The Finnish company Flowrox was one of the first companies to pilot the blockchain based trading platform we.trade. Kati Jolkkonen, Global Trade Finance Advisor from Nordea, visited Lappeenranta in Finland to discuss the we.trade platform with Ismo Nironen, Head of Financing and Risk Management at Flowrox.
The aim of we.trade is to fully automate the trading process and seamlessly connect the entire trade ecosystem. Developed by Nordea in a European-wide collaboration that now includes Deutsche Bank, HSBC, Eurobank, KBC, Natixis, Rabobank, Santander, Societe Generale, UniCredit, CaixaBank, Erste Group and UBS, we.trade creates a platform that allows companies, from small and medium sized enterprises (SMEs) to large corporates, to make fast, easy, paperless and Know Your Customer (KYC) compliant trades.
Trading from anywhere
Flowrox is a family owned Finnish company that provides valves, pumps and spare parts as well as data and analytics, to the mining, chemical and energy industries. 80% of company turnover comes directly from outside of Finland.
Assessing the main advantages of we.trade, Ismo said: “It was very easy to use and minimised the risk between two parties of doing international trade. It was also easy to use different payment methods because they are standardised in the system. As a matter of fact, it was so easy to use that I finished the transactions while sitting on a pier at my summer cottage!”
Adding an extra layer of trust into the trading process also has the potential to change the factors that govern international trade today.
“we.trade might bring more companies into business because they don’t need such a heavy organisation for international business,” he adds.
Today Finland, tomorrow…
Collaboration with the other banks has made it possible to create a large European trading ecosystem with a critical mass of customers. The intention is to bring other European and international banks onto the we.trade platform in the future in a collaboration that will benefit all companies engaged in trade internationally, including Flowrox.
Ismo notes: “Maybe the biggest opportunities are currently the ones we have in Latin America where we can build relationships with this new system and platform.”
Introducing we.trade to Flowrox is an important part of Nordea’s role of acting as a long term trusted partner to the company, helping them to meet the challenges that they face.
“I think one of the most important things is that Nordea really understands our business and is committed to grow with us,” Ismo concludes.
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