MTN completes first transaction using JPMorgan's new Electronic Bill of Exchange offering
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The transaction facilitated the shipment of goods from Asia to the United Kingdom (UK).
Today, large portions of the global trade finance industry still use paper and wet ink signatures for the selling or procuring of goods and/or services. As part of the industry's digitization shift, we are one of the first banks to transition eligible programs to Electronic Negotiable Instruments (eNIs) incorporating electronic signatures. The Electronic Trade Document Act (ETDA), which passed in the United Kingdom (UK) in 2023, is helping facilitate this trend by mandating that certain Negotiable Instruments - such as Bills of Exchange and Promissory Notes - in electronic form are to be treated in the same way as they would be in physical form.
Dino Molefe, Chief Finance Officer at MTN SA said, 'MTN South Africa has been a leader in developing our working capital strategy as it pertains to our procurement of devices. J.P. Morgan and MTN SA have collaborated closely to unlock additional liquidity through innovative solutions, making us the ideal collaborator to pioneer this digital tool.'
We have implemented Enigio's trace:original solution to facilitate the creation, management, and storage of eNIs, which satisfy the legal requirements of the ETDA. Using Enigio's blockchain infrastructure, an eBoE is securely signed and updated throughout its lifecycle, improving transparency and streamlining workflows, while enabling automatic data transfer and reducing risks and errors associated with traditional manual processes. The offering is initially available to companies transacting under English law.
'Our goal is to be at the forefront of the future of trade, as one of the first banks to approve the financing of a select set of Electronic Negotiable Instruments,' said Natasha Condon, Global Head of Trade Sales and Head of EMEA Trade at J.P. Morgan. 'By collaborating with Enigio, we are able to further the digitization of trade, ultimately helping corporations access working capital benefits in a much more streamlined way, how and when they need it.'
'Our trace:original solution has been designed to address the complexities of global trade while ensuring compliance with evolving regulations,' said Patrik Zekkar, CEO of Enigio. 'This transaction is a significant step forward in proving that electronic trade solutions can operate at scale - and that they are already doing so.'
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