Distichain partners with SECDEX for integrated digital custody services enabling traders to more easily transact

Distichain, a SaaS provider of digital B2B ecommerce marketplaces is pleased to announce that it 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 and 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.

Currently traders are limited by traditional payment methods such as low credit card limits, wire transfers, and lengthy and complex letter of credit solutions. Delivering advanced blockchain-based payment technologies, the SECDEX, GMEX and Distichain combination are providing secure, swift, and seamless global trading with reduced risks.

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.

Distichain is a B2B e-commerce platform that provides public and private enterprises with tailor-made marketplaces and associated services, helping them digitise industries and businesses while expanding trading opportunities relating to the buying and selling of physical products. The blockchain and AI engine connects logistics, insurance, identity verification, and trade finance providers to deliver door-to-door border agnostic trading.

SECDEX caters for a broad range of digital assets, including security tokens and cryptocurrencies, such as Bitcoin, for customers choosing to put their digital assets in its safe custody, with robust layers of security to prevent fraud and misappropriation. Wallet keys and key backups are stored with strong encryption. SECDEX services the digital custody needs of both private and institutional clients (including third party exchanges, marketplaces and financial institutions), by handling custody, escrow services, automated transfers, balance confirmations and account related requests. 

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.

Fintech continues to grow exponentially in Saudi Arabia, with the Kingdom's market expected to reach transaction values of over USD 33 billion by 2023! Access more trends and data in the recently launched Fintech Saudi Annual Report 2019-2020.