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.

SEE ALSO:

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."

Share

Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy