On February 23, the first call “Regulatory Sandbox” of “fintech” projects was closed, with a total of 67 projects submitted. Godenigma has presented its ITHIUM © 100 project (https://ithium.io/) that has successfully exceeded more than a year in production, with transactions carried out, in which several banks and several companies from different industrial activities have participated.
ITHIUM © 100 is a software solution (platform) to guarantee the traceability of operations and financing on request in the supply chain (SCF). Its main purpose is to provide companies with financing on their orders (purchase or sale) based on the transparency, immutability, certainty and security that blockchain technology offers to operations that are processed through the platform. Currently, companies that access commercial financing (factoring, discounting, confirming) associated with their supply chain have a regulatory framework that confers security on such financial operations. However, financing on orders (instead of on invoices or on commercial papers) is not explicitly regulated in our legislation, and both companies and financial institutions have difficulties in bringing this type of financing to companies, and this despite of the demand that exists for this type of solution.
The Treasury will publish in its electronic headquarters at the end of March, or in April, the list of projects that have received a favorable prior evaluation and will issue a reasoned resolution in cases where it is not positive. From that moment on, the project will be launched, through which three different companies from the same supply chain (in the Retail sector) will turn over to ITHIUM their operations of purchase / sale of products and services, from the phase of offer / budget, up to order, acceptance, billing and payment, which will allow them to access financing from the moment their clients accept their estimates.
Without a doubt, the Sandbox will be a turning point for projects and companies linked to the financial sector, and we are convinced that the pace of calls and projects will increase.
- May 2019
- May 2018