FPT enters into cooperation with a Japanese digital commerce giant

Recently, the TradeFlat digital financial ecosystem of FPT Corporation has entered into cooperation with TradeWaltz – the leading trade information collaboration platform in Japan. The cooperation marks the emergence of the first solution duo to connect and effectively promote trade activities between Vietnam and Japan. The cooperation is sponsored by the Japanese Government and is expected to create a new step forward in trade activities on digital platforms between the two countries.

A pioneering mark of a digital platform that connects international trade activities

Participating in the Trade Investment Promotion and Financing Program run by the Ministry of Economy, Trade and Industry of Japan, a cooperation project between TradeFlat digital financial ecosystem – the first L/C Blockchain-based platform in Vietnam developed by FPT Corporation – and TradeWaltz – the leading trade information collaboration platform in Japan – has been awarded a remarkable sponsorship package from the Japanese Government.

FPT and TradeWaltz sign the Memorandum of Understanding.

The TradeWaltz platform has been invested by large Japanese organizations, including NTT Data Corporation, Toyota Tsusho Corporation, Mitsubishi Corporation, Tokio Marine & Nichido Fire Insurance Co., Ltd, MUFG Bank… Meanwhile, TradeFlat is owned by FPT Information System Corporation (FPT IS), co-developed with leading banks and enterprises, and has been introduced to the Japanese market for commercial exploitation by FPT Japan Holdings (FPT Japan).

The funding program run by the Ministry of Economy, Trade and Industry of Japan aims to create a tech platform to support trade activities, contributing to comprehensive optimization of conventional trade procedures that are currently cost and time-consuming. The program is applicable to enterprises in two main sponsorship categories: Category 1 – Enterprises with demands to use Trade Platform to digitalize processes, and Category 2 – Enterprises looking for an appropriate Trade Platform for business connection and cooperation.

TradeFlat – the first L/C Blockchain-based platform in Vietnam.

The collaboration between TradeFlat (formerly eTradevn) and TradeWaltz marks the first time that a Vietnamese tech solution cooperates with an international platform to promote trade activities between Vietnam and Japan. Sponsored by the Ministry of Economy, Trade and Industry of Japan, TradeFlat affirms the quality of “Make in Vietnam” tech solutions by comprehensively meeting the 3 criteria set out in the program: First, the business purposes and contents contribute to promoting trade facilitation, reducing trade costs for enterprises and countries involved; Second, the business methods are highly feasible and implemented by relevant experts; and Third, the parties involved possess extensive practical experience in trade activities.

In particular, since both platforms have been developed on Blockchain – a new and trending technology that offers transparency and security for transactions, the integration of TradeFlat and TradeWaltz has all the necessary and sufficient conditions to form a digital platform for international trade activities, targeting the expectation of promoting cross-regional and cross-border trade connections.

“With the integration of TradeFlat and TradeWaltz, FPT aims to achieve our mission as a Vietnam’s leading tech firm, which is to accompany the Government and enterprises in business connection and create a model to comprehensively digitalize international trade activities, contributing to removing barriers in the import-export process between enterprises of the two countries. This will also create favorable conditions for transitions in the global supply chain and international trade, aiming towards the goal of further elevating the relation between the two countries in accordance with the motto of “Vietnam and Japan together – Towards the future – Reaching the world’s level”, affirmed Mr. Tran Dang Hoa – Chairman of FPT IS.

“We are delighted with the cooperation with FPT. In 2020, when Vietnam was the Chair of ASEAN, TradeWaltz has had the opportunity to hold talks on trade digitalization with Vietnamese organizations and future directions for cooperation. Therefore, through the project between TradeFlat and TradeWaltz, we expect to realize such goals. In the long term, we believe the cooperation will deliver comprehensively digitalized trade processes between the two countries to promote trade and strengthen mutual cooperation”, said Mr. Satoru Someya – Managing Director of TradeWaltz Inc.

End-to-end digital ecosystem to help enterprises and banks keep pace with green finance

According to the cooperation, TradeWaltz will connect enterprises in Japan while TradeFlat will connect banks and enterprises in Vietnam. The two platforms are integrated via API and use Blockchain technology. With the participation of Vietnam’s leading joint stock commercial banks and large enterprises of the two countries, the project aims to optimize and reduce 40% of costs and processing time for trade activities between the two countries.

The integration of TradeFlat and TradeWaltz becomes even more meaningful as 2023 marks the 50th anniversary of diplomatic relations between Vietnam and Japan. Over the past 50 years, Japan has always been among Top 3 largest foreign direct investors in Vietnam with presence in 57/63 provinces and cities of Vietnam. Therefore, there have always been strong demands for investment and import-export activities from Japanese enterprises.

Enterprises can easily address trade finance problems in trade transactions with TradeFlat.

With the vision of connecting, resonating values and promoting business among banks and businesses, TradeFlat is the first L/C Blockchain-based platform in Vietnam to handle L/C operations in a consistent and end-to-end manner. The solution delivers outstanding effects in trade activities such as reducing the time of document delivery by 90% compared to conventional trade finance transaction flows, reducing the processing time of bank staff by 50%, and increasing productivity and work efficiency by 3 times. The platform is jointly researched, developed, and trusted by leading commercial banks in Vietnam.

In addition to efficiency in handling L/C transactions, TradeFlat also addresses the overall problems of trade finance in trade transactions for businesses, including: Supply Chain Finance (SCF), Electronic Guarantee (eGuarantee), and Business Financial Health Monitor.

The solution has been integrated with the “Made by FPT IS” ecosystem of diverse solutions, such as the Electronic invoice solution (FPT.eInvoice), Electronic contract solution (FPT.eContract), Certified e-Contract authority solution (FPT.CeCA) licensed by the Vietnam Ministry of Industry and Trade, Digital signature with timestamp (FPT.eSign)…, delivering a seamless experience to the users. In addition, the real-time, complete and accurate data helps minimize the lack of information and difficulties in finding banks and product consumption partners. This is a major key to help enterprises shorten the time to access banks’ funding and ensure stable operations. For the banks, it is possible to grasp the credibility and financial health of enterprises, thereby making reasonable decisions and minimizing credit risks.

Find out more about TradeFlat here.