Fintech PR
WaveBL Completes a New Groundbreaking Network Connectivity Proof of Value (POV) with Swift, the Participation of Five Global Banks, and Leading Ocean Carrier eBL Issuer MSC
POV demonstrates efficiency gains using existing infrastructure and Swift’s secure and trusted global network
WILMINGTON, Del., Oct. 15, 2024 /PRNewswire/ — WaveBL, the leading blockchain-based electronic Bill of Lading (eBL) platform, has completed a groundbreaking Proof of Value (POV) with Swift and the participation of five global banks: Lloyds, Emirates NBD Bank, Federal Bank Limited, and other banks, as well as MSC Mediterranean Shipping Company (MSC), a leading ocean carrier acting as an eBL issuer on WaveBL. The POV successfully demonstrated the transfer of a series of structured electronic document presentations (including eBLs) originated on the Platform and sent to and between Swift members, and back to the Platform, all as part of a Letter of Credit (LC) transaction. The process was executed utilizing a series of Swift FIN messages and FileAct transfers from WaveBL to the different banks while maintaining possession and title management of the electronic trade documents on the WaveBL’s ledger of issuance.
Describing the Flow of the POV:
The POV involved two eBLs—one straight and one negotiable—both issued by MSC on the WaveBL platform. The eBLs were first sent to an exporter on the WaveBL platform, where commercial documents like a packing list, invoice, and certificate of origin were added. These were then sent to the advising bank by the Platform over the secure and resilient Swift network, using an MT message and a FileAct document transfer. In turn, the advising bank and the issuing bank exchanged the presentation between them while WaveBL’s ledger maintained the tracking of possession and title of the contained eBLs. Ultimately, the issuing bank released the documents to the LC applicant, who is the importer, including the endorsement of the negotiable eBL from the issuing bank to the order of the importer on the Platform, all of which was instructed to the Platform through a Swift MT message. This streamlined process allows for payments to be received within hours, rather than days – as is often the case with transactions that involve the physical transfer of documents. Similarly, with the eBLs surrendered back to MSC on the Platform, the importer was able to collect the goods at the port of destination without delay.
Strengthening the Supply Chain-Trade Finance Connectivity: The WaveBL Swift Gateway
This groundbreaking POV underscores WaveBL’s dedication to making its network fully integrated with the financial system, allowing customers to seamlessly interact with Swift members and among participants themselves. For Swift members, electronic trade documents could soon be exchanged via WaveBL using their existing Swift infrastructure, and without requiring the installation or use of any specialized software or service.
WaveBL anticipates that the concept led through this POV will further its mission of creating seamless connectivity between the supply chain and financial markets, driving the shift towards 100% adoption of eBLs, as outlined in the FIT Alliance Declaration of September 2023. WaveBL is also looking forward to becoming the first electronic trade document provider to achieve full connectivity with the entire Swift community, allowing all banks a simple, standardized way to receive and send electronic bank presentations originated on the platform.
Innovative Approach by Leading Banks
The Participating Banks have all previously demonstrated exceptional innovation by using WaveBL as their entry point to the eBL market, gaining experience by exchanging electronic trade document presentations in live commercial transactions. As part of the POV, WaveBL, Swift and the Participating Banks established a joint working group aimed at analysing the methodologies and structure of the Swift MT messages and the electronic presentations proven during the POV. Their involvement highlights a joint commitment to advancing trade finance through digitization and embracing cutting-edge technologies for document exchange. WaveBL is eager to continue working with the joint working group as its expected integration with the Swift network unfolds.
