Irish fintech XinFin XDC Network gains global recognition from top players in trade finance – ICC, WTO, Citi Group, and Trade Finance Global!

COO of XinFin XDC Network predicts blockchain adoption to rise in trade finance with legal acceptance of digital trade documents

Sunil Senapati, COO of XinFin XDC Network, has predicted a significant rise in blockchain adoption in trade finance. This is due to the legal acceptance of digital trade documents such as the Electronic Trade Documents Bill (HL Bill 57), recently introduced in the UK Parliament. Senapati made these comments during an interview at the Citi Group’s 10th Digital Money Symposium 2023. He argued that “around 80% of world trade is based on English law.” Senapati forecasted that the percentage of global trade flows involving digitized processes and blockchain technology will reach two digits by 2025.

XinFin’s XDC Network was selected in 2021 as the first blockchain company to join the global Trade Finance Distribution (TFD) Initiative. This consortium comprises trade originators, credit insurers, and institutional funders with a mission to boost automation and transparency in trade asset and risk distribution. The chairman of the Fintech Committee at the International Trade and Forfaiting Association welcomed the XDC Network, saying that it would enable them “to bridge the $19 trillion trade finance asset class with any type of funder through tokenization and digital assets.”

In 2022, Tradeteq, a member of the World Economic Forum, partnered with XinFin to launch TRADA tokens, the first regulated, trade finance-backed fungible security tokens. TRADA tokens are expected to improve liquidity for the trade finance sector by securitizing an illiquid asset class on XinFin’s XDC Network.

XinFin’s TradeFinex platform was mentioned in the ICC (International Chamber of Commerce), Trade Finance Global, and World Trade Organization Whitepaper Periodic Table. TradeFinex specializes in the deployment of tokenized assets on Public/Private Blockchain Networks via regulator-friendly instruments to resolve electronic Bills of Lading (eB/Ls) issues. In November 2020, the World Trade Organization introduced Tradefinex and XDC in their book BLOCKCHAIN & DLT IN TRADE: WHERE DO WE STAND?

XinFin XDC Network is a global, open-source, delegated proof of stake consensus network. It enables hybrid relay bridges, instant block finality, and interoperability with ISO 20022 financial messaging standards. The network’s hybrid architecture is designed to support institutional use in trade finance and tokenization. It is equipped to reduce the existing finance gap in global infrastructure. With interoperable smart contracts, 2,000 transactions per second, and Ethereum Virtual Machine compatibility, the XDC Network provides a scalable infrastructure for enterprises and independent community contributors.

The potential of the XinFin XDC Network in trade finance has been recognized by ICC, WTO, Citi Group, and Trade Finance Global. The legal acceptance of digital trade documents has opened up the possibility of blockchain technology being used to digitize trade processes. XinFin’s XDC Network is well-positioned to play a significant role in this development. With its hybrid architecture and interoperable smart contracts, it is equipped to provide a scalable infrastructure for enterprises and community contributors. The launch of TRADA tokens is expected to improve liquidity for the trade finance sector. It is clear that XinFin’s XDC Network is at the forefront of the digital transformation of trade finance.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top