Singapore-based fintech startup INVICTUS is teaming up with IBM to leverage IBM Blockchain and Bluemix technologies to help SMEs raise their productivity and competitiveness.

The startup will leverage IBM Cloud and Blockchain technologies for its Order, Logistic & Payment (OLP) platform, which aims to help businesses reduce wastage, redundancy and cash-flow issues in their transaction processes. The platform seeks to achieve this by disrupting the supply chain management cycle with blockchain smart contract technology.

In addition, INVICTUS is also working with the IBM Bluemix Garage in Singapore to design a distributed ledger platform prototype on the Hyperledger Fabric, aimed at managing transactions between small and medium enterprises, suppliers, banks and other liquidity providers.

“INVICTUS offers more than an e-procurement platform. We focus on taking the chronic pain out of the last mile of a transaction by expanding access to financing from third party liquidity providers, in addition to banks. Through our blockchain smart contract technologies and working collaboratively with IBM, we hope to disrupt this last mile by enabling secure and cashless financing as early as the PO stage,” said Lim Soon Hock, Chairman of INVICTUS.

IBM is one of the founding members of the Linux Foundation’s open-source Hyperledger Project. It is helping to build the foundation for business-ready blockchain architecture with a focus on privacy, confidentiality and deliver amazing experiences to their customers by helping them identify and build the right app on Bluemix.

In its official release, IBM stated that blockchain is one of the advanced services available to developers on Bluemix, on which over 120,000 apps are launched every month. Based on open standards, IBM Bluemix features over 150 tools and services spanning categories of big data, mobile, cognitive computing, analytics, security, blockchain and Internet of Things.

“Blockchain technology presents opportunities for disruptive innovation. It enables businesses to transact with less friction and more trust. Through IBM Blockchain, we are empowering businesses to digitize transaction workflow through a highly secure, shared and replicated ledger. We have seen significant success in the work we have done with startups and how it has benefitted both their business and their clients,” said Alan Lim, Practice Lead, IBM Blockchain & Bluemix Garage, ASEAN.