Investors line XLOG’s blockchain end-to-end logistics solutions
Foreign investors and partners are forming a beeline to Shiptek Solutions Corp.’s XLOG, the world’s first fully-integrated blockchain-based end-to-end shipping and logistics platform, only a few months after its official launch.
On Thursday, Shiptek Solutions founder and CEO Eugenio Ynion Jr., announced the signing of partnership deals with Future Greens Commercial Broker, a primary digital platforms solutions provider in the MENA (Middle East and North Africa) region, and Quadd Solutions (Pvt) Ltd., a Sri-Lanka-based pioneer in self-service solutions for sophisticated modern lifestyle. Another company from Malaysia will also sign an agency agreement with Shiptek during the event.
“The signing of these partnership deals with investors from the MENA region, and Sri Lanka is a testament of the growing recognition of the global community of the services of XLOG,” Ynion said. “Already, the global shipping and logistics industries are looking at XLOG to move cargoes anywhere in the world seamlessly using the latest in blockchain technology.”
The XLOG platform is 100% developed in the Philippines. It aims to simplify the shipping and logistics by bringing the two industries in the digital age by creating an online marketplace for both companies that offer and require such services. Ynion envisions the company to be the “Traveloka for shipping lines, Uber for trucking, and the Airbnb for warehousing.”
XLOG leverages the latest technologies for a seamless experience. It creates complete documentation of door-to-door shipment from the country of origin to country of destination. The platform also provides instant access to both historical and current shipments.
In May, the company inked an investment deal with UBX, the FinTech subsidiary of lending giant UnionBank of the Philippines (UBP). The partnership with UBX allows Shiptek to enjoy the credit facility network of UBP, while at the same time fusing their shared expertise in one ecosystem where logistics and financial create value-laden experiences and conveniences for stakeholders.
“We are making great strides in the shipping and logistics industries. We are hoping to expand the access of micro, small and medium enterprises (MSMEs) to participate in the global economy,” Ynion added. “The signing of agreements with groups from the MENA region and Sri Lanka is a step closer to achieving that goal.”
Under the deal, Future Green, which is incorporated in Dubai, will allow XLOG to get a foothold in the MENA market, as well as other territories. Dubai, which is the center of trade in the MENA region, is a smart move for the company’s expansion given the city’s strategic location.
Future Green executives Muneer Musalim Saiud Al Azri and Hilmi Mohammad Salim Al Mahari will sign the agreement with Shiptek. Future Green offers access and incorporate the Eastern and Western digital and technological advances to create seamless business relationships and growth opportunities between MENA region territories and the rest of the world.
Joey Union, XLOG’s chief operations officer (COO), added the deal with Sri Lanka would open doors for Filipino companies to access the so-called Silk Road markets.
“Sri Lanka’s harbor towns and cities play an important role in the old Silk Roads,” Joey stated. “It only fits that China has built a new port in the town of Hambantota, in the capital of Colombo for its new Silk Road initiative. The port is a key point of transit in the very strategic Indian Ocean, through which a large percentage of commercial ships travel to Europe.”
Quadd Solutions CEO and Director Chandana Gunasekara and Dhananjaya Rajapaksha (director) will be signing the documents with Shiptek. Quadd Solutions specializes in offering innovative solutions in multiple engineering disciplines. The company’s consultancy arm provides services in telecommunications, electrical, electronics, and mechanical engineering solutions, while its development arm offers a range of Fintech, IoT/IIoT and self-service
automation solutions such as information, ticketing, and bill payment solutions, cash/cheques deposit and dispensing solutions.
According to Joey, he has strong faith in the Filipino’s entrepreneurial spirit to innovate, diversify that could widen their reach by utilizing the various platforms technology is offering them. XLOG, he said, would provide the spark for growth for small MSMEs by giving them the right tool to broaden their network, while at the same time giving them access to useful and affordable financial products and services that meet their needs.
Joey explained that XLOG aims to help shipping companies and shippers (exporters/importers) realize savings and operational efficiency by directly connecting them with the service providers in the global logistics industry.
“Because all XLOG data will be uploaded on the blockchain, it is nearly impossible to tamper with or manipulate information, making the system ideal in preventing shady transactions,” he said.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.