Singapore’s Doxa to Launch Reconciliation Blockchain Platform for Businesses

Asia Blockchain Review
August 25, 2019

Doxa, a blockchain startup based in Singapore, announced that its SaaS (Software as a Service) platform dubbed “Andromeda” would enable businesses to automatically reconcile transactions of their products and services with ease, according to a report by local news outlet Fintech News Singapore.

Blockchain-Powered Platform to Empower SMEs 

Doxa Managing Director Edmund Ng explained that reconciling business transactions is among the biggest inconveniences to SMEs, costing them time and money in manual processing. 

Businesses are required to manually match invoices with corresponding purchase orders and delivery orders, upload non-standardized invoices, and go through several steps of approval within the company in order to generate purchase requests.

“I realized that in order to solve this issue, we need to build an ecosystem where companies can collaborate and trade simultaneously,” Edmund said. 

The Andromeda platform aims to establish an integrated, end-to-end system that links all parties, such as employees, suppliers, funders, and customers, on the same chain. This would greatly reduce manual processes and enable cross-matching for non-standardized invoices. 

Doxa Signs MoU with 4 Major Companies 

Automating the process of reconciliation would benefit businesses by reducing the time required for processing data, preventing human error due to manual input, and increasing overall productivity. Data stored on the blockchain is ensured immutability and validity, which is also useful for auditing purposes. 

Doxa has already closed a deal with four major firms, including CyanSYS and Pericom Imaging Group, which will employ Andromeda to offer services to their customers. Funding Societies and Invoice Interchange, meanwhile, will be promoting trade and supply chain financing to Andromeda users.

Source: http://fintechnews.sg/ 


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