XinFin joins WOA - the World of Open Account community

XinFin joins WOA - the World of Open Account community

27 August 2020 by André Casterman

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Singapore – 27 August 2020

Enterprise-grade Hybrid Blockchain platform XinFin Network has joined WOA to enable financial institutions and fintechs to unleash benefits of tokenization for Trade Finance with the XDC Network. WOA is the peer-to-peer commercial finance community where all participants can have their say, suggest new solutions, ideas or topics and participate in webinars and other business developing activities.

Erik Timmermans, Founder of WOA is excited about the opportunities for the commercial finance world to leverage new technologies: “I am delighted to welcome XinFin as new member of WOA. The opportunities offered by blockchain technologies are of interest to our members and we will be delighted to share those via our recently established Alternative Finance learning lab.”

Atul Khekade, Co-founder of XinFin Network said “Tokenization brings various benefits to the legacy paper-based Trade Finance industry. Cross-border sensitive data related to trade finance transactions can be turned into non-sensitive tokens for the MSMEs, corporates, and lenders to enable data sharing across borders by complying with laws of the land. Tokenization of trade instruments brings liquidity from alternative lenders to the trade finance market enabling MSMEs with critical liquidity support to sustain and grow after the coronavirus pandemic and the resulting economic slowdown.”

XinFin Network lets institutions combine their existing systems with the XinFin Hybrid Blockchain Network using the XDC Protocol and financial messaging compatible with ISO 20022 standard. The XDC token is the underlying utility token that powers XinFin's Hybrid Blockchain to provide a settlement mechanism for DApps (distributed application) built on the XinFin Hybrid Blockchain. XDC supports a growing number of use cases including trade receivables which is why XinFin aims to collaborate with the WOA originators.

Erik adds: “WOA is the online professional community for key stakeholders in the global open account business - open and accessible for everyone, collaboration-based and digitally driven, with a focus on innovation and knowledge. In WOA you can network with trusted professionals in a safe and structured environment, exchange information, discuss business opportunities and create cooperation. WOA gives access to a unique knowledge hub, developed by the community for the community. Discover technology and discuss the latest trends at WOA events and on WOA Forum, our unique community initiative. Watch out for upcoming webinars where you can learn more about the new options offered through tokenisation.”

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