Nu-Credits has been named as one of three winners of R3’s global Corda Challenge: Call to Action, with an intend to support innovative startups that address the challenges caused by the COVID-19 pandemic we are facing now. Built on Corda, it is our pleasure to inform that we managed to provide trade credit facility to help buyers financing their PPE procurement orders.
The competition was organized to cope with COVID-19. R3 invited startup businesses and entrepreneurs in April to submit proposals for practical solutions that can be deployed to address a specific pain point caused by the global health crisis. By joining this program, we are seeking solutions that either solve or support an immediate need, and new ways of staying connected or easing the transition out of the global shutdown in the near future.
Nu-Credits identified there is a desperate need for more personal protective equipment for frontline council and care services across the world, but PPE payment terms are not buyer-centric, this has certainly put these approved manufacturers in a global position of power. Cross-border Suppliers might be asking to pay full sum upfront, but in today‘s Trade Finance market, there are a new solution that helps to mitigate this problem. Nu-Credits can help the importers of the PPE products to finance the requested advance payment and free up the working capital on the buyer‘s side.
Winner will receive support from R3 alongside their ecosystem partners, 30,000 USD product development credits from Vacuumlabs, and LeadBlock Partner to accelerate time to market through development, stakeholder engagement, advice, and capital. The panel of judges for this competition are technical and industry experts from R3, and LeadBlock Partners, based on their go-to-market strategy, technical design, and most importantly — their influence on the COVID-19 challenges.