Fintech business Tungsten updated its investors this week with a buoyant note which suggests that it’s closing in on completing its transformation into a global trade focused banking platform.
AltFinanceNews has long argued that the opportunity for new platforms to service the global trade finance ecosystem (especially supply chain finance) is absolutely huge, and Tungsten is aggressively ramping up its attack on one key segment, e-invoicing - P2P platforms such as Aztec Exchange are also growing fast in this space.
Crucially Tungsten is choosing to use a bank in order to leverage up its growth rate - it recently acquired FIBI Bank and Tungsten announced this week that it has submitted its formal change of control request to the UK’s Prudential Regulation Authority and the Financial Conduct Authority, with approval likely before the end May.
In its statement to the markets, Tungsten announced that its made "strong progress overall in integrating its financing and analytics capabilities into the e-invoicing network; and in organising the combined Tungsten group to be capable of large-scale growth. We have spent the first five months as a public company clarifying our offer: Digital Invoicing is at the core of our Network. Momentum is strong, with the Company continuing to have a good pipeline of new potential clients and contracts. ..... The emphasis on purely digital invoicing means that Tungsten can be more certain of tax, regulatory and buyer compliance, in contrast to other invoice processing networks. Our compliance culture is a strong differentiator that is becoming more appreciated in a world of cyber crime. Our focus on a purely digital approach means that we shall be shutting down the legacy inter-operability arrangements that benefit our competitors more than they benefit our customers and which could introduce non-compliant invoices into the network".
According to Tungsten it is now fully compliant in 44 countries, having successfully launched in Turkey and Brazil in 2014.
Edmund Truell, Group CEO of Tungsten Corporation plc, commented, “The opportunity to create a disruptive global player is even greater than I first thought. We can realistically aim to create the leading global digital invoicing network, serving the world’s largest corporates and governments. Now that we are on the final straight to getting the Bank fully compliant and approved, Tungsten will start to offer suppliers access to trade and working finance on a transparent and simple to execute basis. At every step we are doing our utmost to ensure a compliant and secure Network, working also with highly respected partners across the world. Tungsten Corporation thus aims to transform the global supply chain.”