PLMP Fintech Partners with Indonesia to Transform Shipping Industry Using Blockchain

Asia Blockchain Review
June 15, 2019

PLMP Fintech, a blockchain firm based in Singapore, is participating in a major logistics project in collaboration with the Indonesian government.

As reported by Cointelegraph, the new initiative – made in partnership with Indonesia’s Ministry of Trade – aims to improve the country’s shipping industry starting with Riau province, which is located along one of the busiest shipping lanes in the world.

Unifying Standards of Communication via Blockchain

The project was facilitated by a new memorandum of understanding (MoU) signed between PLMP Fintech and major industry-related entities based in the Indonesian city of Batam, the largest city in the Riau Islands which were part of Riau before being split off as a separate province in July 2004.

The MoU was signed by the Agency for Free Trade Zone and the Free Port of Batam (BP Batam), and Central Distribusi Batam.

The deployment of PLMP Fintech’s own Creatanium blockchain protocol will reportedly be included in the pilot stage, in order to unify the standards of communication between buyers and sellers of agricultural commodities.

Kym Kee, co-founder of PLMP Fintech, said the project aims to streamline processes while reducing costs by enabling instant, real-time updates on the exact location of moving goods.

Blockchain Makes Waves in Overseas Logistics

A.P. Moller-Maersk (Maersk), the world’s largest container ship and supply vessel operator, recently announced that Mediterranean Shipping Co (MSC) and CM CGM, the second and third largest shipping firms, respectively, had joined Maersk’s TradLens blockchain shipping platform, which was jointly developed with tech giant IBM.

Additionally, Indonesian lawmakers earlier this year introduced new legislation recognizing cryptocurrencies as trading commodities.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us