a developer-friendly proof-of-stake network that is “combining the power of Public & Private blockchains with Interoperable Smart Contracts.”
Speaking on the matter is one Atul Khekade, the co-founder of XinFin, who had said:
“Tokenization and Digital assets bring various benefits to the legacy paper-based Trade Finance industry. Cross border sensitive data related to trade finance transactions can be turned into non-sensitive tokens for the MSMEs, corporates, and lenders to enable data sharing across borders by complying with laws of the land. Tokenization of trade instruments brings liquidity from alternative asset investors to the trade finance market enabling MSMEs with critical liquidity support to sustain and grow after the coronavirus pandemic and the resulting economic slowdown.”
“We welcome XinFin to ITFA,” says the Chairman of the ITFA. “Technology providers are playing a most important role in global trade and receivables financing. This is a growth area for our 300+ member community and we are committed to helping our global membership benefit from the new options by sharing expertise in both regulatory and technology developments.”