Trade Finance Platform Envoy Brings Envoy Green Solution And New Partnerships To Seek Environmental Transparency
Recently, to bring environmental transparency, Envoy, a Defi solution for updating trade finance and providing essential capital to global traders through emerging markets, has committed to providing transparent and sustainable trade by introducing Envoy Green.
This aforesaid agreement has been initiated between Envoy Green and Pole Star, a maritime tech solutions company. Its PurpleTRAC platform, a solitary point provides screening solutions, as well as scans and reports on the movements and ownership of vessels. Along with this, it also provides a bill of lading verification. Pole Star has recently joined hands with CarbonChain who has initiated emission figures on over 76,000 vessels to facilitate an organized regulatory and discharge screening report in seconds. Additionally, CarbonChain also provides environmental performance evaluations to individual vessels or particular fleets.
Envoy Green makes use of information from PoleStar and CarbonChain to enhance the visibility of carbon discharge attached with trades and firms onboarded on the platform. It also boosts current Envoy solutions that are advantageous for the environment such as the discharge of paper documentation and the requirements for global business travel along with the partnership that introduces more environmental transparency to finance providers and global traders. In this regard, HSBC has also issued the first green trade finance facility of $48 million to the Middle East and North Africa region for the UAE based project services company Lamprell.
The mentioned agreement operates on a single strategy which is that the lower the carbon discharge attached to a vessel or business, the higher a score they get. With the help of this easy and simple grading system, the buyers are capable of pricing-in carbon risks and evaluate the value of sustainability. Planning carbon performance will help clean companies, and Envoy expects to encourage dirty companies to take initiatives towards becoming more appealing in the market.
Envoy strategies to use blockchain technologies to ensure gigantic efficiencies to worldwide supply chain and trade finance in all areas. The topmost reason for launching Envoy Green was to ensure transparent and accessible carbon discharge on the platform. In the same manner, in June 2019, starsight gets increased funding for hybrid solar solutions in nigeria and ghana.
The team of Envoy of trade and finance experts is shifting towards a pilot phase where multiple shipping companies and bigger financial institutions will provide funds and initiate trades through the company's platform. Following the approval of technical partnerships, the Envoy pilot phase will be formally announced with the introduction of its NVOY token, which allows a cross-border payment solution as well as considered as an influential leader of trade on its trade finance platform.
Established on the R3’s Corda blockchain platform of company software, Envoy’s trade finance platform will speed up the $17 trillion annual worldwide trade flows into the modern era by eliminating old practices and providing essential and liquidity into the system.
Remaking the partnership, Lee Tarone, CEO of Envoy explained, “Being a business owner but also a father, I genuinely feel that there is a vital requirement of an environment that favors trade finance processes. The agenda of the company has always been about ensuring transparency into trade finance and launching Envoy Green as an efficient environmental solution, with our association with Pole Star, CarbonChain, and other sustainability service providers, now enabling us to be transparent with fund providers regarding the effects of their investment decisions on the environment. ”
“We want to compensate organizations that are taking positive measures for the environment, and so we are glad to be facilitating high-scoring businesses limiting funding for their trades.”
“In the year of 2021, we are planning to be perceiving and mastering sustainability, while also guiding on re-establishing and rebooting trade in economies that have taken a massive threat from COVID-19 this year. In short, this is a crucial step to ensuring businesses that thinking about the environment is a great step, and trade fund providers can transform their accountability for their deployment of capital with regards to the planet. ”
Simon Ring, Head of Financial Markets & Compliance, Pole Star, explained, “Pole Star is glad to be associating with Envoy through the integration of our PurpleTRAC digital compliance solution, that will allow Envoy’s customers to digitalize, organize and record the difficult regulatory process of vessel screening and monitoring. . As administrative examination on the oceanic business and related supply chain increases, we look forward to seeing this an important part of the platform’s workflows.”