Agri Fintech Start-up DiMuto Partners OPAL to Provide Payment Services

Agri Fintech Start-up DiMuto Partners OPAL to Provide Payment Services

DiMuto, a global agri-fintech trade solutions company that provides end-to-end supply chain visibility for global agrifood trade, has partnered with OPAL, a Major Payment Institution (MPI) licensed by Monetary Authority of Singapore (MAS), to provide payment services on the blockchain-powered DiMuto Platform. The two companies 

are collaborating to bring together the strengths of both companies to innovate and  transform the future of payments and financing in the agrifood trade space. Working together provides an exciting opportunity to leverage OPAL’s expertise in international payment, multi currency wallets, FX management and financing solutions alongside DiMuto’s strong network  of agrifood clientele, robust trade digitalization technology and capability to collect asset based data.  

DiMuto and OPAL will develop a new first-of-its-kind payment module that will allow  DiMuto’s agrifood customers to make payments directly tagged to the movement of goods  on the DiMuto Platform, creating visibility of both the movement of goods and money for  physical agrifood products tracked with DiMuto’s existing trade digitalization technology.

The DiMuto Payment module taps on OPAL’s expertise in servicing SMEs with payment and  financing solutions. OPAL aims to be One Account for Payment and Loans (OPAL) for SMEs, by simplifying payment processes, lowering fees and providing easier access to financing. OPAL is able to facilitate safe and secure cross-border transactions in over 100 financial  corridors with multi-currency accounts and competitive Fx rates that are cheaper than  conventional banking methods. With the new DiMuto Payment module, DiMuto’s agrifood  customers will be able to conduct transactions that are in full compliance with Singapore  regulations and international AML/CFT standards. 

“We are excited to bring our experience in the financial, payments and technology industry  to the collaboration with DiMuto. The partnership gives OPAL an opportunity to reach more  small and medium businesses globally, particularly in the agrifood and perishables trade, that  have not been serviced by traditional banking institutions. We look forward to helping them  accelerate their growth with complex payments made easy,” said Lim Ming Wang, Co-founder  and Chief Operating Officer of OPAL. 

The digital payments collaboration establishes the first step to DiMuto’s trade financing  solution for the unbanked SMEs in the agri-perishables sector that have traditionally been  unable to access financing from conventional banking institutions. Despite being the largest  contributors to employment and economic development, SMEs have struggled to obtain 

formal financing, due to factors including creditworthiness, collateral requirements, short term liquidity, and political or currency risks. Asian Development Bank (ADB) found that over  40% of trade finance applications by SMEs are rejected and the global trade finance gap is a  staggering US$1.5 trillion in 2019 and is projected by the International Chamber of Commerce  (ICC) to increase to US$3.4 trillion due to Covid-19. The exponential trade finance gap  impedes the effort to reduce poverty and minimize inequality, two of the United Nation’s  Sustainable Development Goals (SDG). 

By capturing and developing primary trade data through trade digitalization, DiMuto  effectively reducesthe risks associated with trade financing. With both visibility of movement  of physical goods and movement of money on the DiMuto Platform, DiMuto can now further  develop data-driven agrifood asset financing. 

“At DiMuto, our vision is to power global agrifood trade with visibility. We have built a  powerful platform that combines IoT, cloud, blockchain, and AI technology in our journey to  bring visibility to global trade,” said Gary Loh, Founder and Chief Executive Officer of DiMuto.  “By partnering OPAL to enable direct payments on our platform, we are moving closer to this  goal as this creates a complete solution tying the movement of goods to the movement of  money. With this, we can transform global trade by tackling the financing needs of the  unbanked agrifood market.”  

The partnership between DiMuto and OPAL will enable trade that traditional trade finance  cannot effectively support. DiMuto isimplementing AI, machine learning capabilities and new  predictive analytic algorithms for valuable insights into the trade health and credit score of 

agrifood companies to develop alternative financing and insurance services for the global  agrifood market.  

This site uses Akismet to reduce spam. Learn how your comment data is processed.