UAE Blockchain enabled B2B Marketplace partners with Seychelles digital custodian provider

UAE based Distichain, a Blockchain and AI enabled B2B e-commerce platform that provides public and private enterprises with tailormade marketplaces, helping them digitize industries and businesses while expanding trading opportunities, has signed a partnership agreement with SECDEX Digital Custodian (SECDEX), Africa and the Middle East’s first regulated fully operational digital custodian. SECDEX is authorised and regulated by the Seychelles Financial Services Authority (FSA) to operate digital custodial services for a broad range of digital assets.

The partnership has gone live with an integrated Distichain B2B trading engine and SECDEX services solution set, enabled by the GMEX Fusion hybrid centralised & blockchain distributed ledger technology suite. The ecommerce platform and secured digital wallet tech stack also includes digital custody and escrow financial institute licenses as well as secure banking.

The wallet integration creates a unique experience in the digital B2B trading journey, as buyers and sellers connected to Distichain’s trade engine have the capability to transact large amounts securely. Verified buyers, upon receipt of purchase order and generation of the smart contract, will be able to pay for the goods purchased instantly by payment transfers on the agreed due dates.

Hirander Misra, Chairman of SECDEX Group said, “We are delighted that SECDEX Digital Custodian has partnered with Distichain to digitally improve the efficiency of B2B global trade between buyers and sellers.” He continued, “As a result of the pandemic, the need for smart ecommerce marketplace solutions, which facilitate ease and certainty of trading through enhanced digital automation, lower costs and trust, is greater than ever before.”

Haisam Jamal, Co-Founder and CEO of Distichain, commented, “Our partnership with SECDEX allows Distichain-empowered marketplaces to deliver digital custody and transaction settlement solutions in real time and from within the platform. The fact that trading, supply chain, and banking participate in each transaction under a unified and impartial set of rules, ensures Distichain’s B2B ecommerce truly secures, simplifies and empowers global trade for SMEs. Our intention is to even the playing field for companies to trade in a trusted environment and based on the unbiased merit of their offering.”

SECDEX in a short space of time has already attracted over half a billion USD of assets, which it has tokenised, with immutability and transparency on the Ethereum blockchain and held in secure digital custody. These assets come from multiple sectors and geographies. SECDEX Group is backed by GMEX Group and Digital Partners Network (DPN). In addition to a regulated digital custodian, the group also comprises a licensed, regulated exchange (offering traditional and digital assets), central counterparty clearing house (CCP) and central securities depository with registry.