Singapore-based investor tryb Capital announced on 6 April investment to enhance Stockholm-based Chinsay’s risk and analytics platform and expand Asian presence via Singapore. tryb Capital is a Singapore-based growth stage technology investor.
Chinsay’s Software-as-a-Service (SaaS) solution is a vital part in the ongoing digitisation of trade and trade finance, which will connect traders, brokers, shipping companies, ports and financial institutions.
Chinsay AB, with offices in Sweden and Singapore, has secured strategic investment of US$4 million, to be used to fund the continued development of Chinsay’s next-generation product and expansion into Asian markets.
The platform is described as the leading cloud based platform for end-to-end administration of global commodity and freight contracts. It offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to enable clear productivity benefits to not only global traders, shipping companies and brokers but also ports, marketplaces and financial institutions involved in trade and trade finance.
“Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia,” said Magnus Böcker, Chairman and Co-Founder of tryb Capital.
“Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry. The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets,” commented Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay.
tryb and Chinsay’s partnership is part of the growing interest in the digitisation of trade and trade finance and Singapore’s plans to become a leading Smart Financial Centre. Chinsay provides the opportunity to integrate into local trade ecosystems in Asia and optimise trading processes and workflows while providing enhanced big data analytics capabilities.
Markus Gnirck, Managing Director and Co-Founder of tryb Capital, added: “We believe in Chinsay’s growth potential as a core component of ASEAN and global trade infrastructure. We are looking forward to working with Chinsay to continue to develop defensible intellectual property.”