Partnership enables customers to reduce costs, improve cash flows and mitigate security risks.
OfBusiness, the fastest growing commodity trader in India, has selected TradeCloud to digitize its communications with customers and third parties across its full supply chain. OfBusiness will market and fulfil orders for multi-commodities across its customer base in metals, steel and energy markets on the TradeCloud platform.
“TradeCloud is the only platform offering a full supply chain digital solution from contract issuance to cash settlement that is mobile and secure. At OfBusiness our mission is to leverage best in class technologies to deliver better prices, better execution and better flexibility to our customers. TradeCloud’s solutions enable us to engage digitally with our customers and grow together, creating greater visibility and trust in our business which translates to tangible benefits for our customers”, commented Abhishek Kaushik, Business Head Metals at OfBusiness.
OfBusiness will build liquidity for its customers via the TradeCloud Metals and Energy applications bringing the marketplace to every user’s mobile, phone, tablet and desktop. Internal customer teams and external parties are then digitally connected around the contract, building trust and efficiency currently lacking in paper-based businesses.
George Wykes, Head of India at TradeCloud explained, “OfBusiness and TradeCloud share a vision to help our customers digitise their business. We recognise our customers care most about price and cost. The combination of TradeCloud technology with OfBusiness’ ability to offer finance and flexibility helps customers achieve their core goals and build for the future.”
OFB Tech (OfBusiness) is a tech-enabled platform that facilitates raw material procurement and credit for SMEs with focus in the manufacturing and infrastructure sectors. It integrates technology to SME’s buying behaviour to make available better products, at better prices, in better timelines to customers with a comprehensive online and offline support. Key raw materials include metals, chemicals, polymers, agricultural commodities, petrochemicals and building materials. OfBusiness provides SMEs access to cash flow-based financing for buying raw materials through its NBFC ‘Oxyzo Financial Services’.
TradeCloud is an online platform where producers, consumers and traders of physical commodities can meet to exchange information, negotiate contracts and conclude business. TradeCloud offers digital marketplaces connected via blockchain, mobile and cloud technologies to services such as freight, finance and insurance, enabling customers to drive a digital change across the full commodities supply chain, covering metals, bulks and energy products.
Live since October 2017, TradeCloud has more than 800 member companies in 70 countries. 12M metric tons, equalling US$ 9bn worth of trades, have been initiated on the platform.