Triterras Announces Collaboration with essDOCS to Digitize Bulk Cargo Trade Operations

Rhea-AI Summary

Triterras has announced a collaboration with essDOCS to enhance digital trade processes for commodity traders through its platform, Kratos. This partnership allows traders to digitize trade operations using CargoDocs electronic document capabilities, thereby streamlining the creation and approval of electronic bills of lading (eB/L). With the recent surge in demand for digitized operations, this integration promises improved efficiency, reducing shipping costs and delays. The move aligns with Singapore's digital trade advancements and is expected to provide significant value to Triterras' trading community.

Positive

• Collaboration with essDOCS enhances digital trade processes, improving efficiency for commodity traders.
• Integration of CargoDocs allows for quicker approval of electronic bills of lading (eB/L).
• Alignment with Singapore's digital trade advancements supports growth in the fintech space.
• Recent partnerships and acquisitions expand Triterras' global presence in the commodity trading sector.

Negative

• None.

Introduces digital trade processes for SME commodity traders; enhances one-stop-shop marketplace for trade finance, operations and logistics

SINGAPORE and SWIEQI, Malta, July 22, 2021 (GLOBE NEWSWIRE) -- Triterras Inc. (Nasdaq: TRIT, TRITW) (“Triterras” or the “Company”), a leading fintech company for trade and trade finance, today announced a collaboration with essDOCS, a paperless global trade management company, to accelerate the use of digital trade documents for Triterras’ global community of commodity traders.

Designed to make bulk cargo trading paperless and more efficient, essDOCS enables traders of any cargo-type to entirely or partially digitize trade operations and finance processes. The collaboration is the latest move for Triterras, which is building out end-to-end services for its online marketplace that connects and enables SME businesses, corporates, multinationals, and their lenders to trade online and digitally finance their commodity trading, logistics operations and supply chains.

Under the arrangement, effective immediately, Triterras will integrate essDOCS’ CargoDocs electronic document capabilities onto Kratos, enabling Triterras’ customers to create, review and approve paper or electronic bills of lading (eB/L) with their supply chain.

“The digitization of trade is a must-have as we look for ways to innovate across the trade lifecycle by shortening it and making it more transparent,” said Srinivas Koneru, founder, and CEO, Triterras. “We’re thrilled to welcome essDOCS to provide digital eB/L solutions for bulk cargo trades. We very much look forward to this collaboration and the value that essDOCS can bring to our community.”

Shipping costs and delays have been exacerbated by the global pandemic, bringing heightened awareness to the advantages of fully digitized trading operations. With the world’s largest electronic Bill of Lading network, trade stakeholders using essDOCS’ CargoDocs solution can transfer the eB/L through the trade chain—between carrier, exporter, financing parties and importer—in as little as three minutes.

“Commodities traders are increasingly seeking digital solutions to complex paper problems in trade,” said Alexander Goulandris, Co-CEO, essDOCS. “Our best-in-class technology accelerates documentation processes to help the trading industry drive efficiencies, reduce the risk of fraud and eliminate errors. We’re confident that syncing with Triterras will deliver transformative benefits to the Kratos marketplace and its customers.”

Singapore, where Triterras is headquartered, is at the forefront of digital trade advancements as part of the government’s strategy to deepen its footprint as a global tech and e-commerce hub and strengthen the country’s extensive free trade agreement (FTA) network. The country has recently signed digital trade agreements with Australia, Chile, and New Zealand, among other trading partners. In February 2021, the Singapore Parliament also passed the Electronic Transactions Act (Amendment) Bill, granting title documents such as electronic bills of lading the same legal status as their paper equivalents. In December, Triterras won the Singapore Founder category of the FinTech Awards issued by the Monetary Authority of Singapore.

In May, Triterras entered into a strategic investment and partnership with Singapore headquartered Electronic Cash and Payment Solutions (S) Pte Ltd., (“ECAPS”), an open banking platform for India’s emerging Micro and SME marketplace (MSME). The partnership expanded Triterras’ global footprint and presence in the Indian MSME marketplace. Triterras also recently closed its acquisition of Invoice Bazaar, a leading supply chain finance platform in the Middle East, and announced a partnership with Western Union Business Solutions.

About essDOCS
essDOCS enables paperless global trade management. Its CargoDocs platform digitizes, automates, and accelerates trade operations, finance, logistics, compliance, and visibility. Its essCert platform digitizes the certification of preferential and non-preferential certificates of origin and other export/import-related documents issued by Chambers of Commerce or other authorities. 58,000+ companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions globally in warehouses as well as bulker, tanker, container, and barge movements. Customers are supported from offices in London, Athens, Galway, New York, Shanghai, Kolkata, Adelaide, and Singapore. To find out more, visit essdocs.com.

Media Contacts:
Nicholas Demetriou
CMO, essDOCS
Office: +30 210 724 5960
Email: nicholas.demetriou@essdocs.com

About Triterras
Triterras is a leading fintech company focused on trade and trade finance. It launched and operates Kratos™—one of the world’s largest commodity trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online. For more information, please visit triterras.com or email us at contact@triterras.com.

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Triterras’ actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “hope,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include Triterras’ expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Triterras’ control and are difficult to predict. Factors that may cause such differences include but are not limited to risks and uncertainties related to the risks set forth under “Risk Factors” in Triterras’ Form 20-F (SEC File No.: 001-39693) filed with the SEC on November 16, 2020, and in Triterras’ other filings with the SEC. Triterras cautions that the foregoing list of factors is not exclusive. Triterras cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Triterras does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Investor Relations Contacts:
Jim Groh, Triterras Inc.
Mobile: +1 (678) 237-7101
Email: IR@triterras.com

Gateway Investor Relations
Cody Slach and Matt Glover
Office: +1 (949) 574-3860
Email: TRIT@gatewayir.com

Media Contacts:
Gregory Papajohn, Office of Corporate Communications, Triterras, Inc.
Mobile: +1 (917) 287-3626
Email: press@triterras.com

FAQ

What is Triterras' recent collaboration about?

Triterras recently partnered with essDOCS to integrate digital trade document capabilities into their Kratos platform, enhancing efficiency for commodity traders.

How does the integration with essDOCS improve trading operations?

The integration allows traders to digitize documentation processes, enabling faster creation and approval of electronic bills of lading (eB/L), thus streamlining trade operations.

What challenges in trading does this collaboration address?

This collaboration addresses challenges such as shipping delays and increased costs by promoting fully digitized trading operations.

How does this partnership align with Singapore's trade initiatives?

It supports Singapore's efforts to strengthen its position as a global tech and e-commerce hub by enhancing digital trade capabilities.

What are the benefits for Triterras shareholders from this partnership?

This partnership is expected to improve trading efficiency and increase the value of Triterras' services, potentially enhancing shareholder value.