Chinsay enables digitalised iron ore trade with Intelligent Contract Platform
Chinsay, a leading contract digitalisation solutions provider for the commodity and freight markets with a major office in Singapore, has announced the completion of the first fully-digitalised iron ore trade using its Intelligent Contract Platform (ICP) solution.
Mining giant Rio Tinto and Cargill, the US’s largest private conglomerate by revenue, are at the heart of the transaction, leveraging Chinsay’s technology to massively accelerate an array of administrative processes.
ICP enables firms to digitalise processes early in contract negotiations, generating datasets that can be integrated seamlessly across operational systems, functions and processes, according to Chinsay’s press release.
ICP can thereby benefit firms with transparency and traceability across their supply chains, as well as laying foundations for blockchain, AI, machine learning and electronic trade documentation solutions integration.
Representing the tangible acceleration of processes enabled by ICP, the iron ore trade between Rio Tinto and Cargill saw ICP cut the time to create, distribute and approve commodity contracts from around a week to less than two hours.
"This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance,” said Colin Hayward, CEO at Chinsay, in the firm’s press release.
“We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle."
Lee Kirk, Managing Director for Cargill's Metals business, added: "The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry.
"This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better."