Yodaplus, a Mumbai-based IT Services Firm is Powering Digital Trade Finance with their MLETR Compliant Documentation Solution – DocuTrade
Yodaplus, a leading IT services firm based in Mumbai, proudly unveils its latest venture, Yodaplus DocuTrade, a revolutionary MLETR (Model Law on Electronic Transferable Records) compliant documentation solution. Developed in collaboration with the XDC Trade Network and leveraging the strengths of the Open Attestation framework, this digital trade finance tool promises to reshape the landscape of global trade.
As international discourse shifts towards the digital realm with MLETR guiding the transition, Yodaplus stands at the forefront of this paradigm shift. Their innovative solution promises digital trade documents that aren’t just digital facsimiles but carry the same legal weight as traditional paper records.
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Beyond mere digitization, Yodaplus DocuTrade ensures seamless creation and management of critical trade documents. From the Bill of Lading and Commercial Invoice to more specialized documents like Warehouse Receipts and Insurance Certificates, this platform streamlines trade documentation processes for participants.
The alliance with XDC Trade Network enhances Yodaplus’s offering. Together, they aim to bridge the staggering ‘trade finance gap’ estimated at over $2 trillion, often sidelining SMEs. The resulting platform not only offers SME’s vital liquidity but also opens avenues for liquidity providers by introducing them to an alternative asset class, further bolstering economic growth globally.
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By leveraging the Singapore IMDA’s Open Attestation framework and the XDC Network, Yodaplus has developed a groundbreaking solution for managing the lifecycle of trade documents. This system enables smooth liquidity matching for receivable finance based on trade documents for SMEs, addressing working capital needs backed by digital collateral, while adhering to multiple jurisdiction laws.
Nilesh Pathak, the Head of Blockchain Development at Yodaplus, remarked, “Our collaboration with the XDC Trade Network has culminated in a synergy that merges technological prowess with the intricacies of trade finance. We envision our MLETR-compliant solution as a beacon of innovation, poised to revitalize the trade finance sector, thereby contributing to the global economic landscape.”
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