Blockchain Firm PLMP FinTech To Help Reshape Indonesia’s Logistics Sector

Blockchain, News | May 31, 2019 By:

Singapore-based blockchain firm PLMP FinTech will be participating in Indonesian government’s multi-million project that aims at reshaping the country’s logistics sector.

Founded in 2017, PLMP FinTech helps startups and small and medium-sized enterprises (SME) integrate blockchain technology into their business. It provides end-to-end advisory services for SMEs to leverage blockchain technology to embark on their next phase of growth.

PLMP Fintech signed a memorandum of understanding (MoU) with the Agency for Free Trade Zone and Free Port of Batam and Indonesian firm Central Distribusi Batam for the development to transform Indonesia’s shipping industry starting from the Riau Province, which sits on one of the busiest shipping lanes in the world. The multi-million logistics project is supported by the Ministry of Trade of Indonesia.

Clayton Ong, PLMP FinTech’s appointed Country Manager that will oversee operations as they are gradually extended to the whole of Indonesia, said that the pilot phase will see the implementation in Batam of PLMP FinTech’s own Creatanium blockchain protocol to standardize the bidding exercise between buyers and sellers of agricultural commodities.

“Both parties will benefit from a simplified process where offering prices and trading are conducted openly and transparently,” said Ong.

PLMP FinTech believes that its blockchain-based tracking platform will help Indonesia turn its time-consuming supply chain into an efficient machine.

“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimise the whole process,” said PLMP FinTech Co-Founder Kym Kee.