The Philippines’ blockchain-based logistics company Shiptek Solutions Corp is seeking to expand its digital cargo solutions to the rest of Southeast Asia, a region that is seeing a steady increase in cross-border trade and shipping.
Shiptek said in a statement that the demand for its services would be driven by the implementation of the Asean Single Window initiative, an electronic platform that enables exchange of trade-related documents among member countries.
Shiptek is the developer of XLOG—a fully integrated, blockchain-based, end-to-end shipping and logistics platform. Among its logistics services include digital documentation, online booking, fleet management, payment systems, tracking and tracing of shipments, container insurance and finance management.
For its financial services, XLOG leverages the open finance platform of minority investor UBX, the financial technology arm of the Union Bank of the Philippines.
“We have seen remarkable and exponential growth in volume and revenues since our launch in 2018. As the only fully integrated blockchain-based, end-to-end shipping and logistics digital ecosystem in the country, we are able to serve all the needs of the players in the industry—from shipping lines, freight forwarders, customs brokers, trucker associations and even drivers,” Shiptek founder and CEO Eugenio Ynion Jr. said.
“This gives us the confidence that we will be able to expand in the Asean region and allows us to become the backbone of the regional shipping industry, providing the tech needed to make logistics more transparent, efficient, and affordable to all players.”
“Complemented by our open finance platform, we at UBX expect XLOG to empower more players in the logistics industry to digitally transform their operations to enhance productivity and contribute to economic recovery,” UBX chair Henry Aguda said.
Launched in 2018, Shiptek has teamed up with over 1,000 companies and organizations for logistics operations.
