Digital Commodity Exchange (DCX) & essDOCS partner to expand digital trade uptake in rice and fertilizer commodity verticals
Digital Commodity Exchange (DCX) today announced its partnership with essDOCS, a leading paperless global trade management company. The partnership aims to expand the uptake of digital trade solutions in the rice and fertilizer commodity verticals, starting with digital documentation, leveraging the respective strengths of both DCX and essDOCS in digitizing complex trade processes.
DCX was established in Singapore in 2020 to solve the challenges facing global commodity trading including complex and inefficient exchanges which lack reliability and transparency. DCX is reducing the frictions that trouble commodity transactions. In 2020, it launched Rice Exchange (RiceX), the world’s first digital global rice trading platform, deploying blockchain technology to realize efficiency with a high degree of reliability and transparency.
essDOCS enables its users to digitally prepare, manage, approve, sign, legally transfer and e-present trade documentation in an auditable platform powered by automation, enabled by its CargoDocs solution. CargoDocs connects all trade stakeholders (such as exporters, advising banks, issuing banks and importers) through its secure digital platform.
Through the DCX-essDOCS partnership, DCX customers will have access to CargoDocs’ digital document capabilities and benefit from these in a single platform, offering DCX users an end-to-end digital experience. The partnership will initially focus on digitizing documentation for breakbulk rice and fertilizer shipments – integrating CargoDocs with DCX’s RiceX and FertX platforms to enable users to create, review and approve paper or electronic bills of lading (plus supporting documents) with their supply chain.
The two companies also agreed to expand their collaboration to provide additional capabilities extending beyond digital documentation, combining DCX’s expertise in global transactions including customer verification, contracts and trading operations, with essDOCS’ extensive trade and trade finance digitization expertise.
Alexander Goulandris, Co-CEO, essDOCS, said: “We are confident that combining DCX’s innovative digital commodity trading platforms with essDOCS’ digital post trade solutions will provide a key value-add to RiceX and FertX users, and significantly expand digital document uptake in the rice and fertilizer commodity sectors. Teaming up with DCX is part and parcel of our ongoing efforts to make trade faster, easier and more secure for all involved, enabled by collaborations with innovators such as DCX with whom we share a common digital vision for the future of global trade.”
Stephen Edkins, CEO, DCX, said: “We are excited to have agreed this alliance with essDOCS. Our rice and fertilizer marketplaces have attracted some of the biggest names in the trade. DCX group companies are changing the way commodities are traded by adding trust and efficiency. This partnership with essDOCS will enable our users and service providers to further digitize their post trade processes and offer business continuity, efficiency and cost savings.”