Express Trade Financing for More Secure and Faster Transactions — Q&A with Alex Lew
Automated, fast, and secure. CALISTA Finance is the one-stop financing solution for traders, whether you are buying or selling, or require working capital. Mr Alex Lew, Fintech Lead at GeTS, shares how automation has simplified the entire loan process, enabling traders to meet their financing needs more quickly and smoothly.
Q: What are the advantages of trade financing going digital?
Alex: It is definitely more secure and more efficient for our customers to go digital. Much of what was done by humans previously can now be automated online.
For instance, documents that are uploaded are automatically digitised. Once the documents are with us, they remain unchanged. This creates speed as well as an immutable audit trail that increases security. And because we use data modelling to improve our credit assessment processes, we move funds around very rapidly. This is critical for businesses today, for whom time is of the essence.
Q: Can you share with us what CALISTA Finance is about?
Alex: CALISTA Finance is part of CALISTA, a global supply chain platform, where traders can apply for express trade financing and insurance. They can also carry out fund transfers. Using blockchain and machine-learning, we are able to conduct credit assessments rapidly with zero human intervention, allowing us to respond to applications for financing in as fast as 72 hours. Our interest rates are also competitive, with rates as low as 0.99%.
CALISTA Finance collaborates with our partners to provide financing on the platform. Customers simply have to submit their invoices and credit history statements to CALISTA Finance to be assessed. Upon approval, a loan agreement will be automatically generated.
Q: For whom is this product most suitable?
Alex: Besides general traders, our clients consist of those in the financial services, transport and F&B industries, just to name a few. As long as they have financing needs, whether they are a buyer or a seller, or simply require a credit line, we are here to support and enable them.
Q: What are some of the future plans for CALISTA Finance?
Alex: We will be fully automating CALISTA Finance so that it can be a self-service experience for merchants from start to finish. Right now, there is still some human communication and intervention needed between us and the applicants during the approval and reply process. In a few weeks, even those steps will be automated.
This is the third part of our series on powering trade connectivity. Stay tuned for more in the coming months!
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