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UAE Verofax Asian entity signs agreement with AURI for blockchain traceability
Verofax Asia, a subsidiary of Verofax Limited in UAE, and AURI, a lifestyle brand with headquarters in Kuala Lumpur, signed an MOU to jointly launch an Asset Digitization and Traceability App for sustainable product passporting, to be adopted by suppliers of fashion and lifestyle products in the industry from Q1 2021.
Young ASEAN shoppers’ preferences are shifting towards brands that adopt values such as sustainability, environmentally friendly and community engagement. Recent surveys show that over 70% of consumers are willing to pay a significant premium for brands that adhere to such standards. AURI and Verofax share these core values and have teamed up to provide consumers with a seamless application to validate brand claims and increase direct engagement.
Through its webstore (weareauri.com), the AURI community is offered a wide selection of ethically sourced products aligned with the brand’s sustainable business practices. AURI also empowers the community to become brand ambassadors, offering them attractive rewards programs in the pipeline. Participating brands and suppliers will stand to benefit from greater trust and confidence when selling on AURI’s lifestyle online store and be able to validate claims using the Verofax App, powered by AntChain Traceability as
a Service (TaaS).
Verofax App will enable all suppliers selling on AURI to serialize each item, upload supporting sustainability and environmental certificates and enable consumers to validate their claims recorded onto Antchain’s immutable blockchain ledger. In addition, Verofax App will allow apparel, garment and lifestyle product suppliers to indulge users with relevant content and empower them to validate claims on ethical sourcing, environmental impact and community support programs.
Suppliers validated on Verofax App can then access global markets and meet compliance regulations such as ‘PRC eCommerce Law’ and other consumer protection laws.
Capt. Koh Chen Tien, Executive Chairman of Verofax Asia, commented, “We are thrilled to partner with AURI in launching the first lifestyle-focused Traceability platform in ASEAN. Traceability plays a key role in meeting changing shopper needs, advanced product marketing and access to global markets. Fashion and lifestyle brand owners are set to benefit from increase in sales and reduction in negative reviews/returns. Verofax offers enterprises complete privacy and control over sharing their data, automation
of operations and reducing operational cost.”
Kristy Yong, Executive Director of AURI commented, “We have recently launched AURI, a size inclusive people-powered community with a mission to provide accessible life-enriching experiences for all things from fashion to wellness. The recent pandemic has clearly demonstrated that we are all responsible for each other and the community. As such, we are working towards connecting the industry to deliver stronger impact.”
Wassim Merheby, CEO Verofax Limited, added, “Trust in sustainable brands, is top of mind for young shoppers and will transform the way brands succeed. Sustainable asset tracing will accelerate ASEAN suppliers growth and create opportunities through access to global markets.”
In June of 2020, UAE Gawah Holdings had invested in Verofax Limited