First settlement executed on Comdex platform
Comdex has announced the successful execution of the first ever settlement on the Comdex platform in January 2019. It featured a wheat transaction worth close to $100,000 from Australia to Malaysia using the bespoke developed Comdex settlement and escrow system.
Both of the organisations involved in this trade had their corporate bank accounts in Singapore while the commodity shipment was cross-border. The Comdex platform not only offered the workflow for trade negotiations as well as contractual agreements, but also offered a physical escrow where Comdex collected both the buyers payment in its bank account as well as the original documents of trade at its physical Singaporean management office.
The next batch of trade settlements in the Comdex Pilot will involve the settlement between traders in Singapore and Hong Kong – and therefore cross-border – which would allow Comdex to showcase its blockchain-developed settlement system internationally.