ModulTrade, a trade ecosystem based on blockchain and smart contracts, is promising to open up global markets for African SMEs through its platform. On that front, it has created a platform for the launch of its blockchain-based ModuleTrade smart-contract system, MT WALLET and MT MARKET on the African continent. This follows the signing of agreements between ModulTrade and the leading financial and logistic organizations and meeting Vladimir Baikov who is an Ambassador for the Russian Federation.
SIMAT, which is a leading logistics company in both Cote d’Ivoire and Burkina Faso, is among the first companies to benefit from both ModulTrade’s products, the ModulTrade Market, and the ModulTrade Wallet.
Another company that is set to benefit from the products is SERFIN. The company is a major player in financial services. It is also based in both Burkina Faso and Cote d’Ivoire. Additionally, it is a representative of Western Union in the said countries. The two products work on the ModulTrade blockchain currency, MTRc.
Monetize African trade
This move comes after an earlier announcement stating that ModulTrade was set to monetize African trade potential through blockchain technology. During the announcement, the company hinted that it’s CEO Evgeny Kaplin and Co-Founder Jean Channine were expected to visit Africa between June 10 to June 17 to present both MT MARKET and MT WALLET. They expected to sign several Partners Agreements to test the ModulTrade system.
Africa is potentially a large market for digital and blockchain technology solutions. Most people in the region have more smartphones than they have bank accounts. Hence, ModulTrade’s main aim is to connect to connect everyone in the region who has a smartphone to financial and trade services. MT Wallet and MT Market seem the perfect solutions since they provide an all in one solution for payments and trade through smartphones.
Prior to this, ModulTrade had signed agreements in China which have had successful adoption and use of the company’s applications. Thus, the company’s strategy to move into the African market might prove pivotal as well.
Benefits
MT Market will enable SIMAT to engage in its cross-market trading and delivery of goods around the world. MSME’s who have previously struggled to import and export through traditional trade challenges, stand to be the greatest beneficiaries of this partnership between SIMAT and ModulTrade.
On the other hand, SERFIN will have ModulTrade’s Wallet 800 outlets as a choice for money transfer and payments. ModulTrade Market will also offer a secure trade platform for its clients.
It is expected that pilot tests will start in July.