Japan's Fujitsu ties up with Singapore startup for digital commodity trading

14, Jul. 2021

Image by chitsu san from Pixabay
Image by chitsu san from Pixabay

SINGAPORE, NNA - Japan's Fujitsu Ltd. and Digital Commodity Exchange Pte. Ltd., a Singaporean commodity trading platform startup, have entered a strategic agreement to accelerate the digital transformation of the global commodity trading industry.

Fujitsu made an investment in the Singaporean firm, known as DCX, on Tuesday through a fund managed by its subsidiary Fujitsu Ventures Ltd., the Japanese tech company said. The amount of the investment or the stake held by Fujitsu in DCX was not disclosed.

Through the tie-up, Fujitsu aims to "accelerate the digital transformation of the global commodity trading industry, including the trade of agricultural products such as grains and raw materials for manufactured goods," it said in a news release Tuesday.

The two companies plan to promote joint projects using Fujitsu's business knowledge and system design expertise in the industrial and distribution fields and DCX's expertise in global transactions, including customer verification, contracts and trading operations, according to the news release.

"Ultimately, Fujitsu and DCX aim to deliver new innovations in trading operations by developing global trading platforms for the agricultural, food, manufacturing, and international trading businesses," it said.

DCX, a holding company of Singapore-based Rice Exchange, was established in 2020 as a start-up company that leverages digital technologies to solve business challenges surrounding global commodity trading.

Fujitsu and Rice Exchange have been cooperating since August 2019 to solve frictions related to global transactions with the world's first digital global rice trading platform that deployed blockchain technology, while jointly trying also to transform the trade of fertilizer. (NNA/Kyodo)