Quotes:
- Boaz Lessem, Chief of Legal Regulation and Partnerships, WaveBL:
“As the eBL market continues to grow, this POV solidifies our vision of seamless connectivity between WaveBL and Swift, providing a new, standardized solution for banks that prefer not to use the platform’s interface directly. By leveraging Swift’s trusted infrastructure, banks will now be able to exchange electronic trade documents with ease, enabling greater flexibility and efficiency in trade finance. I believe this connectivity will lead the way to an increased value proposition for the electronic transformation to eBLs. I thank the Swift team for its ongoing leadership and support as part of this POV, driving forward this important initiative in trade finance digitization.” - Ofer Ein Bar, Head of Financial Institutions, WaveBL:
“We are excited to continue working with Swift and the distinguished banks that participated in this POV, unlocking new liquidity opportunities and enhancing operational efficiency through this innovative collaboration. We are particularly grateful to the participating banks for their contribution and ongoing efforts working with us hand in hand making this POV a robust proposition to allow the transition to a digital trade product.” - Miguel Suarez, Trade and Consumer Payments Innovation Lead, Swift:
“Creating a truly digital trade ecosystem will require a collaborative effort from across the industry. This POV has successfully demonstrated the value of the Swift network in removing friction from global trade while enabling banks to make use of their existing infrastructure, while pushing boundaries to increase speed and certainty for the parties involved.” - Andre Simha, Global Chief Digital & Innovation Officer, MSC:
“MSC is committed to achieving full digitalization of our bills of lading by 2030. This involves much more than streamlining processes. It embodies an ambitious vision that requires collaboration across both the shipping and finance sectors. We are delighted to have been able to partner with industry leaders like Swift and WaveBL on this POV. This collaboration represents a pivotal milestone that propels us one step closer to achieving our goals.” - Gwynne Master, Managing Director, Trade & Working Capital, Lloyds, UK:
“Lloyds is an early adopter of the eBL and digitising this important document is essential for UK and global businesses, regardless of size. This POV sets out a compelling way of increasing bank adoption of digital solutions, enabling financial institutions to connect to WaveBL via SWIFT. We look forward to the implementation of this solution and to the continued collaboration across the industry to deliver on the FIT Alliance’s ambitious eBL targets.” - Sanjay Borade, VP and Head of Trade Sales, Federal Bank India and Mohammed Vaseem Sheikh Dy VP and Head – Financial Institutions Group (FIG) & Institutional Sales, Federal Bank, India:
“The successful completion of this POV reinforces the importance of digital transformation in trade finance. By leveraging WaveBL’s supply chain platform in conjunction with Swift, we’ve been able to simplify the complexities of cross-border trade and improve overall efficiency.” - Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD, UAE:
“In today’s rapidly evolving financial landscape the integration of WaveBL with SWIFT, for the exchange of trade documents, marks a significant step forward in modernizing Trade Finance. Our participation in the POV is a testament to our commitment in exploring innovative solutions that improve customer experience.”
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HONG KONG, Nov. 27, 2024 /PRNewswire/ — Fintica AI Ltd, a leading innovator in next-generation AI solutions for capital markets, and Legend Arb Trading Limited, a Hong Kong-based proprietary trading firm with a global footprint across major financial hubs such as Shanghai, Taiwan, and Singapore, have announced a strategic investment and partnership.
Through this collaboration, Legend Arb has made a strategic investment in Fintica AI, strengthening the partnership between the two companies. This alliance will empower Legend Arb to advance its quantitative trading capabilities by harnessing Fintica AI’s unique unsupervised artificial intelligence technology. The partnership also aims to launch innovative new products and solutions. Simultaneously, Fintica AI will expand its business development efforts and market presence in Hong Kong and the Greater China region.
Kace Lam, Chief Executive Officer of Legend Arb, stated:
“Legend Arb is excited to collaborate with Fintica AI and its world-class AI technology team, known for pioneering advancements in quantitative modeling for financial markets. By combining Fintica AI’s deep academic and R&D expertise with our robust trading experience, we are poised to unlock significant value and drive innovation in quantitative trading strategies.”
Philippe Metoudi, Chief Executive Officer of Fintica AI, remarked:
“This partnership with Legend Arb represents a significant step forward in our mission to revolutionize the financial markets with advanced AI solutions. By joining forces, we can harness our respective strengths, explore the untapped potential of Hong Kong and Greater China’s financial sector, and deliver transformative innovations that shape the future of quantitative investment.”
About Fintica AI Ltd:
Fintica AI is a leading fintech company specializing in advanced AI solutions for capital markets. Its flagship platform, Spectrum MRI, delivers state-of-the-art tools for identifying market regimes across asset classes, including equities, fixed income, and commodities. By offering predictive analytics and robust risk-management capabilities, Fintica AI empowers investment managers, quantitative analysts, and strategic allocation teams with cutting-edge decision support tools. Headquartered in Tel Aviv, the company maintains a strong presence in major global financial hubs, driving innovation and excellence in the financial industry.
About Legend Arb Trading Limited:
Legend Arb is a Hong Kong-based proprietary trading company with a global presence in major financial centers like Shanghai, Taiwan, and Singapore. Specialized in pricing of Chinese-related products, equity index futures, and commodities futures, Legend Arb acts as a committed market maker to provide liquidity for HKEX and SGX.
For further information:
Visit www.fintica-ai.com
email [email protected].
