FPT IS teams up New Zealand’s leading trade platform on cross-border transactions

The collaboration aims to accelerate the cross-border trade process between Vietnam and New Zealand, as well as globally.

The two parties signed an MoU in which the two companies explore the integration of digital trade ecosystem TradeFlat (made by FPT IS) and global trade platform CUBE (made by TradeWindow).

It will also support the digitalisation of comprehensive international trade activities with the governments and corporations of two countries to effectively expand opportunities, connect and scale cross-border trade.

The MoU exchange was witnessed by Ginny Chapman – New Zealand’s Deputy Ambassador to Vietnam and representatives from the Asia New Zealand Foundation.

TradeFlat and TradeWindow intend to collaborate to integrate two platforms based on API linkage - connecting trade and trade finance related services to handle the transaction flows and cross-border financing; market research and strategy planning; and promote cooperation with commercial platforms in Australasia and other regions.

Both parties aim at conducting experimental transactions (Proof of Concept – PoC) successfully in the near future, creating a favourable environment for key participants in trading activities in New Zealand and Vietnam to experience and apply digital processes, then, as a result, promoting two-way trade relationship between the two countries to grow more rapidly over the years.

The integration of TradeFlat with TradeWindow marks the first time when a Make-in-Vietnam solution collaborates with an international platform from New Zealand in trading activities.

For trade in total goods and services, Vietnam ranks 17th out of 242 countries and territories for highest export value (from New Zealand to Vietnam), 14th out of 241 for highest import value (from Vietnam to New Zealand), and 14th out of 244 for highest total trade value.

The bilateral trade reached $1.67 billion by December 2023, with both sides pushing to achieve the target of $2 billion this year and aiming for $3 billion by 2026.

Chapman said, “This agreement enables Vietnam and New Zealand to combine their skills, expertise and specifically, their digital technology in ways that can facilitate more trade between our two countries.”

Established in 2018, TradeWindow is a New Zealand publicly listed company taking the lead in the digitalisation of activities, information and processes related to trade.

The company has expertise in international trade, compliance processes, managing supply chains, logistic activities, information and digital technology.

TradeWindow’s global trade platform Cube provides many functions and insights to support manufactures, exporters, importers, retailers, freight forwarders, and government agencies for trade policy and regulation.

The company leads the market in New Zealand with the volume of exported goods going through its digital platform. The company is also expanding market share quickly in Australia, and now in PoC conversations with the United Kingdom and Singapore governments.

“We expect the successful cooperation with FPT IS will enable a more comprehensive trade digitalisation process between the two countries and contribute to furthering bilateral trade, as well as a framework for expanding to other markets,” said AJ Smith, co-founder and CEO of TradeWindow.

As for TradeFlat, the project is the next step in its goal of expanding the ecosystem through connection with the top trading platforms in the world.

“With the aim of becoming a Digital Trade and Digital Trade Finance Hub, connecting key partners in international trade, cooperating with TradeWindow is the key to actualising our vision," said Tran Dang Hoa, chairman of FPT IS. "As the leading tech firm in Vietnam and the region, FPT IS hopes to contribute experiences and strong ‘Made by FPT IS’ - ‘Make-in-Vietnam’ solutions to help remove the barrier in import and export between the two countries, creating advantages in shifting global supply chains and international trade.”

With the vision of connecting, resonating values and promoting business with banks and firms, TradeFlat is the first Letter-of-Credit (L/C) Blockchain platform in Vietnam to support L/C operations with an end-to-end digital process.

The solution brings outstanding efficiency in commercial activities such as reducing document transfer time by 90 per cent compared to traditional financing transaction flows, and reducing operational processing time of bank staff by half, while tripling productivity and work efficiency. The model was researched and developed by the top commercial banks in Vietnam.

In addition to efficiency in handling the L/C transaction process, TradeFlat also solves the problem of capital financing in commercial transactions for businesses including supply chain financing, electricity guarantee, and businesses financial health monitor.

In 2023, TradeFlat integrated with TradeWaltz, a leading trading platform in Japan, becoming the first solution duo to help connect and promote trading efficiency between Vietnam and Japan.

About TradeFlat: https://www.tradeflat.com/

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