View original content:https://www.prnewswire.co.uk/news-releases/fintica-ai-and-legend-arb-of-hong-kong-announce-strategic-investment-and-partnership-302317533.html
Fintech PR
24 Exchange Receives SEC Approval of its New National Securities Exchange, “24X National Exchange”
24X National Exchange Plans to be the First Exchange to Offer U.S. Equities Trading 23 Hours-Per-Day on Weekdays
STAMFORD, Conn., Nov. 27, 2024 /PRNewswire/ — 24 Exchange announced today that it has received approval from the U.S. Securities and Exchange Commission to operate 24X National Exchange as the first national securities exchange in the U.S. that allows trading of U.S. securities 23 hours each workday. The extended hour trading is subject to Equity Data Plans making changes that would facilitate overnight trading hours and 24X National Exchange making an additional rule filing with the SEC confirming the changes and the Exchange’s ability to comply with the Securities Exchange Act.
24X National Exchange will be subject to the SEC’s ongoing regulatory oversight and full range of investor protections. The new Exchange will enable retail and institutional customers anywhere in the world to trade in U.S. equities via broker-dealers who are approved members of 24X National Exchange.
24X National Exchange will be launched in two stages. A first stage will open in the second half of 2025, with the Exchange operating from 4:00AM ET to 7:00PM ET on weekdays. The second stage, which will launch once the conditions noted above are met, will offer trading in U.S. equities from 8:00PM ET on Sunday through 7:00PM ET on Friday. A one-hour operational pause will occur during each trading day to accommodate routine software upgrades and functionality testing.
24 Exchange CEO and Founder Dmitri Galinov said: “The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years. Traders are most at-risk when the market is closed in their geographic location. 24X National Exchange will seek to alleviate this problem by facilitating around-the-clock U.S. equities trading for broker-dealers and their institutional and retail customers.”
As the first national securities exchange approved by the SEC to operate 23 hours each weekday, subject to the conditions noted above, 24X National Exchange will initially focus on capturing the expanding demand in the APAC region for overnight liquidity in U.S. equities.
The 24X National Exchange will run on a proven, state-of-the-art technology platform provided by MEMX Technologies. The new Exchange’s executive team will place a high priority on enhancing client experience through continuous technology innovations and improvements.
“With this historic SEC approval in place, we will build and operate a customer-driven Exchange that can rapidly align with market demands and adapt quickly to client feedback,” Galinov added. “We look forward to bringing a superior trading experience to global customers. 24X National Exchange will deliver the cost efficiency, speed, resilience, and adaptability that the company’s financial institutional customers have long come to expect.”
24X National Exchange will close on U.S. market holidays, similar to the schedules maintained by the NYSE and Nasdaq.
24 Exchange through 24X Bermuda Limited, an affiliate of 24X National Exchange, will continue to offer FX NDFs, Swaps and Spot trading to institutional clients. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has enabled clients to access increased liquidity at lower cost.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. More information is available at https://24exchange.com/.
Media Contact:
Eric Andrus, KARV
[email protected]
Phone: +1 (212) 333-0275
View original content:https://www.prnewswire.co.uk/news-releases/24-exchange-receives-sec-approval-of-its-new-national-securities-exchange-24x-national-exchange-302317888.html
DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, unveiled a new candidate for a potential Bybit Spot listing via ByVotes, HPOS10I (HarryPotterObamaSonic10Inu). Voting is now open for Bybit users with an opportunity to divide a prize pool of 1,800,000 HPOS10I.
From now to Nov. 29, 8AM UTC, supporters of HPOS10I may cast their votes for the project in two simple steps: deposit eligible assets into their Bybit account to produce a holdings snapshot, and head over to ByVotes to cast their votes. With sufficient votes from the community, the project will be listed on Bybit Spot, and the voters will receive a share of the airdrop from HPOS10I.
The iconic memecoin was the first of its kind to fuse the realm of fantasy and the chaotic lure of crypto, leaving its mark in crypto history since its launch in May 2023. It is known for its vibrant community, the Sproto Gremlins, an NFT collection of 3,333 exclusive unique manifestations of HPOS10I’s egregore.
Bybit has recently revamped ByVotes to raise the bar for listing requirements and yield more power to the community. Users now have more control over the number of votes they get by increasing holdings or by referrals, while unlocking more earning potentials from project listings.
The new mechanism enhanced both project quality and community engagements. A variety of tokens have achieved 100% listing odds via ByVotes, including CHILLGUY, LUCE, and NEIROCTO, among others. Multiple projects featured exclusive airdrops for the community that helped them become listed on Bybit Spot.
ByVotes provides an arena for niche projects where participants stand to be rewarded from various prize pools if the projects they vote for succeed in getting listed status on Bybit Spot: ByVotes Spot.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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View original content:https://www.prnewswire.co.uk/news-releases/hpos10i-lands-on-byvotes-to-get-community-backing-for-bybit-listing-302317782.html
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